We are in a distinctly different world compared to what Mr. Adam Smith perceived as capitalism.

When Adam Smith wrote his Wealth of Nations, the world population was not even 1 billion, and now the world population is close to 8 billion. Secondly, as with Newtonian and Einsteinian thinking, economic theories have also gone through various levels of refinement and changes. What we perceive is capitalism is no way a complete representation of what we have right now. In terms of details of history, that is a discussion for another time.

Coming to the discussion on Economic theories, and to give a brief insight on how it has evolved, even after Adam Smith passing off the mantle to his followers, Malthus and Ricardo, there was a difference in opinion between those two on the economic theories promoted by Adam Smith.
One of the aspects of Malthusian theory revolves around Malthusian population catastrophe, and we, humans, have navigated for close to another two centuries, while population increasing 6-7 fold since then.

This discussion of economic theories diverged further by socialist and communist perspectives, which were also further influenced by cultural, religious and country divisions.

When it comes to where we are, as pointed out before, using a platform such as this one or other social media platforms accounting for trillions of dollars through shared content and resources is certainly an evolution of where all theories started. What we have right now is a technology driven world where every theory has gotten mixed up.

When we look at wealth disparity and gini indices around the globe, irrespective of which type of major economic system, we are seeing record levels of disparity. This is further complicated by record levels of public, private and individual debt in various parts of the world. For that matter, Adam Smith's theory of capital and profits was developed with the intention to reward labor with right and relevant transactional value. When technology drives productivity, the form and meaning of labor changes. Further, a short-sighted compensation structure, which was never the intention of capitalism, driving the global economy, the value of labor gets diluted further.

What we have right now is an evolution of market and economic theory systems of the past where we are promoting socialist, communal capitalism. The current system's strategies align towards socialistic communal efforts, whereas profits and power directed towards a selected few with resources. If not for such a situation, we would not be seeing same politicians in power for decades, while cumulative career lifespan of individuals coming down across the globe in spite of the fact that the world has the most number of degree holders, wealth disparity increasing all the time and corruption being a major concern in many parts of the world.
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