Adam Smith: Profiled People in Economics and Banking

Executive Summary

Adam Smith is the best known economist of all time. However, he is also the most misrepresented.

Introduction

Smith proposed mercantilism and was part of the British School of Economics. When Adam Smith is introduced to readers, it is rare that what school of thought Smith belongs to. Smith’s book, The Wealth of Nations, is frequently referred to as the greatest book in economics, but many people clearly lie about reading it as it is written in 17th century English, which is extremely difficult to read. Smith’s work is reduced down to “survival of the fittest” where people disregard the interest of others and only pursue their own interests, and that this somehow leads to a greater good. Smith would be appalled by how his ideas have been distorted, and mostly by people that have never read his work. There is essentially a hidden history of many economists that private banking interests with the assistance of mainstream economists and private banking interests have done their best to censor, as is explained in the following quotation.

“The formulas that they teach don’t have government in them. If you have a theory that everything is just an exchange, a trade, and that there isn’t any government, then you have a theory that has nothing to do with the real world. And if you assume that the environment remains constant instead of using economics to guide public and national policy, you’re using economics for the opposite of what the classical economists did. Adam Smith, Mill, Marx, Veblen – they all developed their economic theory to reform the world. The classical economists were reformers. They wanted to free society from the legacy of feudalism – to get rid of land rent, to take money creation and credit creation into the public domain. Whatever their views, whether they were right wingers or left wingers, whether they were Christian socialists, Ricardian socialists or Marxian socialists, all the capitalist theorists of the 19th century called themselves socialists, because they saw capitalism as evolving into socialism.” – Michael Hudson

Source: Evonomics

https://evonomics.com/how-financial-parasites-and-debt-bondage/