Marx's Legacy Revisited
Chapter 3: Adam Smith II: The “Invisible Hand” and “Natural Prices”
In the previous chapter, we analyzed one of the two main themes in Smith’s work that are central to our analysis: the increasing division of labor brought about by capitalist relations of production and the effects of decentralized decision-making in competitive markets. In this chapter, we focus on the other main theme of Smith’s work, namely the implications of the division of labor, and competition, for commodity exchange and prices.
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