John Cassidy

Yeah, I mean, that's actually a pretty complicated question. Most of the book which I've written about is industrial capitalism. And we do have a start date for that. It's usually dated to about 1770 in England in the cotton industry, where a series of inventions led to the rise of the factory system. Now, that arose on top of another system of capitalism, which was called mercantile capitalism.

Yeah, I mean, that's actually a pretty complicated question. Most of the book which I've written about is industrial capitalism. And we do have a start date for that. It's usually dated to about 1770 in England in the cotton industry, where a series of inventions led to the rise of the factory system. Now, that arose on top of another system of capitalism, which was called mercantile capitalism.

Yeah, I mean, that's actually a pretty complicated question. Most of the book which I've written about is industrial capitalism. And we do have a start date for that. It's usually dated to about 1770 in England in the cotton industry, where a series of inventions led to the rise of the factory system. Now, that arose on top of another system of capitalism, which was called mercantile capitalism.

What's the difference? Well, it's actually very timely. Prior to Adam Smith and prior to 1770, The government and the economy were pretty much intertwined a bit like they are now under Trump. Protectionism was the order of the day. I mean, Britain and Holland were the sort of empires in the 17th and 18th centuries. And they fought wars over it.

What's the difference? Well, it's actually very timely. Prior to Adam Smith and prior to 1770, The government and the economy were pretty much intertwined a bit like they are now under Trump. Protectionism was the order of the day. I mean, Britain and Holland were the sort of empires in the 17th and 18th centuries. And they fought wars over it.

What's the difference? Well, it's actually very timely. Prior to Adam Smith and prior to 1770, The government and the economy were pretty much intertwined a bit like they are now under Trump. Protectionism was the order of the day. I mean, Britain and Holland were the sort of empires in the 17th and 18th centuries. And they fought wars over it.

They basically were competing for the colonial trade, the Spice Islands, England. in what is now Indonesia, the trade in India, cottons, all sorts of goods came from the East.

They basically were competing for the colonial trade, the Spice Islands, England. in what is now Indonesia, the trade in India, cottons, all sorts of goods came from the East.

They basically were competing for the colonial trade, the Spice Islands, England. in what is now Indonesia, the trade in India, cottons, all sorts of goods came from the East.

Right, right. Now, there's a bit of a conceit there because, of course, you know, Adam Smith is the hero to a lot of capitalists and conservatives. I remember when I used to be a correspondent in Washington covering the White House in the late 80s, people used to walk, the Reaganites all walked around with their Adam Smith pins on. Right. Trump people wouldn't do that? I don't think so.

Right, right. Now, there's a bit of a conceit there because, of course, you know, Adam Smith is the hero to a lot of capitalists and conservatives. I remember when I used to be a correspondent in Washington covering the White House in the late 80s, people used to walk, the Reaganites all walked around with their Adam Smith pins on. Right. Trump people wouldn't do that? I don't think so.

Right, right. Now, there's a bit of a conceit there because, of course, you know, Adam Smith is the hero to a lot of capitalists and conservatives. I remember when I used to be a correspondent in Washington covering the White House in the late 80s, people used to walk, the Reaganites all walked around with their Adam Smith pins on. Right. Trump people wouldn't do that? I don't think so.

Not most of them. I mean, they reject some of the – you know, protectionism is – Adam Smith wrote The Wealth of Nations to critique the mercantile system that we just mentioned and basically defend free trade. He said that protectionism was harmful. It led to corruption. He had these huge corrupt companies like the East India Company, which was actually bailed out by the British government. So –

Not most of them. I mean, they reject some of the – you know, protectionism is – Adam Smith wrote The Wealth of Nations to critique the mercantile system that we just mentioned and basically defend free trade. He said that protectionism was harmful. It led to corruption. He had these huge corrupt companies like the East India Company, which was actually bailed out by the British government. So –

Not most of them. I mean, they reject some of the – you know, protectionism is – Adam Smith wrote The Wealth of Nations to critique the mercantile system that we just mentioned and basically defend free trade. He said that protectionism was harmful. It led to corruption. He had these huge corrupt companies like the East India Company, which was actually bailed out by the British government. So –

In his time, Adam Smith was a critic of the existing form of capitalism at the time, mercantile capitalism.

In his time, Adam Smith was a critic of the existing form of capitalism at the time, mercantile capitalism.

In his time, Adam Smith was a critic of the existing form of capitalism at the time, mercantile capitalism.

No, no, it's a very good question. Number one, he said that, you know, we depend on other people for our livelihoods. Basically, you know, you depend on the butcher to provide you with food. You depend on the tailor to, you know, to clothe you, etc. And he said the market is this mechanism which sort of coordinates all these different forms of economic activity.

No, no, it's a very good question. Number one, he said that, you know, we depend on other people for our livelihoods. Basically, you know, you depend on the butcher to provide you with food. You depend on the tailor to, you know, to clothe you, etc. And he said the market is this mechanism which sort of coordinates all these different forms of economic activity.