you find a similar conception widely in enlightenment thought so for example and adam smith, everyone has read the opening paragraphs of wealth of nations where he extols the wonders of division of labor that not many people have gotten farther inside to read his bitter condemnation of division of labor and his insistence that in any civilized society the government will have to intervene to prevent it because it will destroy personal integrity and essential human rights. it will turn people he said into creatures as stupid and ignorant as a human can be. it's not too easy to find that passage, whatever the reason may be. if you look in the scholarly edition the university of chicago bicentennial, it's not even in the index but it's one of the most important passages in the book. look at in these terms anarchism as a tendency in human development that seeks to identify structures of hierarchy and others that constrain human development. and then it seeks to subject them to very reasonable challenge. justify yourself. demonstrate that you are legitimate and maybe in some special circum

thinker called "adam smith and his time in ours designing a decent society". and then i worked on jewish themes and continued to write and think about the history of capitalism. last year, in the march issue of the journal of foreign affairs i had a piece called "capitalism and inequality: what the right and left get wrong" and i am still working on that one. >> is there a date certain when it was founded? >> no. in fact one of the interesting fallacies in writing this history of capitalism is despite the notion of finding the starting point. there was a big debate about who was most responsible for the orig origins of capitalism. was it puritans or was it jews. it is more accurate to think it about capitalism as an extension of a process that has been going on for a long time. trade has been going on in one form or another for as far as as we know. for a lot of the middle ages, from the high middle ages on, there was substantial amount of commerce in europe, but it was confined to european islands within a larger agriculture sea. capitalism picked up a lot af

while i was working on that i published a book on adam smith calls "adam smith and his time in ours: designing a decent society" and after the "mind and the market """came out i contind think about this. and i had a piece called "capitalism and inequality and what the right and the left get wrong" and i am still working on that article. >> is there a date certain when it was founded? >> no. in fact, one of the interesting fallacies i think in writing the story was when i could find a starting point. and there was a debate on who was responsible for the capitalism and was it protestants or was it jews? actually it is more accurate to think about capitalism as an extension of a process that has been going on for a very long time. trade has been going on in one form or together for as far as as we go. and prom from the middle ages on, it was in europe, but it was confined within islands. capit capitalism picked up a lot since 1600 and since then has expanded in its range. and expanded in the areas of life that it affects. so first it was primarily about trading things. later on, and peo

adam smith was earlier but you know look at the scottish contribution to two invention for example james watt bed you know amazing person after amazing person and the scottish contribution to mankind in the in the second half of the twentieth century hasn't been on the same scale and it's because he's been burdened with this state and it needs to free itself you cannot doubt the talent of the scottish people but they need the right environment in which to thrive and that is independent not only of the u.k. but independent of a burdensome overwhelming oppressive state you know you mentioned iceland and it's an individual with a nice low starting the aurora cawing and they're going to play mine and distribute it really against the government wishes they're taking and i don't i don't know down yet so it's a bit of a revolution i look up the revolution in america the lakota nation you know the indians american indians the indigenous people you know have been subjected to three hundred years of subjugation they are creating their own cryptocurrency we need to start calling hoop jokes scotland

day school support even by adam smith the sugar tax and supported by adam smith in their well it's a nation in seventeen seventy six you can also as think of all. of those because as far as the food sector dominique play fuel and call pollutants it's very difficult to have well a small farmers producing trash and healthy foods in the economy and also all you need to florence in the cultural sector to use old i'm tired my all to x. or moons core. groups and you can also little in a song law suit ports or small farmers switzerland that is some of the that lois actually obesity rate. is small farmers have me sixty percent of their income comes from government subsidies. so yeah that's a good way to do reverts you. know i couldn't agree more with kind of the and in the subsidies to massive ag corporations and kind of giving them more to small organic farmers i can agree more with that but in terms of the sugar tax i mean it seems like a great idea but now everything has sugar in. nearly all processed foods have sugar and of course we saw what happened with bloomberg attempt to ban. certa

