"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable."I suspect that Smith then may have found employee ownership a terrific idea, and would have been dismayed at an economic system where the distribution of economic benefits becomes ever more skewed. Some people (starting with Louis Kelso and including me) have described employee ownership as a combination of the best of Smith and Karl Marx. But maybe we can simply say it's what Smith would have liked all along.
"With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches."
"To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature."
Author biography and other columns in this series