[lbo-talk] profits

[Andy]

On Tue, Aug 17, 2010 at 10:40 AM, Doug Henwood <dhenwood at panix.com> wrote:
> I quoted Adam Smith from memory on the relationship between profitability and decadence, and someone sent me the full quote offlist. It's a good one:
>
>> "The plans and projects of the employers of stock regulate and direct all the most important operations of labour, and profit is the end proposed by all those plans and projects. But the rate of profit does not, like rent and wages, rise with the prosperity, and fall with the declension of the society. On the contrary, it is naturally low in rich, and high in poor countries, and it is always highest in the countries which are going fastest to ruin."

He throws a lot of inadvertent time-traveling grenades at his modern
fans, doesn't he?

-- 
Andy