basically support even by adam smith the sugar tax and supported by adam smith in their wealth of nations in seventeen seventy six you can also list in cobol. that almost because. food sectors are domini if you will and call pollutants it's very difficult to have well a small farmers producing fresh and healthy foods in the economy. also all you need to. see the cultural sector to a usable i'm told by all to x. girls or moon's core. groups and you can also little song lawsuit poor for small farmers switzerland is some of the lowest actually in peace it's a great cause small farmers have me sixty percent of their income comes from government subsidies. so yeah that's a good way to do reverts you. know i couldn't agree more with a kind of the and in the subsidies to massive ag corporations and kind of giving them more to small organic farmers i can agree more of that but in terms of the sugar tax i mean it seems like a great idea but now everything has sugar in them nearly all processed foods have sugar and of course we saw what happened with bloomberg attempt to ban. certain a certain amou

days will support even by adam smith pressure or tax and support by adam smith in the wealth of nations in seventeen seventy six you can also always think about how they don't trust the laws because as far as the food sectors are dominate play fuel and all pollutants it's very easy she calls to have well a small farmers producing fresh and healthy foods in the economy and also all you need a few of the forms in the cultural sector to discourage the use of i'm tired my all to experiments for moon's corn for a rabbit to she grows and that was a little innate song lawsuit poor for small farmers switzerland the that is some of the news that lois actually and. holds small farmers he had me sixty percent of their income comes from government subsidies. so yeah that's a good way to do reverts you. know i couldn't agree more with kind of the and in the subsidies to massive ag corporations and kind of giving them more to small organic farmers i can agree more with that but in terms of the sugar tax i mean it seems like a great idea but now everything has sugar in them nearly all processed foods

adam smith, political editor for "tampa bay times." ook at what the cuban vote did in 2012, you look at a democratic candidate for a statewide office in florida felt comfortable doing this. is it fair to say that cuba is no longer the third rail of florida politics? >> yeah, i do think it's definitely no longer the third rail of politics. you know, in a vast majority of the state, really nobody cares about this issue, but in miami-dade, such a population center, it's a driving issue. so i do think in a way the safer position is to support the continued embargo, because that's an issue that motivates exiles who strongly support it even as public opinion is shifting to more and more support for sort of thawing relations. >> what i found fascinating about 2012, and correct me if i'm wrong, there was plenty of targeted advertising against president bchl in -- president obama in the cuban economy, and this is clearly not a political divide but a generational divide among cubans in south florida, is that right? >> absolutely. every day, the o

congressman adam smith. good to talk to you, sir. you. >>> coming up, a republican swearing off tea in 2014. e.j. dion of "the washington post" is going to join me straight ahead to talk about that on this wintery wednesday in the nation's capital. >>> also, we'll head to sochi as well where the countdown to the winter olympics continues. ♪ [ cellphones beeping ] ♪ [ cellphone rings ] hello? [ male announcer ] over 12,000 financial advisors. good, good. good. over $700 billion dollars in assets under care. let me just put this away. [ male announcer ] how did edward jones get so big? could you teach our kids that trick? [ male announcer ] by not acting that way. ok, last quarter... [ male announcer ] it's how edward jones makes sense of investing. ♪ makes sense of investing. [ mala body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so

subjects at the station so some corporate libertarians may not read it but that's not the sense adam smith amazing. to some extent it could probably be argued that we are subsidizing fast foods we allow an awful lot of cattle is on government land we we subsidize you know i mean the farm bill just passed today it's it's it's hundreds of billions of dollars of subsidies for big ag which is driving much of this fast food stuff are there are there more narrow policies perhaps that we should be looking. absolutely we should subsidize small farmers like they do for example in switzerland sixty percent of their incomes come from government and humans subsidize small big corporations don't use corn for rocket to shoot tissue grow old with excessive purty nigh serves they use girls hormones antibiotics and these is not performing well in terms of. so and so. and so instead of subsidizing you know the production of corn to be made into high fructose corn syrup we should be subsidizing people who are growing fruits and vegetables. absolutely though it seems very difficult to do it under the deregula

japanese government which has been taking an aggressive nationalist expands recently representative adam smith who along with two other lawmakers sent a letter to secretary of state john kerry asking him to address come for one issues with the japanese government says that such views are probably held among american politicians representative said was also a strong supporter of the two thousand and seven resolution on the issue of time for one they should hear an apology and they should not hear any prominent officials in japan speaking. either of. with deliberate ambiguity or worse with denial about this chapter in history. thus instantly aussie their house i think in the recruiting is acting on an issue that needs recognition. christie nationalists and ends at an inn and even increase your possession. the two. it's a shiney and in another hot issue during the us a new law the state of virginia to reform school textbook scenes in in an argument over in washington d c has more on the grass roots efforts to doubt the proper usage of the name e c e when describing the body of water separating ko

