Resolved: Adam Smith was NOT a Capitalist
Resolved: Adam Smith's book The Wealth of Nations is wrongly taken as a pro-capitalist tome, and in reality, Smith was not a Capitalist at all. We find a detailed discussion of them in Book 1, but the gist of his discussion is found below:
"The whole annual produce of the land and labor of every country, or, what comes to the same thing, the whole price of that annual produce, naturally divides itself, it has already been observed, into three parts; the rent of land, the wages of labor, and the profits of stock; and constitutes the revenue to three different orders of people; to those who live by rent, to those who live by wages, and to those who live by profit." (Smith 2009, 115)
Clearly, the merchants would be the class which gains revenue from the "profits of stock." And here too we find that for Smith, the Merchants are the capitalist class: "His [the laborer"s] employers constitute the third...