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Elements of capitalism have existed throughout history — in institutions like markets, class relations, ownership laws, credit systems, etc. But they were never dominant until they came together, escaping the isolated, laboratory conditions in which they once ...
How did an affable 18th-century “moral philosopher” become the patron saint of cutthroat capitalism? Does “the invisible hand” mean what everyone thinks it does? We travel to Smith’s hometown in Scotland to uncover the man behind the myth. (Part 1 of a series.) Hos ...