Foreword by the Rt. Hon. Gordon Brown, Chancellor of the ExchequerThis book aims to show that Adam Smith (1723-90), the author of The Wealth of Nations, was not the promoter of ruthless laissez-faire ...capitalism that is still frequently depicted. Smith’s “right-wing” reputation was sealed after his death when it was not safe to claim that an author may have influenced the French revolutionaries. But as the author, also, of The Theory of Moral Sentiments, which he probably regarded as his more important book, Smith sought a non-religious grounding for morals, and found it in the principle of sympathy, which should lead an impartial spectator to understand others’ problems. This book locates Smith in the Scottish Enlightenment; shows how the two books are perfectly consistent with one another; traces Smith’s influence in France and the United States; and draws out the lessons that Adam Smith can teach policy makers in the 21st Century. Although Smith was not a religious man, he was a very acute sociologist of religion. The book accordingly explains the Scottish religious context of Smith’s time, which was, as it remains, very different to the English religious context.The whole book is shot through with Iain McLean’s love for the Edinburgh of his birth, and for the Scottish Enlightenment. It begins and ends with poems by Smith’s great admirer Robert Burns.
Adam Smith is the best known among economists for his book, The Wealth of Nations, often viewed as the keystone of modern economic thought. For many he has become associated with a quasi-libertarian ...laissez-faire philosophy. Others, often heterodox economists and social philosophers, on the contrary, focus on Smith's Theory of Moral Sentiments, and explore his moral theory. There has been a long debate about the relationship or lack thereof between these, his two great works. This work treats these dimensions of Smith's work as elements in a seamless moral philosophical vision, demonstrating the integrated nature of these works and Smith's other writings. This book weaves Smith into a constructive critique of modern economic analysis (engaging along the way the work of Nobel Laureates Gary Becker, Amarty Sen, Douglass North, and James Buchanan) and builds bridges between that discourse and the other social sciences.
Recent years have witnessed a renewed debate over the costs at which the benefits of free markets have been bought. This book revisits the moral and political philosophy of Adam Smith, capitalism's ...founding father, to recover his understanding of the morals of the market age. In so doing it illuminates a crucial albeit overlooked side of Smith's project: his diagnosis of the ethical ills of commercial societies and the remedy he advanced to cure them. Focusing on Smith's analysis of the psychological and social ills endemic to commercial society - anxiety and restlessness, inauthenticity and mediocrity, alienation and individualism - it argues that Smith sought to combat corruption by cultivating the virtues of prudence, magnanimity and beneficence. The result constitutes a new morality for modernity, at once a synthesis of commercial, classical and Christian virtues and a normative response to one of the most pressing political problems of Smith's day and ours.
The most arresting aspect of the Scottish Enlightenment is its conception of commercial society as a distinct and distinctive social formation. Christopher Berry explains why Enlightenment thinkers ...considered commercial society to be wealthier and freer than earlier forms, and charts the contemporary debates and tensions between Enlightenment thinkers that this idea raised. The book analyses the full range of literature on the subject, from key works like Adam Smith's ‘Wealth of Nations’, David Hume's ‘Essays and Treatises on Several Subjects’ and Adam Ferguson's ‘Essay on the History of Civil Society’ to lesser-known works such as Robert Wallace’s ‘Dissertation on Numbers of Mankind’.
This book examines the use, principally in economics, of the concept of the invisible hand, centering on Adam Smith. It interprets the concept as ideology, knowledge, and a linguistic phenomenon. It ...shows how the principal Chicago School interpretation misperceives and distorts what Smith believed on the economic role of government. The essays further show how Smith was silent as to his intended meaning, using the term to set minds at rest; how the claim that the invisible hand is the foundational concept of economics is repudiated by numerous leading economic theorists; that several dozen identities given the invisible hand renders the term ambiguous and inconclusive; that no such thing as an invisible hand exists; and that calling something an invisible hand adds nothing to knowledge. Finally, the essays show that the leading doctrines purporting to claim an invisible hand for the case for capitalism cannot invoke the term but that other nonnormative invisible hand processes are still useful tools.