broaden our trum just the idea of self-interest alone the human need to care is a strong you know adam smith talked about self-interest in this theory of more the wealth of nations but in his other book the theory of moral sentiments pointed out that we have a need to care that is in fact even more powerful times. unfortunately have been as of the two got disconnected in other words you know in corporate. of this human capacity and need for caring into the world of work and business and hence we have this the separation i think if you bring the two together that creates an extraordinary powerful thing the notion that human beings are susceptible to these lower kinds of motivations and so forth it's always true but i think this is about harnessing the better angels of our nature you know we can operate as human beings at a very high plane of consciousness where we are connected to those those higher motivations and militants or we can operate at the lower level now when we're operating out of fear and out of desire for survival which is really what most people are operating in work then you s

adam smith made himself famous by showing that the economy is not a zero-sum game. that both sides believe they gayness or exchange. >> these people tend to think that they know better. >> thank you. if you'd like to keep this conversation going, go on facebook and twitter and use that hash tag class warfare and let people know what you think. and coming up, how much money does anyone need? many americans hate rich businessmen. but they really hate celebrities on the red carpet. those that are just as rich. >> is the untrendy mind that they make millions of dollars? >> >> maria charcot but is the biggest earning female athlete in the entire world. 23 million in endorsements. john: does it bother you that she took home more? she makes the most money because she is a good-looking blonde. how unfair is that? and they accept that movie stars and singers make movies to. >> the money that they make millions of dollars? >> it doesn't occur to me. >> does it bother you that tiger woods made $70 million? >> it doesn't bother me. >> does it bother you that some ceos make alie

at the top of intially it will trickle down to the bottom as opposed to classical economics from adam smith till ronald rate. which was that it is demand that drives economies and by increasing the minimum wage or increasing demand because the minimum wage workers spend one hundred percent of what they are earn or as you know somebody who's very wealthy invests a lot of it or maybe even sticks at the swiss bank account well that's even more true in a modern economy the us has eighty percent of us me and physical goods many of them are produced on demand so if you don't buy a massage if you don't buy an i phone it doesn't get produced that's a hit to g.d.p. right there and nobody gets paid for it to be produced and those people don't have the money to buy phones and massages. so that's why we feel it was these extreme concentrations of wealth and income that money circulates in the financial economy it doesn't merely as much circulate through the real economy to buy i phones and massages to pay wages and yes you're exactly right so so if we were to to rethink reaganomics which i would assert

even the liberalism i mean neoliberalism of going back to the history of economic liberalism or adam smith or the idea of there being supply and demand is matched somehow in the marketplace that's been bent completely corrupted now because you have a few monopolists. that of completely taken over these markets and they've imposed monopoly pricing so if there was free trade for example you'd see you wouldn't see the kind of press price gouging you see in the u.k. they have for example in the u.k. there's six big energy companies and they routinely rate prices they get out prices they collude yeah for sure yeah again now it's now not only did so as a victim of price gouging in the u.k. under schemes that you're talking about here i can't even go to the u.k. government anymore to complain i have to go to a supernational global institution to complain and of course that there are no where there are more fas there are there are they there it's a moving target and there and then we using their definitions of our free trade. so you don't have any rights to complain to these panels anyway right bu

adam smith made himself famous by showing that the economy is not a zero-sum game. that both sides believe they gayness or exchange. >> these people tend to think that they know better. >> thank you. if you'd like to keep this conversation going, go on facebook and twitter and use that hash tag class warfare and let people know what you think. and coming up, how much money does anyone need? many americans hate rich businessmen. but they really hate celebrities on the red carpet. those that are just as rich. >> is the untrendy mind that they make millions of dollars? >> ♪ ♪ ♪ ♪ told ya you could do it. (dad vo) i want her to be safe. so, i taught her what i uld angot her a subaru. irl) piece of cake. ♪ (announcer) love. it's what makes a suru, a subaru. u're saying i can get at&t's network with a data plan and unlimited talk and text for as low as $45 a month? $45 a month. wow...no annual contract. no annual contract. no long-term agreement. no long-term aeement. really? really. ok, so what's the catch? there is no catch. ok, i'm obviously getting nowhere with you. i

