What Smith and Marx have in common is that they were both philosophers of great vision and perceptiveness, deep humanity, and a sense of social reality that has been lost in the abstractly formalistic economic theories that have dominated the field since the last third of the nineteenth century.
Allen W. WoodIt seems to me self-evident that it is worthwhile to understand the best thoughts of the past, to appropriate them, to criticize them.
Allen W. WoodCapitalism has not proven to be a transitional form, a gateway to a higher human future.
Allen W. WoodSmith could not be expected to have anticipated the horrors that were to come. But even in his own time, he was a defender of certain state actions that he thought necessary in order to safeguard the good effects of commercial society (Smith did not speak of 'capitalism' and was acquainted only with an early undeveloped form of it). Among these state actions the chief was general public education.
Allen W. Wood