Leftists harp about the corruption in free markets, but rarely about the corruption intrinsic to centrally-controlled or -manipulated systems (see Solyndra, or Fannie Mae, for recent American examples).
Who better to discuss these topics than the great Gertrude Himmelfarb? Adam Smith - Moral Philosopher. One quote:
The "invisible hand" has been given a teleological interpretation, as if some benevolent agent is active in bringing about that benevolent end. For Smith the hand is simply a metaphor for a free market, a "system of natural liberty", in which individuals exchange their goods and services without the intervention of any supervising hand or authority. Only in such a system could the division of labour produce the "opulence" that would distribute the "necessaries of life" for the benefit of all. "By necessaries," The Wealth of Nations explains, "I understand, not only the commodities which are indispensably necessary for the support of life, but whatever the custom of the country renders it indecent for creditable people, even of the lowest order, to be without." Society, the rich and the poor, employers and workers, even unto the "lowest order" — this is the "nation" in The Wealth of Nations. It is not the nation state in the mercantilist sense, but the people who constitute society. And not the "people", as contemporaries often used that word — those who play an active part in politics — but the "common people" as well, including the lower and even the lowest orders. By the same token, the "wealth" in the title is not the wealth of the state (again, as the mercantilist understood it), but the wealth, or well-being, of all the people. Only a "progressive" — that is, a free and industrious — economy, could bring about "a universal opulence which extends itself to the lowest ranks of the people, . . . a general plenty [which] diffuses itself through all the different ranks of society." To those who complain that if the poor shared in the "general plenty", they would no longer be content with their lot in life, Smith put the question: "Is this improvement in the circumstances of the lower ranks of the people to be regarded as an advantage or an inconvenience to the society?" His answer is unequivocal — and very much in the spirit of Moral Sentiments:
Servants, labourers and workmen of different kinds make up the far greater part of every great political society. But what improves the circumstances of the greater part can never be regarded as an inconvenience to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe and lodge the whole body of the people should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed and lodged.
