The Invisible Hand of Adam Smith

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	The Invisible Hand of Adam Smith

Rustee

8-29-2009 6:08 PM

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tags:

economics, history, capitalism

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/42290c96-0cd3-4f91-b93e-1fb61c9f6100/16B3FB49-44AF-4C7C-9AC0-823D3CC35869/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.uh.edu/engines/epi1185.htm" href="http://www.uh.edu/engines/epi1185.htm" style="font-size: 11px;">www.uh.edu</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.uh.edu/engines/epi1185.htm"><P>
                <FONT size="+2">M</FONT>uch more than the signing
                of our Declaration of Independence took place in
                1776. Europe was being turned upside down by
                revolutionary forces as surely as America was. And
                1776 was the year <A href="http://www2.lucidcafe.com/lucidcafe/library/96jun/smith.html">
                Adam Smith</A> published <CITE>An Inquiry into the
                Nature and Causes of the Wealth of Nations</CITE>
                -- the book that defined modern capitalism.
              </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.uh.edu/engines/epi1185.htm"><P>
                One important school of French thinking was focused
                on agriculture and called physiocracy. Physiocrats
                said that economics is ruled by natural law. French
                thinkers had also bandied the words <CITE>laissez
                faire</CITE>, which can be read, "Let nature have
                her lead."
              </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.uh.edu/engines/epi1185.htm">When Smith's book came out, he faced some bad
                reactions. He'd denied the rationalists' linear
                logic of cause and effect. Smith saw that a single
                cause could have multiple effects. An effect might
                be born of many causes.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.uh.edu/engines/epi1185.htm"><P>
                When Adam Smith died in 1790, people discovered
                something that wonderfully underscored his beliefs.
                Smith, it seems, had been giving away his own
                wealth -- in completely secret acts of charity.
              </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/16B3FB49-44AF-4C7C-9AC0-823D3CC35869/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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