For today’s critics selfishness has been replaced by reference to greed and if that is not sufficiently colourful – “crass greed”. “Greed is good” is even said to be the creed of the proponents of free markets and in today’s universal media distribution this has gained widespread currency. Such negative perceptions of the market economy have the potential to undermine its moral foundations and therefore its general acceptance. However, Adam Smith outlines a free market economy does not depend on greed; indeed, Smith’s central notion of self-interest is quite different to greed.

 

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