Re: [OPE-L] marx on invisible hand

From: Dogan Goecmen (Dogangoecmen@AOL.COM)
Date: Sun Dec 03 2006 - 11:16:41 EST

So now we return to the "invisible hand" doctrine in Smith.  In the  Smithian
doctrine,   the competition among capitalists is the  mechanism through which
the wealth of the nation increases.  It is the vehicle through which  there is
economic growth and development.  Like Ricardian doctrine,   entrepreneurs
have heroic status: they are the personifications of increased wealth  and
well-being.  Quite a contrast to both the physiocratic  conception and Marx's
Volume I  metaphor in _Capital_ of how capitalists are  vampiric!


Just a note. In the "Wealth of Nations" Smith uses the notion of invisible
hand not only positively from historical perspective but also critically. So
according Smith manufaturers may contribute to the welath of society
unconsciously and unintentionally but exactly this feature makes them also as
dangerious as a standing armee. I mean Smith would not mind describing  manufacturers
like Marx as vampires. But he merely accounts for the necessity  that society
has to pass thorugh capitalism to come to a more advanced  sympathetic
society. In other words, since he is a dialectician he tries to  combine here the
concepts of necessity and freedom.



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