Preface Introduction Christopher J. Berry: Adam Smith: Outline of Life, Times, and Legacy Part One: Adam Smith: Heritage and Contemporaries 1: Nicholas Phillipson: Adam Smith: A Biographer's Reflections 2: Leonidas Montes: Newtonianism and Adam Smith 3: Dennis C. Rasmussen: Adam Smith and Rousseau: Enlightenment and counter-Enlightenment 4: Christopher J. Berry: Adam Smith and Early Modern Thought Part Two: Adam Smith on Language, Art and Culture 5: Catherine Labio: Adam Smith's Aesthetics 6: James (...) Chandler: Adam Smith as Critic 7: Michael C. Amrozowicz: Adam Smith: History and Poetics 8: C. Jan Swearingen: Adam Smith on Language and Rhetoric: The Ethics of Style, Character, and Propriety Part Three: Adam Smith and Moral Philosophy 9: Christel Fricke: Adam Smith: The Sympathetic Process and the Origin and Function of Conscience 10: Duncan Kelly: Adam Smith and the Limits of Sympathy 11: Ryan Patrick Hanley: Adam Smith and Virtue 12: Eugene Heath: Adam Smith and Self-Interest Part Four: Adam Smith and Economics 13: Tony Aspromourgos: Adam Smith on Labour and Capital 14: Nerio Naldi: Adam Smith on Value and Prices 15: Hugh Rockoff: Adam Smith on Money, Banking, and the Price Level 16: Maria Pia Paganelli: Commercial Relations: from Adam Smith to Field Experiments Part Five: Adam Smith on History and Politics 17: Spiros Tegos: Adam Smith: Theorist of Corruption 18: David M. Levy & Sandra J. Peart: Adam Smith and the State: Language and Reform 19: Fabrizio Simon: Adam Smith and the Law 20: Edwin van de Haar: Adam Smith on Empire and International Relations Part Six: Adam Smith on Social Relations 21: Richard Boyd: Adam Smith, Civility, and Civil Society 22: Gavin Kennedy: Adam Smith on Religion 23: Samuel Fleischacker: Adam Smith and Equality 24: Maureen Harkin: Adam Smith and Women Part Seven; Adam Smith: Legacy and Influence 25: Spencer J. Pack: Adam Smith and Marx 26: Craig Smith: Adam Smith and the New Right 27: Tom Campbell: Adam Smith: Methods, Morals and Markets 28: Amartya Sen: The Contemporary Relevance of Adam Smith. (shrink)

This paper examines the issue of global child labor. The treatment is grounded in the classical economics of Adam smith and the more recent writings of human capital theorists. Using this framework, the universal problem of child labor in newly industrializing countries is investigated. Child labor is placed in its historical context with a brief review of practices in the United States and Great Britain at the time those countries were industrializing. Then, child labor is examined in its (...) contemporary global context. We argue that, as countries industrialize, they tend to follow predictable patterns of development – including use of and eventual abandonment of child labor. We argue that this convergence under the logic of industrial capitalism supports a universalist approach to human rights (that would condemn child labor) over a more tolerant cultural relativist approach. (shrink)

When we read On the Origin of Species, we cannot help but hear echoes of the Wealth of Nations. Darwin’s “economy of nature” features a “division of labour” that leads to complexity and productivity. We should not, however, analyze Darwin’s ethics through this lens. Darwin did not draw his economic ideas from Smith, nor did he base his ethics on an economic foundation. Darwin’s ethics rest on Smith’s notion—from the Theory of Moral Sentiments—of an innate human faculty of sympathy. Darwin (...) gave this notion an evolutionary interpretation, concluding that any species of social animals that develops a high enough level of intelligence will evolve moral principles. But the specific moral principles evolved by any particular species will vary, depending on that species’ particular evolutionary history. Darwin’s theory of moral sentiments thus diverged profoundly from Smith’s, while remaining in the same intellectual lineage. Although my reading of Darwin’s ethics departs from the dominant trend, it is not without precedent. A century ago, William James propounded a similar interpretation of Darwin. James’s interpretation has been largely forgotten, but he had Darwin right. It seems that James then developed his own moral philosophy on what he saw as a Darwinian foundation. It may be that James read Darwin’s evolutionary ethics through a pragmatic lens and so refashioned it, in his turn, into something again profoundly different from what Darwin had conceived, but again remaining in the same intellectual lineage. (shrink)

