Gary Clifford Gibson writes at Another Working Blog in the Submergent Plutonomy:
… Read the rest
This is actually a fairly simple distinction. Capitalism that grows from an individual or family’s personal work building assets without exploiting other people is compassionate capitalism, while the impersonal stock investment, M.B.A. networking trans-national globalism business approach is collectivist. The collectivists are cold-blooded while the small time capitalist is compassionate and cares about his own work and building up of resources.
Adam Smith, the modern spiritual founder of capitalism, wrote largely in support of compassionate capitalism inclusive of trade. There weren’t the sort of large-scale networked corporations in existence in his day that built up huge global capital advantages and leveraging monetary sophistication. It is quite a stretch to transmogrify The Wealth of Nations into a support for absolute abstract modern business practices and monetary policy. One must be disingenuous to extend Smith’s Wealth of Nations so far as that.