"Smith's argument was elegant: when individuals pursue their own interests within competitive markets, it leads to economic prosperity for the entire society, guided by the 'invisible hand' that steers resources toward broad prosperity."
"Over time, the belief that markets would self-correct and growth would eventually 'lift all boats' has lost credibility, as the world faces multiple existential crises: widening inequality, erosion of democracy, ecological collapse, and a pervasive breakdown of trust in institutions."
"Yet this moment should not be seen only as a crisis. It may also mark the early stage of an epochal transition to a better state, as millions of progressive people are increasingly unwilling to accept exclusion as destiny."
The 250th anniversary of The Wealth of Nations highlights the failure of capitalism to self-correct, resulting in monopolies and societal crises. Despite advancements, issues like inequality and ecological collapse persist, revealing a governance model prioritizing profit over people. Democracy has been compromised, serving a select few. However, a global movement is emerging, with progressive individuals rejecting exclusion and demanding accountability, indicating a potential transition towards a more equitable system.
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