Thursday, March 12, 2009
Capitalism beyond the crisis
An elegant and incisive attempt to put the current financial crisis in perspective is provided by Amartya Sen. How should 'capitalism' evolve and what are the implications for economics? A related piece by Sen concentrating on the misinterpretation of Adam Smith's views is here. No-one who has read Theory of Moral Sentiments by Smith could ever believe was a simple-minded supporter of laissez-faire. Human beings are too complicated for that.
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No-one who has read Theory of Moral Sentiments by Smith could ever believe was a simple-minded supporter of laissez-faire. Human beings are too complicated for that.
And no one would certainly think that he would have supported statism in the way it has evolved in modern times either.
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