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Michael Perelman wrote: 
 
> Smith also thought that human nature reflected the mode of production a la  
> the 4 stages theory.  He approved of capitalism because it induced a  
> particular type of behavior.  I cover this in a book, The Invention of  
> Capitalism. 
 
I think Smith made it pretty clear that he approved of Capitalism because it was based on
a particular form of behavior that he considered to be an elemental part of human nature.
Capitalism, in the view of Smith, was not an artificial construct of the human imagination
and, therefore, he would have never considered it to fall within the category of an
"invention".
 
Chas Anderson 
 
 
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