Adam Smith has often been hailed as the patron saint of capitalism, while Karl Marx universally acknowledged as its sharpest critics. Much of the ideological battle has been fought around the issue of social justice. The distribution of wealth, however, is heavily influenced by the contours of the monetary regime. How Smith and Marx understood money, and its relationship to capital,...
A common sense of liberal aspiration imputes in Adam Smith's work, more precisely within The Wealth of Nations, a relationship between human nature as an essential substrate for the emergence of capitalism. Which consonates with a deduction focused on the selfish aspect and the human propensity to exchange, as general trends that would guide the process. However, human nature is open to a...
This paper aims at showing that (i) contemporary Post Keynesian theory is largely based on Smith’s theorem of the division of labour and that (ii) this approach proves very useful for interpreting current macroeconomic dynamics. Accordingly, this paper provides an actualization of Smith’s thought, focusing on Myrdal and Kaldor’s contributions and on the use of their analyses to interpret the...
