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“...the idea that Smith can somehow be seen as representative of modern capitalism is a stretch. He was a man of his time, in the very particular society of oligarchic, 18th century Scotland. It was a world in which he thrived precisely by not fighting the status quo, but rather by making a proposal for harnessing greed, while keeping merchants in their social place and celebrating the ruling class of the time, and trying to envision a way in which it could play a part in a modernizing economy. In many ways, he got it right. While capitalism flourished in 18th century Scotland, the landed elite remained firmly in place and has managed to do so to this very day. In that aspect, Smith was quite visionary.” — Jacob Soll
...the idea that Smith can somehow be seen as representative of modern capitalism is a stretch. He was a man of his time, in the very particular society of oligarchic, 18th century Scotland. It was a world in which he thrived precisely by not fighting the status quo, but rather by making a proposal for harnessing greed, while keeping merchants in their social place and celebrating the ruling class of the time, and trying to envision a way in which it could play a part in a modernizing economy. In many ways, he got it right. While capitalism flourished in 18th century Scotland, the landed elite remained firmly in place and has managed to do so to this very day. In that aspect, Smith was quite visionary.