[AmericaUnited]

Wherever there is great property there is great inequality. For one very rich man there must be at least five-hundred poor, and the affluence of the few supposes the indigence of the many. The affluence of the rich excites the indignation of the poor, who are often both driven by want, and prompted by envy, to invade his possessions. - Adam Smith, The Wealth of Nations, 1776.

This sounds like socialist/communist crap! In a small "c" capitolist system, every wins! All boats get lifted, just some more than others.

[AmericaUnited]

Whoops... "capitolist system, every wins!"="capitalist system, everyone wins!"

[PsyOp]

This sounds like socialist/communist crap!

At first glance it appears to be. But This quote needs to be put in its larger context to be understood. He was citing the reasons that politicians often use to make their assaults on private property and for levying high-taxes, both of which he opposed.

In England in 1776 it was true that for every rich man there were 500 poor. As for the rest of the quote, it is merely an accurate observation of human nature, which Smith said had to be accounted for in economics and the policies governing them. By no means did he say these were justifications for any kind of socialist policy, though I can see why you might have thought that.

[Cleburne]

Smith spoke as it was, not as he wished it to be. The poor, quite naturaly, often desire to gain the possesions of the rich (so do some whom could scarcely be considered poor!). Of course, when done by honest means, ie hard work and self-advancement through your own labors, this is a fine thing, but when men stoop to dishonest and evil means of securing another's wealth, then we have situations such as socialism. As long as there are poor people (and there always be poor people by one standard or another) some of them will desire to seize another's wealth. It does not mean, of course, that they are at all right in doing so, and I do not think Smith intended it as such!

[SR71A]

Wherever there is great property there is great inequality. For one very rich man there must be at least five-hundred poor, and the affluence of the few supposes the indigence of the many. The affluence of the rich excites the indignation of the poor, who are often both driven by want, and prompted by envy, to invade his possessions. - Adam Smith, The Wealth of Nations, 1776.

This sounds like socialist/communist crap! In a small "c" capitolist system, every wins! All boats get lifted, just some more than others.

You have to remember the time and place. That was a fair picture of late 18th century England. In his day young noble rakes would lose 10,000 pounds gambling in one night. They had wealth which would make Bill Gates look like a pauper. Smith would have never been read at that time if he had advocated radical Jacobin ideas like the poor getting a fair shot at anything.