could say and maybe he would agree that adam smith might not recognize where we are right now.as his version of the system he viewed as moral. to address these problems, these intertwined problems that we have heard we willd this morning, need a new kind of leadership. that is the second half of what i want to talk about this morning. a different kind of leadership in every sector of society. --t generations who will art next generation leaders who are equal to the challenge in all of their complexity, guilfoyle in leading himself -- leaving themselves with compassion, equanimity, love. tillich ascribe it, the recognition of our interweaving with all living beings. the primary message we have been hearing from his holiness, yesterday and today, so very clearly, the transformative power of holistic and analytical minds that are informed by warm and ask -- and inclusive parts -- hearts, love. we will call it love. the mindjonc mentioned and life institute beginning to design with strong encouragement from you, your holiness, thank you for that. we had our first planning meeting j

he gave it to you himself, but i think we could say, and maybe he would agree, that adam smith mightnot recognize where we are right now, as his version of the system he viewed as moral. if we are going to address these problems, these intertwined problems that we heard described this morning, we will need a new kind of leadership, that's the second half of what i want to talk about this morning to a different kind of leadership in every sector of society. next-generation leaders who were equal to today's challenges in all their complexity, who are skillful at leading themselves with compassion and equanimity, with love. with love understood as connection in the way paul to let to find it, the unifying impulse, the recognition of our interweaving with all living beings. the primary message we have been hearing from his holiness yesterday and today, so very clearly, the transformative power of holistic and analytical minds that are informed by warm and inclusive hearts. love. we will call it love. arthur zajonc mentioned the academy for ethical leadership at the mind and life institut

as an adam smith institute, created of a famous scotsman, where do you stand on?u have a current position? >> no, we don't take a position. it's up to scots to decide. i'm irish myself i can understand why they might be in favor of it or why they wouldn't be. but whatever happens. >> you wouldn't come -- the institute isn't coming out with an economic yea or nay. >> no. >> research director at the adam smith institute. >>> now, there's plenty of action in sochi over the weekend. tom mackenzie has been taking a look back at day nine. >> eva samkova took gold in the women's snowboard cross. the first time the event has featured six riders rather than four. samkova was pushed all the way with dominique maltais. a fourth consecutive olympic gold in the event clocking a time of 1:18.14. silver went to american andrew weinbrect. germany with seven golds, but the dutch one two three means the netherlands are second and norway move into third. >> right. that's the latest on the olympics. still to come, mark carney has defended the decision to use a second phase of forward

this is what i start with from adam smith from 17761 of the duties of the sovereign is to be paid public institutions and works without which the wonders would not be possible. is initially some studies behind health care what would these industries look like if the government had not intervened? will with the computer industry look like if we did not have internet? but the government did create the internet. we had personal computers before the internet was commercialized. 1984 but it looks nothing like it was today but the interstate highway did a similar thing for automobiles with trucks and buses the satellites the government launched aa tb possible in to mortgage support made home construction impossible. babied not the wisest program but it created a whole industry. so we can look in more detail to say how has this played out in what does that say about the debate to keep the government out of my health care? this is a graphic i came up with to visualize regulation going back to the 1800's the in the layer upon layer of medicare medicaid with health reform in the form of the afford

s a adam smith put it. it's from the benevolence of the butcher, the baker -- let's be grateful for better technical equipment -- okay. it's not from the benevolence of the butcher, the brewer or the baker we expect our dinner but from their regard to their own interests. we may praise their skills but we never praise their virtue. in fact we see them as selfish, and this, i believe, is the view that his holyiness held until five minutes ago. i first met his holiness at the university of southern california three years ago and at that conference i asked him, what kind of government would you like to see in tibet if you could advise? and his response was this, quote: between socialism and capital rhythm i'm a socialist, and i always describe myself as a marxist but not a leninist. in my mind, marxism is the only economic theory that expresses its sense of concern about equal distribution and that is a moral thing. whereas capitalism is about how to make a profit, only that. and in order to get more profit, t

