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Where did that description come from?
on December 2, 2002
Talk about revisionist history! Adam Smith deeply suspicious of capitalism--a closet socialist? I don't think so!
Smith argues that even the darker impulses of the human mind generate benefit in a free society. If you want to get rich in a free society, the only way to do it is to come up with something incredibly useful to humankind.
Smith wasn't distrustful of capitalism--he was distrustful of statism and merchantalism, of government handouts and bureaucrats who know best. That was the order of the day in Smith's time. The government regulations for the French textile industry between 1666 and 1730 took up 2,000 pages.
*That's* what Smith was distrustful of, not capitalism!