Adam Smith would have recognised the monsters of modern capitalism | Letter
Terry Peach responds to an article by Robert Reich on Donald Trump, Sam Bankman-Fried and Elon Musk
Robert Reich’s conjecture (Trump, Bankman-Fried and Musk are the monsters of American capitalism, 24 December) that Adam Smith “would have bemoaned the … corruption, and cynicism spawned by modern capitalism and three of its prime exemplars” is certainly consistent with Smith’s known beliefs. But he would not regard these dismal phenomena as anything new. From his 18th-century perspective, the avarice and ambition of the rich was not only the driving force behind economic development, it was also the harbinger of “rapine”, “injustice” and the “corruption of our moral sentiments”.
As for self-preening plutocrats, obsessed with “the gratification of their own vain and insatiable desires” and with “no love of mankind”, they may well come to bask in the applause of the foolish masses. But that may not be the end of their story. Even if they escape legal censure, the “furies of shame and remorse” may finally exact their vengeance. Reich’s “monsters” should take note.
Terry Peach
University of Manchester
