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May 31, 1996

Downsizing Makes Dwarves

The business secrets of Adam Smith

Apart from Thou shalt not commit adultery, I doubt whether any text has ever been so frequently cited but so often ignored as Adam Smith's Wealth of Nations. Regularly wafted like incense in the general direction of whatever ritual idiocy the corporate world is currently performing, on closer examination he comes up smelling of roses - of the kind European social-democrats typically wave. From time to time, the financiers of the world decide that sacking lots of workers and paying the survivors

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