ABSTRACT
Adam Smith is often considered the father of capitalism or a passionate promoter of free markets. The invisible hand of self-interest generates prosperity everywhere it is left to work without interference. But then we have 2008. The financial system of the United States seems to break down. All major European economies struggle to remain above water. Iceland, praised for its embrace of free markets in the last few decades, goes down. Alan Greenspan is cited over and over again saying that markets have failed, and nobody knows why. Adam Smith is wrong!
