Acton Institute Powerblog

Acton Commentary: Davos Capitalism: Adam Smith’s Nightmare

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Davos capitalism, managerial capitalism run by a transnational elite, has lost faith in free markets. But these technocrats and politicians still believe that they, and only they, possess the solutions that will “fix” global markets. “We have tried the illusory third way — it is called Davos — and it has failed,” Michael Miller writes.

Read this commentary over at the Acton Website and comment on it here.

Brittany Hunter


  • Clare Krishan

    Rousing, all well and good, but “the technocratic schemes” weren’t the brainchild of anyone born in this or the last century, Greenspan simply used the tools at his disposal.

    The Federal Reserve was granted its privilege to operate its technocratic schemes before the first shot was fired in Sarajevo that instigated the events that led to two world wars. Had the banks that provided the credit instruments to the customers of US armaments manufacturers not had access to a “lender of last resort” I wonder if moral hazard pertaining to the carnage of the 20th century may have been diminished… and peace in our time been arrived at more promptly? Why the rush to violence? Perhaps because instead of it being the last resort, we know we have a lender of last resort. Well our grandchildren will get to write the history of our age, and I don’t think they’re going to be sympathetic to blaming DavosCapitalism. The rot set in on Jekyll Island almost 100 years ago…

  • Jesse Meerman

    In The Wealth of Nations Adam Smith never talks of the evils of commercial interest unless connected with the interferences of government.  Since the remedies to stagnation are so well known; this path is well traveled and marked; why can’t we stop?  Because the “Small is the gate and narrow the road that leads to life, and only a few find it.”  Do those who promote a return to liberty have righteousness as their end, or prosperity? If our Awakening is a fruit of revival, we can expect all the trappings of blessing (after our trial similar to what followed the first 2 Great Awakenings).  If this movement is a reaction against injustice to ourselves from the government we elected, we will go the way of all men.  “Wide is the gate and broad is the road that lead to destruction, and many enter through it.”  The coming Trial will show what kind of tree we are: Rebellious or Repentant. 
    May God grant revival to the remnant and courage to the shepherds.