Elizabeth Warren Evokes Adam Smith

She argues that the financially successful owe some of their success to the stability of the society that fostered them; Adam Smith argued that the more you owned, the more you owed back to the society in which you are invested.

Folksonomies: politics capitalism taxation

Nobody in This Country Got Rich on His Own

I hear all this, you know, “Well, this is class warfare, this is whatever.”—No!

There is nobody in this country who got rich on his own. Nobody.

You built a factory out there—good for you! But I want to be clear.

You moved your goods to market on the roads the rest of us paid for.

You hired workers the rest of us paid to educate.

You were safe in your factory because of police forces and fire forces that the rest of us paid for.

You didn’t have to worry that maurauding bands would come and seize everything at your factory, and hire someone to protect against this, because of the work the rest of us did.

Now look, you built a factory and it turned into something terrific, or a great idea—God bless. Keep a big hunk of it.

But part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along.


The wealthy became wealthy with the help of civilization.

Folksonomies: politics class warfare taxation wealth


Adam Smith Defends Taxes

The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state. The expense of government to the individuals of a great nation, is like the expense of management to the joint tenants of a great estate, who are all obliged to contribute in proportion to their respective interests in the estate.


Which should be proportional to a person\'s monetary interest in the country. The more of America you own, the more you have for the government to protect.

Folksonomies: politics capitalism taxation