The article aims to present the concepts of Adam Smith which are important considering the current disputes over liberalism, as well as the challenge that is the maintenance of the world’s economic order. Firstly, the article analyses the significance of the division of labour which is perceived as a fundamental premise for transitioning from small communities and face-to-face exchanges to the impersonal exchange and the expanded social order in which relations with strangers become meaningful. Secondly, the present work indicates (...) that Smith did not neglect the matter of justice when proclaiming the need for freedom. He believed that efficient functioning of the market depends on the political system and a man’s ethical system, and his criticism of interventionism was not directed against the state as an institution co-creating the social order, but against the act of granting special privileges to certain interest groups. Thirdly, the article refers to the concept of coordination described by Scottish moral philosophers and the so-called Smith Problem. In this context, the article presents arguments against the assumption that John Nash’s theory provided proof of the erroneous nature of Adam Smith’s concepts. Arguments in favour of the timelessness of the economic philosophy of the father of economics are also drawn from Vernon Smith’s experimental economy and the research of evolutionary psychologists. (shrink)

Adam Smith and Jean-Jacques Rousseau -- Self-interest and sympathy -- Moral sentiments and spectatorship -- Commercial society and justice -- Politics and freedom.

This article examines Adam Smith’s views on animals, centering on the singularity of his economic perspective in the context of the general early ethical debate about animals. Particular emphasis is placed on his discussions of animals as property. The article highlights the tension between Smith’s moral sensitivity to animal suffering on the one hand, and his emphasis on the constitutive role that the utilization of animals played in the progress of civilization on the other. This tension is depicted as (...) a precursor of problematic aspects of the modern environmental crisis. (shrink)

In its most fundamental, constructive parts devoted to descriptive theory, The Wealth of Nations is first and foremost an account of the causes of economic growth and development. Smith’s theory of economic development gives primary place, at least as the proximate determinants of development, to labour productivity growth and capital accumulation. This chapter examines successively, under six heads, the key dimensions of Smith’s treatment of labour and capital, and the relations between the two, both in The Wealth of Nations and (...) other writings: division of labour, the concept of capital, capital accumulation and economic development, productive versus unproductive labour, the theory of real wages and of profit rates, and economic policy in relation to labour and capital. There are some concluding reflections on Smith’s legacy in relation to these matters. (shrink)

: This study is an analysis of the theological and ethical dimensions inthe writings of Adam Smith. It deals with aspects of philosophy and intellectualhistory. By revealing the theological and ethical roots of Smith’s writings in theformation of modern economics, arguments for an economics that is based onIslamic foundations become stronger. The study will therefore lay out the basicmoral project of Smith and then contextualize it in the Western Enlightenmenttradition. It shows how religious discourses were instrumental in (...) shaping thethoughts and ideas of Enlightenment in general, and economics in particular.The study will then give a brief overview of traditional Islamic theology andethics in order to give directions for future research. (shrink)

The theory of moral sentiments.--Lectures on justice, police, revenue and arms.--An inquiry into the nature and causes of the wealth of nations.

In launching modern economics, Adam Smith paved the way for laissez-faire capitalism, Marxism, and contemporary social science. This book scrutinizes Smith's disparagement of politics and religion to illuminate the subtlety of his rhetoric, the depth of his thought, and the ultimate shortcomings of his project. The author analyzes Smith's ideas on government, justice, human psychology, and international relations, stressing Smith's efforts to elevate wealth at the expense of citizenship and to replace normative political philosophy with historical theorizing and (...) empirical modeling that emphasize economic causes. The book also provides the most comprehensive interpretation available of Smith's views on religion, examining the discrepancies between The Wealth of Nations and The Theory of Moral Sentiments. The concluding chapter appraises the demise of communism in light of the Marxian emancipation of economics from politics and religion. (shrink)

