@tayzonday

Oh, and I ran out of space @olystuart (my apologies, happens a lot especially when my ADD med hits 😂) I think Adam Smith is probably the most succinct articulation of the fundamentals of capitalism Smith posits a currency marketplace with rational actors who transact (purchase) being guided by rational self-interest. He describes basic market dynamics like supply and demand, competition, scarcity, and valuation being a stenographer of merit. It’s noteworthy that Adam Smith’s capitalism tends towards equilibrium and exists in a world without state-enforced brands, trusts or other things that accelerate business consolidation. Smith’s model cannot explain where perpetual profit and growth comes from, which is a great indicator that later theorists who tried to account for this (like Keynes and Milton Friedman) had to normalize non-market manipulations to explain the twentieth century world.

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