The Ideology of Capitalism

Adam Smith

I wonder if that Scottish pragmatist would recognize the ideology he started. I wonder if he would be surprised to learn that he had actually created an ideology. I wonder if he might be surprised to see people using his ideas for relief of shortages and for better economic results to explain everything from history to the human soul. I wonder if he might be surprised to hear people talk about "the invisible hand" like theologians describing the Holy Spirit.

I'm becoming more and more convinced that the real creator of a "capitalist ideology" was not Adam Smith, but Lenin. The Soviets had an all-encompassing ideology, so we had to have one too.

Adam Smith might not pass today's ideological litmus tests. He opposed monopolies, supported the right of workers to organize and to bargain collectively, and he said that there were times when taxation and government regulation were good for markets and for society.