When Adam Smith published his celebrated writings on economics and moral philosophy he famously referred to the operation of an invisible hand. Adam Smith's Political Philosophy makes visible the invisible hand by examining its significance in Smith's political philosophy and relating it to similar concepts used by other philosophers, revealing a distinctive approach to social theory that stresses the significance of the unintended consequences of human action. This book introduces greater conceptual clarity to the discussion of the (...) invisible hand and the related concept of unintended order in the work of Smith and in political theory more generally. By examining the application of spontaneous order ideas in the work of Smith, Hume, Hayek and Popper, Adam Smith's Political Philosophy traces similarities in approach and from these builds a conceptual, composite model of an invisible hand argument. While setting out a clear model of the idea of spontaneous order the book also builds the case for using the idea of spontaneous order as an explanatory social theory, with chapters on its application in the fields of science, moral philosophy, law and government. (shrink)

This thoughtful new abridgment is enriched by the brilliant commentary which accompanies it. In it, Laurence Dickey argues that the _Wealth of Nations_ contains--and conceals--a great deal of how Smith actually thought a commercial society works. Guided by his conviction that the so-called Adam Smith Problem--the relationship between ethics and economics in Smith's thinking--is a core element in the argument of the work itself, Dickey's commentary focuses on the devices Smith uses to ground his economics in broadly (...) ethical and social categories. An unparalleled guide to an often difficult and perplexing work. (shrink)

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 and builds bridges between that discourse and the other social sciences. (shrink)

Smith's famous invocation of the invisible hand -according to which self-interest promotes the greater good — has popularly been seen as a fundamental challenge to business ethics, a field committed to the opposite premise that the public interest cannot be advanced unless economic egoism is restrained by a more socially conscious mindset, one that takes into account the legitimate needs of stakeholders and the reciprocity inherent in networked relationships. Adam Smith has been brought into the discipline to show that (...) his authority cannot be summoned to fully support the free market sceptics of business ethics. Little has been done, however, to illustrate that Smith's moral writings actually contain the fundamentals of a business ethics teaching for managers who necessarily work within a variety of networks. This article analyses his moral thought to infer a Smithean framework of business ethics for managers. Smith believes that self-interest should be subordinated to moral imperatives, even in the business world. However, Smith rejects the principles of corporate social responsibility on the argument that benevolent impulses cannot be expected to prevail in the commercial arena. Instead of consciously trying to advance the social good, Smith's ideal manager will endeavour to personally live up to the standards enforced by an impartial spectator of his conduct, a theoretical entity reflecting the ethical requirements posed by the manager's social networks and stakeholder relationships. While this internalized onlooker expects a limited degree of benevolence, the overriding demand is for the manager to abide by the dictums of justice and prudence. (shrink)

ECONOMICS AND LAW HAVE HISTORICALLY ATTENUATED THE CONTRIBUtion of ethics in their putative separation of fact and value. In this essay I argue that reconceptualizing the relationships between law, economics, and ethics reveals the shortcomings of positions that disavow ethics. In the first section I contend that thinkers must reread Adam Smith as an economist and a moral philosopher to appreciate his extended treatment of sympathy, conscience, and social justice. In the second section I appropriate the work (...) of Amartya Sen to examine the entanglement of fact and value in deliberating economic choices, including moral motivations and social evaluations that problematize reductive images of economic actors. Finally, I interrogate legal regulation of corporate governance with respect to the Enron scandal and the 2002 Sarbanes-Oxley Act. I argue that legal regulation is a necessary but not sufficient resolution to corporate misconduct because it too enervates ethics and bifurcates fact and value. (shrink)

Both Adam Smith and Herbert spencer, albeit in quite different ways, have been enormously influential in what we today take to be philosophies of modern capitalism. Surprisingly it is Spencer, not Smith, who is the individualist, perhaps an egoist, and supports a "night watchman" theory of the state. Smith's concept of political economy is a notion that needs to be revisited, and Spencer's theory of democratic workplace management offers a refreshing twist on contemporary libertarianism.

