La ruina del jugador

San Francisco – Desde Adam Smith (1776) hasta aproximadamente 1950, los economistas consideraban que el capital era absolutamente esencial para el crecimiento económico. También se necesitaban unas cuantas instituciones básicas. "La seguridad de la propiedad y una administración de justicia aceptable", como decía Smith.

Si estas instituciones fundamentales funcionaban bien, entonces los terratenientes, mercaderes y fabricantes invertirían y mejorarían. Al invertir y mejorar aumentarían el capital: “En todos los países donde existe una seguridad aceptable [para la propiedad], cada hombre con sentido común intentará invertir todo el capital de que pueda disponer con objeto de procurarse o un disfrute presente o un beneficio futuro…Donde haya una seguridad razonable, un hombre que no invierta todo el capital que controla, sea suyo o tomado en préstamo de otras personas… deberá estar completamente loco.”

Con más capital, los mercados serían más profundos, habría una mayor división del trabajo y una economía más productiva. Una sociedad altamente productiva basada en una división sofisticada del trabajo era la manera de asegurar “la riqueza de las naciones”.

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