The Smith Conversations 3 of 5 – Smith on Capitalism

On 9th March 1776, Adam Smith’s Wealth of Nations was published in London.

When he was writing, he was one of many brilliant people in Scotland whose arguments and debates shaped the progress of knowledge. He could test his ideas in conversations at supper clubs across Edinburgh.

In that spirit, the Library of Mistakes is holding five conversations between 9th and 13th March, all of them starting at 6.30 p.m. They’ll be on topics which mattered to Smith, but there’ll be no looking back. These conversations will be about why Smith’s concerns still matter. And they’ll look forward, exploring what we should be doing now.

Smith on Capitalism

Despite many obituaries, most economic systems depend on some variety of capitalism.

Famously, a group of Chicago economists used the 200th anniversary of Wealth of Nations to push one interpretation of it – at its very simplest, “Markets work”. Their political influence was immense.

Other, more careful readers have found a very different Smith. For 50 years, they have emphasised that “Institutions matter”.

But the most famous economist to follow Smith was Karl Marx, who rejected capitalism completely.

With that background, we turn to Scotland’s thinktanks to ask what sort of capitalism will serve us well over the next 50 years so that we can achieve Smith's ideal of an 'opulent society'.

Chair – Susan Murray, Director, David Hume Institute

Participants – Alison Payne, Enlighten Scotland
Laurie MacFarlane, co-director, Future Economy Scotland
Stephen Boyd, Director, IPPR Scotland

Power - Thursday 12th March
Education - Friday 13th March

Info: Please ensure you arrive no later than 18:25 as latecomers may not be admitted once the event has commenced.

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Host or Publisher Russell Napier