It is quite possible that future generations will look upon arguments about the inferiority of the socialist plan as we look upon Adam Smith's argument about joint stock companies which, also, were simply false.
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Part III, Chapter XVII, pg.196Joseph Schumpeter
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The practice of creating chartered joint-stock companies of a modern type seems to have begun at the commencement of the seventeenth century; and the formation of the East India Company is one of the earliest, if not the very earliest, examples. At first, it appears, the 'joint stock' of the company was separately made up for each ship; perhaps for each voyage. But, in the year 1612 the Company made the momentous resolve to have one joint stock for the whole of its affairs, and thus inaugurated a new epoch. The East India Company, or Companies, (for there were two of them), were followed by the Hudson's Bay Company (1670), the existence of which was recognized by statute in 1707, and by the Bank of England and the notorious South Sea Company.
Edward Jenks
The aggregate capital appears as the capital stock of all individual capitalists combined. This joint stock company has in common with many other stock companies that everyone knows what he puts in, but not what he will get out of it.
Karl Marx
The national debt has given rise to joint stock companies, to dealings in negotiable effects of all kinds, and to agiotage, in a word to stock-exchange gambling and the modern bankocracy.
Karl Marx
I can sum up all the arguments used against Joseph Smith and "Mormonism” in a very few words, the merits of which will be found in "OLD JOE SMITH. IMPOSTOR, MONEY DIGGER. OLD JOE SMITH. SPIRITUAL WIFE DOCTRINE. IMPOSTURE. THE DOCTRINE IS FALSE. MONEY DIGGER. FALSE PROPHET. DELUSION. SPIRITUAL WIFE DOCTRINE. Oh, my dear brethren and sisters, keep away from them, for the sake of your never dying souls. FALSE PROPHETS THAT SHOULD COME IN THE LAST DAYS. OLD JOE SMITH. ANTI-CHRIST. MONEY DIGGER, MONEY DIGGER, MONEY DIGGER. And the whole is wound up with an appeal, not to the good sense of the people, but to their unnatural feelings, in a canting, hypocritical tone, and there it ends.
Brigham Young
Adam Smith, who has strong claim to being both the Adam and the Smith of systematic economics, was a professor of moral philosophy and it was at that forge that economics was made.
Adam Smith
Schumpeter, Joseph
Schuon, Frithjof
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