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  • Adam Smith was not a devout free marketer: This instructive essay by Amartya Sen explains Adam Smith's understanding of the free market's limits. Smith knew that capitalism 9;s very existence depends on the civic-mindedne ss, trust, and prudence of its particpants -- all values which seem to have disappeared in the years prior to the credit crisis. So does the world need a new form of capitalism? Or do we need a better understanding of what capitalism means -- a reaffirmation of the privlieges and subsequent obligations that come with free markets and private enterprise?

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