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hades9stages's review
3.0
Adam Smith's concept of the "invisible hand" is a metaphor used in The Wealth of Nations to describe how individuals, pursuing their self-interest in a free market, unintentionally contribute to the overall well-being of society.
The concept relies on idealised conditions of perfect competition and rational decision-making, which does not accurately reflect the real-world. The notion that self-interested actions always lead to positive societal outcomes, does not represent instances where market failures, externalities, or unequal distributions of wealth occur despite individuals acting in their own interests. The "invisible hand" concept overlooks the role of institutions, regulations, and social structures that can shape market behavior and outcomes, thereby limiting the effectiveness of unfettered market forces in ensuring societal welfare.
Smith's idea fails to address the inherent contradictions and exploitative nature of capitalist economies.
It overlooks the inherent contradictions and class struggles present in capitalist societies, where the pursuit of profit by the capitalists comes at the expense of the labourers' well-being and rights. While the market might benefit a few, it results in the exploitation and alienation of the working class, widening economic inequalities, and perpetuating social injustices. This does not sound like a benefit to me.
The market is not a neutral or self-regulating entity but is influenced and manipulated by those in positions of power and privilege, reinforcing their interests and perpetuating exploitation.
The concept relies on idealised conditions of perfect competition and rational decision-making, which does not accurately reflect the real-world. The notion that self-interested actions always lead to positive societal outcomes, does not represent instances where market failures, externalities, or unequal distributions of wealth occur despite individuals acting in their own interests. The "invisible hand" concept overlooks the role of institutions, regulations, and social structures that can shape market behavior and outcomes, thereby limiting the effectiveness of unfettered market forces in ensuring societal welfare.
Smith's idea fails to address the inherent contradictions and exploitative nature of capitalist economies.
It overlooks the inherent contradictions and class struggles present in capitalist societies, where the pursuit of profit by the capitalists comes at the expense of the labourers' well-being and rights. While the market might benefit a few, it results in the exploitation and alienation of the working class, widening economic inequalities, and perpetuating social injustices. This does not sound like a benefit to me.
The market is not a neutral or self-regulating entity but is influenced and manipulated by those in positions of power and privilege, reinforcing their interests and perpetuating exploitation.
flexcent's review
challenging
informative
reflective
slow-paced
2.0
Not an easy read. Even though it's very short, it is written in a difficult way and I definitely did not understand everything. Don't think I'll be reading the entire wealth of nations any time soon.
ant's review
4.0
This is a small but dense book which very nicely states Smith's understanding of free trade in the 1700's. Whether the author is correct or not wasn't the point of the book to me reading it some 300 years later. The point, for me, was as a view on a complex subject from a specific period of time.
The fact that the book is still in print is an indicator of its thought provoking nature. I read it in that spirit rather than as description or philosophy relevant to today and as such enjoyed it greatly.
The fact that the book is still in print is an indicator of its thought provoking nature. I read it in that spirit rather than as description or philosophy relevant to today and as such enjoyed it greatly.
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