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Thinking the Twentieth Century. TJudt & TSnyder (2013) (p. 340)

June 30, 2013

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Keynes’s point is an elegantly symmetrical bookend to Adam Smith’s claim in The Theory of Moral Sentiments. Smith argued that capitalism does not in itself generate the values that make its success possible; it inherits them from the pre-capitalist or non-capitalist world, or else borrows them (so to speak) from the language of religion or ethics. Values such as trust, faith, belief in the reliability of contracts, assumptions that the future will keep faith with past commitments and so on have nothing to do with the logic of markets per se, but they are necessary for their functioning. To this Keynes added the argument that capitalism does not generate the social conditions necessary for its own sustenance.”

[op. cit., p. 340]

Manuel J. Matos‘s insight:

So much to learn …

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