ONCE MORE ON SMITH SUPPOSEDLY TALKING ABOUT "CAPITALISM"
AUDREY LEYNAUD posts on Daily Tar Heel HERE about UNC graduate James Adam writing about his experience working in a waffle house and somewhat disullusioned about his experiences in finance.
Interesting but for thise quote from the Daily Tar Heel:
“If you go back to the origin of capitalism, with Adam Smith and the French economist Jean-Baptiste Say, both saw capitalism as a mean of increasing living standards for the people,” he said.
Comment: neither Adam Smith nor Say knew about ‘capitalism’: the word was first used in English in 1854 by Thackeray in the ‘Newcomes’ ((Oxford English Dictionary). Smith refered to ‘commerce’ not ‘capitalism’.