Tuesday, August 7, 2018

Capitalism and Intention

There are at least three systematic problems with the greatly influential passage, from Wealth of Nations, "he intends only his own gain . . . led by an invisible hand to promote an end which is no part of his intention": 1. The positing of the existence of an "invisible hand" violates Smith's Empiricist principles; 2. The rendering of Self-Interest as gain-seeking, rather than the traditional self-preservation, is groundless; and 3. The implicit distinction between intentional and unintentional consequences is indeterminate. But a more fundamental problem is how the passage applies to itself, and to Wealth of Nations, in general.  For, either the book is sophistry designed only to make Smith a lot of money, or else he is violating his own principle--acting with the intention of promoting an end that is well beyond personal gain, i. e. the wealth of his nation, realizable, if at all, well beyond a life-span during which he might enjoy it.  This problem afflicts all Capitalist exposition--by its own principle, it can never signify anything more than self-advertising.

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