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...there are no two points of view more antithetical than classical liberalism and capitalism -- and that's why when the University of Chicago publishes a bicentennial edition of Smith, they have to distort the text (which they did): because as a true classical liberal, Smith was strongly opposed to all of the idiocy they now sprout in his name.

Noam Chomsky#32

HistoryEconomicsCapitalismPhilosophyLiberalism

About this quote

What does it mean?
The author claims classical liberalism differs from capitalism and that Smith was opposed to modern corporate capitalism.
In plain terms
Adam Smith opposed capitalism, though universities publish distorted versions of his work.
What can you take from it?
Classical liberal texts may be misused to support modern capitalism.

Where it applies

  • studying economic history
  • analyzing texts
  • discussing ideological roots

Putting it to work

  • re-reading economic texts
  • critiquing corporate capitalism
  • examining ideological claims

Questions to consider

  • What did Smith really believe?
  • How are texts used politically?

Another view

The interpretation of Smith is debated among scholars.

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