Bernard Mandeville (1670?-1733) suggested that a society based on the deadliest of the seven deadly sins [] -- "avarice" -- would create common Machiavellian interests and suppress irrational passions. Mandeville’s ideal society was one where the unwitting cooperation of individuals, each working for his or her own interest, would result in the greatest benefit to society at large. Mandeville anticipated laissez-faire economic theory, which promoted self-interest, competition, and little government interference in the workings of the economy.
The most important function of a market system is its political function. [] The market system serves as a stealth political system to foster rational thought, universal values based on calculation, and world peace based on self-interest. Great idea! But despite good intentions, inherently defective economic methodology has led to two world wars with millions killed:
Today, this same flawed economic methodology is being taught to students all over the world and is leading to a new generation of world wars with billions killed.