Friday, 8 August 2008

Freeloading

Here are two excellent pieces on capitalism, society & human nature.

The first, by Martin Wolf, discusses why organizing society around the economic assumption of 'rational' profit-maximization would be miserable, and what sort of preconditions are necessary to act as a buffer for competition. Just read it.

The second, by Clive Crook, explores how Adam Smith might react to the debate over corporate social responsibility. Smith has the dubious honor of being often cited but never read, so anyone mildly curious to know more about him than the 'invisible hand' metaphor should take a gander.

(Fun fact!: at the age of four Adam Smith was kidnapped by gypsies. Thankfully, they left him on the side of the road unharmed. This story makes me wonder how many brilliant philosophers the world has never known thanks as the result of similar childhood-kidnappings...)

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