I think he uses institutional analysis, and rejects conspiracy theory. So even if you replace everyone in them, institutions should pretty much function the same as before.
Whereas conspiracy theorists focus more on individuals with black mustaches, and advocate toppling them. They don't go deep into institutional change.
So, for example from this article: "if 1% of the population controls most of the disposable wealth, what we call “the market” reflects what they think is useful or important, not anybody else." This institutional reality occurs even if you and I are in that 1%.
Even when Adam Smith uses the term "conspiracy", it can still really be institutional analysis: "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." Here, he just means normal planning which people are institutionally incentivized to do. We don't call it a "conspiracy" when a corporation's executives plan how to increase profits.
Whereas conspiracy theorists focus more on individuals with black mustaches, and advocate toppling them. They don't go deep into institutional change.
So, for example from this article: "if 1% of the population controls most of the disposable wealth, what we call “the market” reflects what they think is useful or important, not anybody else." This institutional reality occurs even if you and I are in that 1%.
Even when Adam Smith uses the term "conspiracy", it can still really be institutional analysis: "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." Here, he just means normal planning which people are institutionally incentivized to do. We don't call it a "conspiracy" when a corporation's executives plan how to increase profits.