Understanding Power: The Indispensable Chomsky

by Noam Chomsky

So look at Smith: why was he in favor of markets? He gave kind of a complicated argument for them, but at the core of it was the idea that if you had perfect liberty, markets would lead to perfect equality—that’s why Adam Smith was in favor of markets.34 Adam Smith was in favor of markets because he thought that people ought to be completely equal—completely equal—and that was because, as a classical liberal, he believed that people’s fundamental character involves notions like sympathy, and solidarity, the right to control their own work, and so on and so forth: all the exact opposite of capitalism. In fact, there are no two points of view more antithetical than classical liberalism and capitalism—and that’s why when the University of Chicago publishes a bicentennial edition of Smith, they have to distort the text (which they did): because as a true classical liberal, Smith was strongly opposed to all of the idiocy they now spout in his name.