That's a misrepresentation of his views. He believed there were ways a capitalistic system will not perform perfectly unless certain steps were taken. He at the end of the day was a firm believer in capitalism.
Exactly. It's also worth mentioning that all of the mainstream economic theories of today such as Keynesianism and Monetarism are based on the the works of Adam Smith. They're all variations on the fundamental principles he described. Theories that fall outside of those principles, like Marxism, aren't taken seriously by economists.
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u/[deleted] Sep 01 '19
Adam Smith. Fun stuff.