Competition
Adam Smith’s ‘invisible hand’ of the market is misunderstood – and underrated. Many forget that besides The Wealth of Nations (1776), Smith also wrote The Theory of Moral Sentiments (1759). He argued that markets need a moral context – provided by government regulation – to operate effectively. We are also ignoring his most fundamental requirement: markets need large numbers of small competitors to operate efficiently. Today, the Fortune 500 companies’ revenues of $13.7 trillion exceed the cumulative GDP of 184 countries, while Walmart’s revenue is bigger than all but the top 27 national economies. Concentration of wealth and power is never good.
— Wayne Visser
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From Purpose Inspired: Reflections on Conscious Living, Volume 3. Buy on Lulu ↗