Self-Interest and Wealth of a Nation

While Marx's alleged employment of a butler is sometimes adduced as a counter-argument to Socialism, it is rarely noticed that Smith has an analogous, though converse, potential problem with respect to Capitalism. For, it is patently likely that the writing of Wealth of Nations aims at the promotion of the general Good. But, if so, then it presents a counter-example to one of the fundamental premises of his system--that the promotion of Self-Interest is the best means to the wealth of a nation. Now, Mill is one of the few Capitalists who have recognized the shortcomings of that Psychological principle, as is reflected in his modification of Bentham's calculus to include the consequences of an entertained action for others, as well as for oneself. Still, the dogma continues, especially in the U. S., despite the absence of theoretical or empirical foundation, and the presence of Smith's unwitting refutation of it.