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Originally posted by susp3kt
Where did you source the original Chomsky from? ...Just need a source, thanks.
In general, the L.A.C. report concludes, "U.S. corporations, and the owners and managers of these corporations, stand to reap enormous profits. The United States as a whole, however, stands to lose and particular groups stand to lose an enormous amount." The report calls for renegotiation, offering a series of constructive proposals. That remains a possibility if the coalition of labor, environmental and other popular groups that has been calling for such changes gains sufficient popular support [see Amy Lowrey and David Corn, "Mexican Trade Bill: Fast Track to Unemployment," The Nation, June 3, 1991].
Originally posted by Areal51
reply to post by Unknown Perpetrator
Well, Chomsky got it wrong with regards to Adam Smith. And that pretty much blights whatever else Chomsky had to say after that, since Adam Smith was used as a major part of Chomsky's premise.
Originally posted by Areal51
Can you cite a source for that? Noam Chomsky seems to be a person who would take the time to understand Adam Smith. Nevertheless, the passage is a misrepresentation of what Adam Smith actually said. And if Noam Chomsky is responsible for that, it wouldn't be the first time that someone who should have known better has attributed nonsense to Adam Smith. (In the past I've done so myself. Now I know better. But I'm not Noam Chomsky either!)
Adam Smith said that the price system, the relative prices of what is exchanged, is what affected market behavior. He argued against the concept of an invisible hand affecting the market.
[edit on 27-9-2008 by Areal51]
His dexterity at his own particular trade seems, in this manner, to be acquired at the expense of his intellectual, social, and martial virtues. But in every improved and civilised society this is the state into which the labouring poor, that is, the great body of the people, must necessarily fall, unless government takes some pains to prevent it.
But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value. As every individual, therefore, endeavors as much he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labors to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it. (IV.ii.6-9, page 456 of the 1776 Glasgow Edition of Smith’s works; vol. IV, ch. 2, p. 477 of 1776 U. of Chicago Edition.)
There is no space for a review of the record, but just to illustrate, let us keep to the Kennedy administration, the left-liberal extreme of the political spectrum, with an unusually large component of liberal intellectuals in policy-making positions. During these years, the standard formula was invoked to justify the invasion of South Vietnam in 1962, laying the basis for one of the great crimes of the twentieth century.