Actually, the term capitalist only appears in one paragraph of the book:

Hence with the aid of the common observation that where a capitalist appears, labourers soon spring up, he arrived at the view that the amount of capital in a country determines the number of 'useful and productive' labourers. Finally he slipped into his theory of prices and their component parts the suggestion that as the price of any one commodity is divided between wages, profits and rent, so the whole produce is divided between labourers, capitalists, and landlords.

"Capitalism" isn't mentioned at all.

Smith's work is hopelessly out of date. When he wrote it, the US had slaves, few laws and the free market uniquely favored the folks who had money. It has little relevance to the working world of today. "Masters" is still old slave-owner terminology. To equate the capitalists of today with the master of Smith's time takes a great leap into the contrived zone.

capitalist

adj 1: of or relating to capitalism or capitalists; "a capitalist nation"; "capitalistic methods and incentives" [syn: capitalistic] 2: favoring or practicing capitalism [syn: capitalistic] [ant: socialistic] n 1: a conservative advocate of capitalism 2: a person who invests capital in a business (especially a large business)

I believe that everyone who goes to work for money supports capitalism. They may not invest their money in the business -- but they do invest their labor. They believe that business will make money and their labor will bring about returns. If the company grows or they expect to move up the company ladder they expect to be rewarded with the growth brought about in part with the proceeds of their labor. The ritual of asking the boss for a raise is a large part of the American system. I think this makes the workmen capitalists.

Yes, corporate power is increasing. Global competition has made some goods cheaper to buy, but decreased salaries, shipped jobs overseas, etc. Anti-trust laws have been ignored and the judgement calls made as some mega-companies merged definitely hurt America. The big banks, oil companies and Wal-mart are good examples of the companies entering the corporate monopoly zone. Microsoft, and others are well into that grey area inhabited by firms whose business practices are unfair and who seek ways around competition.

Avenues are open which may still correct these abuses. Bell telephone was broken up and the baby Bells were born. Wal-mart may very well suffer huge punitive damages in lawsuits brought about by women employees and other pending litigation. One has to work with capitalism and check abuses -- but railing against it achieves little and is effectively a time-waster.

The workmen of today has a plethora of employer options and within a capitalistic system can go into business for himself. The days of working for a single company all your life are pretty much numbered. No gold watch awaits anyone anymore. The worker must shop for employment the same way he shops for goods and services. One's labor and work brings a variety of prices and one must always keep an eye on the going rates should a better offer appear. It's not always easy and there are obviously highs and lows - but that's the way it works these days. Holding a hostile attitude towards corporations wont solve anything or increase one's chance for better employment. Working from within to make a difference is the only way companies with poor business practices will change their ways.

In today's age the CEO is very likely a Business mangement graduate with a career history of mid-level management positions to senior positions and who climbed the corporate ladder. They aren't all slaveowners who inherited family wealth and have never been on the opposite side of the eight ball. Stock speculators and parasites sometimes mess up a company and get on the inside and try to loot a companys' wealth. Again, these are exceptions not the rule, but working for a company that has been infected with these parasites can be pretty awful.

But we'll probably still disagree. It's just, IMHO, the worker/master mentality will always limit an individual and hamper their success.