With respect to Mr. Smith he had only seen seen British capitalism under a monarch. Modern American capitalism together with technology has a substantially different outlook.
If you mean that "Modern American capitalism" has made Smiths comment even more apropos, I agree.
Lets face it, - without government/corporate controls, we would have true free markets.
No doubt this freedom would be too chaotic for most, but what price can be put on liberty?
CA, NY and many other states put sales taxes on the dollar amount. This is usually in addition to other taxes that are on a per gallon basis.
Talk about about a windfall.............
>> If you mean that "Modern American capitalism" has made Smiths comment even more apropos, I agree.
Lets face it, - without government/corporate controls, we would have true free markets.
No doubt this freedom would be too chaotic for most, but what price can be put on liberty?<<
Yes. But that's not the way I read Smith's comment - it sounded to me like he feared unrestrained capitalism because of collusion. That is less of a concern today as the barriers for entry are lower.