Advancing the public interest in labor relations.
In early capitalism, Adam Smith stood as a leading exponent of the view that in business affairs the pursuit by each individual of his enlightened self-interest would in the aggregate comprise a desirable public interest. But the word "enlightened" had to be stretched beyond any reasonable usage to make his thesis valid as large-scale enterprise became more complex and forces of an exploitative nature came more obviously into play. Hence, as of today, the number of those who might convincingly advance the view that the pursuit of self-interest equates with public interest are few, at least among those who combine honesty and insight as to the real working of our economic affairs and relationships. I mention this only to emphasize that there is no natural law here which can be invoked to avoid the pain of new thought about new social and industrial patterns. These thoughts simply will not arise spontaneously, yet they are necessary to a harmonizing of the interests of different economic groups. (Author's abstract courtesy EBSCO.)
Year of publication: |
1949
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Authors: | Tead, Ordway |
Published in: |
Industrial and Labor Relations Review. - School of Industrial & Labor Relations, ISSN 0019-7939. - Vol. 2.1949, 3, p. 391-402
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Publisher: |
School of Industrial & Labor Relations |
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