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Adam Smith: Markets
built 628 days ago
Adam Smith of California is a San Diego political club focusing on free market principles, strong national defense, strong families, and the constitution as written. Its non-partisan issue-based principles appeal to San Diego Republicans, San Diego Democrats, San Diego Libertarians, and other party members.
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[W]here’s Adam Smith’s enlightened self interest when you need it? For about the length of the average U.S. Presidency it’s been clear to anyone who could read an income statement that one important market sector was in need of consolidation. That sector is allograft. With RTI and Tutogen merging, it may finally be happening. Read on.
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Smith wrote about small scale merchants and manufacturers, and local town markets where produce was sold from near and far but definitely not in ‘big boxes’. Most business was small scale, funded by scrimped savings from past incomes, occasional inheritance, and modest borrowing. They were single owners or small co-partneries, in which the owners pledged all their assets in cases of bankruptcy – their liabilities were unlimited and extended to their entire fortunes.
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Smith's advice to business leaders would likely be that they should weigh carefully the costs of breaking trust and of risking reputation. The costs of sacrificing ethical standards of conduct are much larger than any individual might imagine, precisely because they decrease trust and can strongly affect organizational and market functioning as a whole.
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