it is not faded by adam smith or milton friedman that rich countries should lose their industry. they certainly didn't lose theirs. >> in your book, you have a quote from hugh e pierce long, a speech from 1932. the quote is, they have got a set of republican waiters on one side and senate democratic waiters on the other side, but no matter which set of waiters brings you the dish, the legislative grub is all prepared in the wall street kitchen. >> that is correct. you have to consider, we went through a horrendous financial meltdown. who is responsible depends on which party you are in. democrats will blame bush, the tax cuts, the fact that chris cox and the securities and exchange commission were asleep at the switch. alan greenspan was asleep at the switch and was somehow surprised that all this happened. yes, bush was responsible. but when you parse the historical records, was he any more responsible than bill clinton, who signed the act that repealed the glass-steagall act of 1934, that kept investment and commercial banking separate? he signed that, he signed the commodity f

as adam smith put it, it is not from the benevolence of the butcher, the baker -- the butcher, the baker -- what's happening? let's be grateful for better technical equipment. it seems to be steady now. all right. it's not from the benevolence of the butcher, the brewer or the baker that we expect our dinner. but from their regard to their own interest. we may praise their skills, but we never praise the virtues. in fact, we see them as selfish. this i believe is the view that his holiness held again into five minutes ago. i first met his holiness at the university of southern california three years ago, and at that time, at a conference i asked him, what kind of government would you like to see in tibet if you could advise on the new government for tibet? what would it be? his response was this. quote, between socialism and capitalism i'm a socialist. and furthermore i always described myself as a marxist, but not a leninist. in my mind, marxism is the only economic theory that expresses a sense of concern about equal distribution, and that is a moral thing. whereas capitalism is about

in it, what we do is show from people from adam smith and elizabeth warren that there's a whole systemyou have to look at. income inequality is just the way we can view this, there's education inequality, there's environmental hazards. there's family and the inability of parents to spend time raising their children, because they need two incomes and maybe three or four incomes at the current wage levels we have. so there are all these structural things that keep people at the bottom. and that's got to be central to the debate. that what we have in america is a system of upward redistribution. you heard me say this before, it's not trickle down, it's amazon up. >> yes, and i also want to focus on this idea that -- in the first club when he talked about opportunity, to me, this word opportunity is like the waste band in an old pair of sweat pants it's getting stretched so much that it basically means nothing. it's a deficit, a word you use to signify whatever policy you want beforehand. when people start talking about opportunity they are officially talking nonsense, the word has no mean

that comes from adam smith. calls a dalai lama sense of global brotherhood. we are all better off. enterprise system can reach down to help more people. that is the tendency to create collectivists. >> we are with you. we are right there with you. we are all for free enterprise and free tibet as well. >> absolutely. >> thank you for joining us. >> i feel mellow. >> i feel better now. >> it's a good feeling. >> just talking about the dalai lama. sup of the facebook acquisition of whatsapp is a little steep. more "street smart actavis" coming to you after the break. ♪ >> you are watching "street smart." i am julie hyman. we are here once again with barry knapp, chief equity strategist at barclays. if you look at the market value of publicly traded internet company, $19 billion does not seem like that much. value pere market user various companies have done. barry, what you think about tech valuations? really valuations are difficult because they look cheap in aggregate, but the reason they are cheap is it is industriale tech. companies trade at low-volume rations. we are overweight t

development are legitimate unless they could justify themselves to find a similar conception so with adam smith everyone has read the opening paragraphs of wealth of nations where he extols the wonders of the vision of labour but not many people have gotten farther incited to read his bitter condemnation of the division of labor and to and end the civil society they would have to intervene because it will destroy personal integrity and the essential human rights to turn people into creatures as stupid and ignorant as a cuban keaton be. it is not too easy to find the passage. if you look at the scholarly edition at university of chicago bicentennial it is not even listed in the index. but one of the most important passages in the book. in these terms anarchism is the tendency of human development to identify structures of hierarchy, authority, and others that constrain human development. that seeks to subject them to a reasonable challenge to you justify yourself to demonstrate you are legitimate and and in special circumstances with principal if you can meet that challenge which is the usual ca