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Chris Dillow — Adam Smith’s two economies

Summary:
Adam Smith thought there were two economies – meritocratic for the poor and powerless and anti-meritocratic for the powerful. There is also a legal double-standard of justice reflecting this. Steal a hundred go to jail; steal a million, get promoted. Accountability is inversely proportional to status? Stumbling and MumblingAdam Smith's two economiesChris Dillow | Investors Chronicle

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Adam Smith thought there were two economies – meritocratic for the poor and powerless and anti-meritocratic for the powerful.
There is also a legal double-standard of justice reflecting this. Steal a hundred go to jail; steal a million, get promoted.

Accountability is inversely proportional to status?

Stumbling and Mumbling
Adam Smith's two economies
Chris Dillow | Investors Chronicle
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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