In the words of the founder of modern economics, ” 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”

Given that corporate profits have now hit a record high, while wages have hit a record low, it appears that, according to Adam Smith, America has gone to ruin

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