For the quotes, mostly, click here to read the whole thing and get the links to the Adam Smith volumes:
239 Years Ago, Adam Smith Predicted Fury of Seattle Business at CEO Who Pays Workers Well.
But here are the quotes:
But if Smith were alive today heâ€™d be considered a crazy radical. In addition to his claim about employers, here are some other things he wrote in The Wealth of Nations:
â€¢ â€œAll for ourselves and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.â€ Book III, Chapter III
â€¢ â€œMen of inferior wealth combine to defend those of superior wealth in the possession of their property, in order that men of superior wealth may combine to defend them in the possession of theirs. â€¦ Civil government, so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all.â€ Book V, Chapter I
â€¢ â€œHigh profits tend much more to raise the price of work than high wages. â€¦ Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods both at home and abroad. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.â€ Book I, Chapter IX
â€¢ â€œThe proposal of any new law or regulation of commerce which comes from [business], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public â€¦â€ Book I, Chapter XI
â€¢ â€œThe rate of profit â€¦ is naturally low in rich, and high in poor countries, and it is always highest in the countries which are going fastest to ruin.â€ Book I, Chapter XI
â€¢ â€œPeople of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.â€ Book I, Chapter X
Iâ€™m not sure how exactly the U.S. right came to love Adam Smith so much. I guess they just never read him.