Marx and Smith each saw a piece of the truth – two different sides of the coin of capitalism. Capitalism itself is not fatally flawed. But a hyperconservative approach to it is. Regulations that promote decentralized competition on a human scale are regulations that conserve Smith’s side of capitalism. These regulations should not be the enemy of conservatives; they should be our aim.

Many conservatives will want to stick to the dogmatic ideological line of deregulation. But the capitalism produced by blind support of deregulation is one of bureaucratic corporations, greed-fueled booms, and fear-riddled busts. If conservatives do not embrace regulations that preserve Smith’s capitalism, we might just wake up one day to see it gone and socialism in its place, just as Marx predicted.