capitalism cannot meet some of society’s most basic needs.

to work for someone else under capitalism is to be exploited.

“self-regulating system for society’s orderly provisioning.” Smith referred to this self-regulating system as an “invisible hand” that directs the millions of exchanges between buyers and sellers of goods and labor toward their most efficient and productive use for society.

The only freedom that a worker has under capitalism—and it’s an important one—is that she doesn’t have to toil for a particular lord or slave owner for the rest of her life but can bounce around working for many different bosses—sometimes by her choice and sometimes by theirs.

This relationship between those who are forced to sell their labor and those who have the capital to use it to make a profit is what socialists call exploitation.

socialism is a society whose top priority is meeting all of its people’s needs—ranging from food, shelter, and health care to art, culture, and companionship. In contrast, capitalism only cares about any of that basic human necessity stuff to the extent that money can be made off it.

Working people control the government. 2. The government controls the economy.

His argument that an economy based on unregulated trade and competition was better than one rigidly controlled by the monarchy was a progressive case for democracy.