Third-party decision-makers, orspectators, have emerged as a useful empirical tool in modern social science research on moral motivation. Spectators of a sort also serve a central role in Adam Smith's moral theory. This paper compares these two types of spectatorship with respect to their goals, methodologies, visions of human nature and emphasis on moral rules. I find important similarities and differences and conclude that this comparison suggests significant opportunities for philosophical ethics to inform empirical and theoretical research on moral (...) preferences and vice versa. (shrink)

By now it has been pretty well established that the Flemish Jesuit Leonardus Lessius was an economist of the highest grade. Joseph A. Schumpeter, perhaps the 20th century’s most important historian of economics, afforded Lessius more than ample mention in his monumental work, History of Economic Analysis. In Interest and Usury, Schumpeter’s pupil, Bernard W. Dempsey, likewise gave Lessius generous attention. The Belgian historian Raymond de Roover, however, who considered Lessius to be primarily a deserving epigone of the famous (...) ‘Salamanca School’, did not completely share their enthusiasm, at least initially. De Roover’s somewhat lukewarm attitude was, nevertheless, drowned out by the laudatory contribution of Barry T. Gordon on the subject in his Economic Analysis Before Adam Smith. Robert Beutels brought respect to Lessius’ work in his bio-bibliographical essay published in 1987 and restored something of the honour due to Lessius which, according to Beutels, he had been unjustly denied, certainly in his own land.The image of Lessius presented by all these authors is uncommonly fresh, yet at the same time surprisingly familiar. In their works they have shown him to be a modern thinker who merits comparison with contemporary economists. His analyses give witness to his profound insight into the economy of his day and are still relevant, thought not directly applicable, for economists today. The market principle, portfolio theory, the quantity theory of money, and much more can, according to the authors we have mentioned, be found in Lessius. But does this rather trendy image of Lessius agree with the historical reality?An appropriate way to begin answering this question would be to examine his discussion on the lending of money and the taking of interest in his monumental tractate of 1605, On Justice and Law . Did Lessius endorse or reject the traditional proscription against usury? When did he consider it permissible to claim interest? To what extent did his moral judgment depend on an economic analysis of the phenomenon of interest? Perhaps the answers to these questions will enable us to judge Lessius as both economist and ethicist, as he rightly deserves. (shrink)

Adam Smith is respected as the father of contemporary economics for his work on systemizing classical economics as an independent field of study in The Wealth of Nations. But he was also a significant moral philosopher of the Scottish Enlightenment, with its characteristic concern for integrating sentiments and rationality. This article considers Adam Smith as a key moral philosopher of commercial society whose critical reflection upon the particular ethical challenges posed by the new pressures and possibilities (...) of commercial society remains relevant today. The discussion has three parts. First I address the artificial separation between self-interest and morality often attributed to Smith, in which his work on economics is stripped of its ethical context. Second I outline Smith’s ethical approach to economics, focusing on his vigorous but qualified defence of commercial society for its contributions to prosperity, justice, and freedom. Third I outline Smith’s moral philosophy proper as combining a naturalistic account of moral psychology with a virtue ethics based on propriety in commercial society. (shrink)

"Adam Smith is widely regarded as the founder of political economy and one of the great thinkers of the Enlightenment period. Best-known for his founding work of economics, The Wealth of Nations, Smith's thought engaged equally with the nature of morality, above all in his Theory of Moral Sentiments. Smith's brilliance leaves us with an important question, however: Was he first and foremost a moral philosopher, who happened to turn to economics for part of his career? In (...) this outstanding philosophical introduction Samuel Fleischacker argues that Smith is a superb example of the broadly curious thinkers who flourished in the Enlightenment; one for whom morality, politics and economics were just a few of the many fascinating subjects that could be illuminated by naturalistic modes of investigation. After a helpful overview of his life and work, Fleischacker examines the full range of Smith's thought, including: epistemology, philosophy of science and aesthetics, moral sentimentalism, moral approval, sympathy, and judgement, the character of virtue advantages and disadvantages of Smith's moral philosophy, Smith's views on religion, justice and jurisprudence, governmental policy, economic principles, Smith's philosophical legacy and his place in the history of liberalism. Including chapter summaries, suggestions for further reading and a glossary, Adam Smith is essential reading for those studying ethics, political philosophy, the history of philosophy, and the Enlightenment, as well as those reading Smith in related disciplines such as economics, law and religion"--. (shrink)

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. Fleischacker also places Smith's views in relation to the work of his contemporaries, especially his teacher Francis Hutcheson and friend David Hume, and draws out consequences of Smith's thought for present-day political and philosophical debates. The Companion is divided into five general sections, which can be read independently of one another. It contains an index that points to commentary on specific passages in Wealth of Nations . Written in an approachable style befitting Smith's own clear yet finely honed rhetoric, it is intended for professional philosophers and political economists as well as those coming to Smith for the first time. (shrink)

