"As will be seen more in detail in the fourth book of this work, Adam Smith has not established a single new proposition relating to division of labour. What, however, characterises him as the political economist par excellence of the period of Manufacture, is the stress he lays on division of labour. The subordinate part which he assigns to machinery gave occasion in the early days of modern mechanical industry to the polemic of Lauderdale, and , at a later period, to that of Ure. A. Smith also confounds differentiation of the instruments of labour, in which the detail labourers themselves took an active part, with the invention of machinery; in this latter, it is not the workmen in manufactories, but learned men, handicraftsmen, and even peasants (Brindley), who play a part." (Marx, Capital vol. I, p. 329) - Perhaps it still could be of interest for progressive economists to have a look into this *fourth book* when discussing the historical standing (including his meaning for the development of the critique of political economy) of A. Smith, the political economist par excellence of the period of Manufacture. Just a hint, back to lurking. Hinrich Kuhls At 08:45 10.08.97 -0700, Louis N Proyect wrote: >> In "The Wealth of Nations," published 221 years ago, Smith >> wrote with realism about manufacturers and merchants. He >> described them as "men whose interest is never exactly the same >> with that of the public, who have generally an interest to >> deceive and even to oppress the public, and who accordingly have, >> upon many occasions, both deceived and oppressed it." >> > >The comments on Adam Smith by Norman Solomon of FAIR jibes with the >analysis presented by David McNally in "Against Market Socialism" where he >says: > >"The Wealth of Nations rings with an indignant attack on these capitalist >groups. Smith denounces 'the mean rapacity, the monopolizing spirit of >merchants and manufacturers'; he condemns their 'impertinent jealousy' and >their 'interested sophistry'. He compares these groups to 'an overgrownn >standing army' which attempts to 'intimidate the legislature' into >erecting 'the sneaking arts of underlying tradesmen' into 'political >maxims for the conduct of a great empire'. Indeed, Smith believed that >these groups had managed to construct a set of monopolistic practices--the >mercantile system--which depressed wages and rents by boosting profits and >prices. On top of this, Smith accuses mercantilism of diverting investment >away from those areas where it generates the most employment--agriculture >and local manufactures--and into areas such as overseas trade which >generates less employment. Mercantilism thus reduces national wealth, >defined as it is by Smith in terms of the real level of consumption of the >labouring poor." > >Louis Proyect > > >
