I think one of the main problems with Smith’s conception of capitalism is that he didn’t account for how huge and pervasive and intrusive advertising would become. He naively assumed that the best product would dominate the market when actually people will buy whatever is thrust in front of the their eyes a thousand times a day.
And of course corporate lobbying wasn’t such an issue in his time.
I think one of the main problems with Smith’s conception of capitalism is that he didn’t account for how huge and pervasive and intrusive advertising would become. He naively assumed that the best product would dominate the market when actually people will buy whatever is thrust in front of the their eyes a thousand times a day.
And of course corporate lobbying wasn’t such an issue in his time.
We have term limits for governments but not for corporations
Their ability to last indefinitely allows them more control than anyone thought possible
And no matter what system you choose; they will act in self interest that will allow them to expand/erode the system to benefit themselves