Considerable controversy was stirred by the contrast between the specific approaches to public policy contained in the first draft of the Catholic bishops' letter on the U.S. economy and the policies favored by the Reagan administration. However, a much more basic contrast actually existed between the bishops' underlying vision of economic life and contemporary capitalism. The pastoral challenges a separation between moral criteria and economic activity that is deeply embedded in modernity itself. Indeed, the splitting off of economic life from (...) its moral-religious matrix is seen by the bishops' critics as a positive, defining feature of democratic capitalism. The critics see the separate economic and moral-religious spheres related by due balance; the bishops, while acknowledging an autonomy to economic life, emphasize that its fundamental choices remain moral. The bishops (and, for different reasons, their critics) have preferred to minimize the contrast between the letter's vision and the contemporary economy. They avoid any clearcut judgment on the economic system by stressing pragmatism and reforms; but implicitly they are granting a strictly conditioned acceptance of reformist capitalism, the condition being the system's openness to questioning and change. (shrink)

Adam Smith argued in The Wealth of Nations and The Theory of Moral Sentiments that in order to create an effective and productive capitalist system, individuals must pursue interests of both the self and society. Despite this assertion, modern economic theory has become tightly focused on the pursuit of economic self-interests at the expense of other, higher order motives. This paper will argue that the tendency to employ such an egocentric strategy often generates externalities and inequalities that serve to (...) detract from the greater welfare of society. However, by tempering these economic self-interests with non-economically motivated considerations, this paper will suggest that individuals may create tremendous benefits to society, precisely as Smith outlined more than two centuries ago. In defense of this assertion, this paper will review an array of theoretical arguments and empirical findings that suggest that today''s entrepreneurs are not only seeking to satisfy both selfish and ethical motivations, but in so doing they are also contributing substantially to the overall welfare of society through job creation, wealth redistribution, and a lack of discrimination. As such, it appears that spirit and impact of the capitalist system that Smith envisioned is being realized through entrepreneurship. (shrink)

Climate change is expected to increase the frequency and intensity of drought in many parts of the world, including Montana. In the face of worsening drought conditions, agricultural producers need to adapt their operations to mitigate risk. This study examined the role of local knowledge and climate information in drought-related decisions through five focus groups with Montana farmers and ranchers. We found that trust and risk perceptions mediated how producers utilized both local knowledge and climate information. More specifically, producers relied (...) on local knowledge in drought-related decisions, regarding their own observation and past experience as trustworthy and not particularly risky. In contrast, climate information and seasonal climate forecasts in particular were regarded as risky and untrustworthy, largely due to a perceived lack of accuracy. Since producers tended to be risk averse, especially given market and climate uncertainties, they rarely relied on “risky” climate information. At the same time, producers actively managed risk and tested out new technologies and practices through processes of trial and error, what they called “experimenting,” which enabled them to build firsthand knowledge of potential adaptations. In the context of uncertainty and risk aversion, programs that reduce the financial risk of experimenting with new technologies and adaptive practices are needed to enable producers to develop direct experience with innovations designed to mitigate drought risk. Further, scientists developing climate information need to work directly with farmers and ranchers to better integrate local knowledge into climate information. (shrink)

Hühn and Dierksmeier argue that a better understanding of Adam Smith’s work would improve business ethics research and education. I worry that their approach encourages two scholarly sins. First, anachronistic historiography in which we distort Smith’s ideas by making him answer questions about contemporary debates in CSR theory. Second, treating him as a prophet by assuming that finding out what Smith would have thought about it is the right way to answer such questions.

This essay argues that Adam Smith's political economy is premised upon a moral anthropology, and that greater attention to Smith from religious ethicists may both improve Smith scholarship and deepen dialogue on economic themes within the field of religious ethics. It does so first by surveying common readings of Smith and noting that engagement of his work within religious ethics and theology tends to rely on misconceptions prevalent in these readings. It then outlines the moral psychology that links Smith's (...) Theory of Moral Sentiments and Wealth of Nations and explains the importance of this moral psychology for Smith's ambivalent analysis of commercial society. Reflecting on the case of Smith's work, it concludes by arguing that attention from religious ethicists may also improve contemporary political economic debates, given that they are often premised upon latent assumptions about moral anthropology. (shrink)

The paper discusses the relationship between Adam Smith’s economic doctrines and his ethical doctrines in the light of the “Lectures on Jurisprudence”. The main claim is a comparatively autonomous status of economic discourse, an autonomy granted not by dismissal of ethical claims but instead precisely by a given constellation of claims, on liberty, justice, equality, prudence and benevolence.

