There is a great editorial commentary in Barron’s this week. It is entitled, “Time for Empathetic Capitalism”. Key points of the article are as follows:
- The core principle of capitalism is not the greedy pursuit of self-interest, as Adam Smith’s Wealth Of Nations implies, but rather it is the single-minded effort to create value for others, as Adam Smith opined in his earlier, and less quoted, The Theory Of Moral Sentiments. Barron’s talks about Ford as an example.
- “Global capitalism” recently failed, as it was never genuine capitalism at all. There was no creating of long term value. This “global
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