Adam Smith was a philosopher before he ever wrote about economics, yet until now there has never been a philosophical commentary on the Wealth of Nations. Samuel Fleischacker suggests that Smith's ...vastly influential treatise on economics can be better understood if placed in the light of his epistemology, philosophy of science, and moral theory. He lays out the relevance of these aspects of Smith's thought to specific themes in the Wealth of Nations, arguing, among other things, that Smith regards social science as an extension of common sense rather than as a discipline to be approached mathematically, that he has moral as well as pragmatic reasons for approving of capitalism, and that he has an unusually strong belief in human equality that leads him to anticipate, if not quite endorse, the modern doctrine of distributive justice.
In this thought-provoking study, Jack Russell Weinstein suggests the foundations of liberalism can be found in the writings of Adam Smith (1723-1790), a pioneer of modern economic theory and a major ...figure in the Scottish Enlightenment. While offering an interpretive methodology for approaching Smith's two major works,The Theory of Moral SentimentsandThe Wealth of Nations, Weinstein argues against the libertarian interpretation of Smith, emphasizing his philosophies of education and rationality. Weinstein also demonstrates that Smith should be recognized for a prescient theory of pluralism that prefigures current theories of cultural diversity.
Modern America owes the Roman Empire for more than gladiator movies and the architecture of the nation's Capitol. It can also thank the ancient republic for some helpful lessons in globalization. So ...argues economic historian Harold James in this masterful work of intellectual history.
The book addresses what James terms "the Roman dilemma"--the paradoxical notion that while global society depends on a system of rules for building peace and prosperity, this system inevitably leads to domestic clashes, international rivalry, and even wars. As it did in ancient Rome, James argues, a rule-based world order eventually subverts and destroys itself, creating the need for imperial action. The result is a continuous fluctuation between pacification and the breakdown of domestic order.
James summons this argument, first put forth more than two centuries ago in Adam Smith'sWealth of Nationsand Edward Gibbon'sDecline and Fall of the Roman Empire, to put current events into perspective. The world now finds itself staggering between a set of internationally negotiated trading rules and exchange--rate regimes, and the enforcement practiced by a sometimes-imperial America. These two forces--liberal international order and empire--will one day feed on each other to create a shakeup in global relations, James predicts. To reinforce his point, he invokes the familiarbon motonce applied to the British Empire:"When Britain could not rule the waves, it waived the rules."
Despite the pessimistic prognostications of Smith and Gibbon, who saw no way out of this dilemma, James ends his book on a less depressing note. He includes a chapter on one possible way in which the world could resolve the Roman Predicament--by opting for a global system based on values as opposed to rules.
D. D. Raphael provides a critical account of the moral philosophy of Adam Smith, presented in his first book, The Theory of Moral Sentiments. Whilst it does not have the same prominence in its field ...as his work on economics, The Wealth of Nations, Smith's writing on ethics is of continuing importance and interest today, especially for its theory of conscience. Smith sees the origin of conscience in the sympathetic and antipathetic feelings of spectators. As spectators of the actions of other people, we can imagine how we would feel in their situation. If we would share their motives, we approve of their action. If not, we disapprove. When we ourselves take an action, we know from experience what spectators would feel, approval or disapproval. That knowledge forms conscience, an imagined impartial spectator who tells us whether an action is right or wrong. In describing the content of moral judgement, Smith is much influenced by Stoic ethics, with an emphasis on self-command, but he voices criticism as well as praise. His own position is a combination of Stoic and Christian values. There is a substantial difference between the first five editions of the Moral Sentiments and the sixth. Failure to take account of this has led some commentators to mistaken views about the supposed youthful idealism of the Moral Sentiments as contrasted with the mature realism of The Wealth of Nations. A further source of error has been the supposition that Smith treats sympathy as the motive of moral action, as contrasted with the supposedly universal motive of self-interest in The Wealth of Nations. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/philosophy/019921333X/toc.html
In conversations surrounding technology and the future of politics, Adam Smith is a valuable resource for evaluating the subtle relationship between technology and freedom. Smith explores the ...tendency of specialization occasioned by the advancement of machines to cause “mental mutilation” where the worker’s human faculties are stunted through overspecialization or narrowing of scope of opportunities to judge. Smith’s treatment of the development of sympathetic judgment as necessary to the practice of liberty illuminates the depth of the harms caused by this mutilation; it is the very freedom of the worker that is at stake when the development and the exercise of judgment are restricted. Taken together, Smith’s discussion of the advancement of machines and free and independent judgment can aid contemporary thinkers in understanding the relationship between technology and freedom in commercial society, particularly if new technologies substitute for the judgment of the worker or prevent the development of their judgment.