Adam Smith studied under Francis Hutcheson at the University of Glasgow, befriended David Hume while lecturing on rhetoric and jurisprudence in Edinburgh, was elected Professor of Logic, Professor of Moral Philosophy, Vice-rector, and eventually Lord Rector of the University of Glasgow, and, along with Hutcheson, Hume, and a few others, went on to become one of the chief figures of the astonishing period of learning known as the Scottish Enlightenment.He is the author of two books: The Theory of Moral (...) Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. TMS brought Smith considerable acclaim during his lifetime and was quickly considered one of the great works of moral theory. It deeply impressed Immanuel Kant, for example, who called Smith his ‘ Liebling ' or ‘favourite', and Charles Darwin, who in his Descent of Man endorsed and accepted several of Smith's ‘striking' conclusions. TMS went through fully six revised editions during Smith's lifetime.Since the nineteenth century, Smith's fame has largely rested on his Wealth of Nations, which must be considered one of the most important works of the millennium: its argument for free trade, its explanation of the price mechanism and the division of labor, its qualified defense of market economies, and its powerful criticisms of mercantilist economic theories are now standard fare in economics courses, not to mention the basis of a large portion of today's worldwide economic policy. And its account of human nature is now classic.Both The Theory of Moral Sentiments and the Wealth of Nations reveal Smith's impressively broad learning, but he wrote and lectured on a number of other subjects as well. This anthology collects, for the first time in one volume, not only generous selections from each of Smith's books but also substantial selections from his other work, including his lectures on jurisprudence, his history and philosophy of science, his criticism and belles lettres, and his philosophy of language. It also includes two important letters from Hume, as well as Smith's account of Hume's death.James R. Otteson is associate professor of philosophy at the University of Alabama. He has published on Adam Smith and the Scottish Enlightenment, political philosophy, and the history of early modern philosophy. (shrink)

The Adam Smith problem refers to a claimed inconsistency between the Theory of Moral Sentiments and the Wealth of Nations, regarding the portrayal of human nature in these two books. Previous research predominantly resolved the claimed inconsistency by uncovering virtuous, less selfish character traits in the Wealth of Nations. This article voices caution. I acknowledge – on methodological grounds – fundamental differences regarding the portrayal of human nature in Smith’s behavioral ethics, i.e. the Theory of Moral Sentiments, as compared (...) with Smith’s economic research. The key argument is that Smith’s two books address different research problems and hence do not, need not and cannot adopt the same view of human nature – for methodological reasons, so my argument. Adam Smith scholarship overlooked that Smith himself in considerable degrees understood “economic man” as a heuristic abstraction. I connect to the philosophies of science of Imre Lakatos and Karl Popper. (shrink)

This review of Elizabeth Anderson’s Hijacked: How Neoliberalism Turned the Work Ethic against Workers and How Workers Can Take It Back (Cambridge University Press, 2023), sets out Anderson’s main claim, that the original Protestant work ethic split into two different work ethics, the conservative (anti-worker) and the progressive (pro-worker) work ethics, and that the conservative work ethic “hijacked” the work ethic, turning it into a tool for the rich to dominate and harm workers and the poor. Conservative thinkers have, Anderson (...) argues, managed to discredit, erase, or deceptively coöpt proponents of the progressive work ethic; her book accordingly aims to re-introduce readers to the suppressed, centuries-long progressive work ethic tradition, and to offer it as a tool for critiquing and counteracting the most recent incarnation of the conservative work ethic, neoliberalism. In the course of doing so, Anderson also re-categorizes a number of supposed heroes of the conservative work ethic, such as John Locke and Adam Smith, as in fact proponents of the progressive work ethic. The review gives attention to each chapter of Anderson’s book. (shrink)

Why ethics matters -- Outcomes -- Duties, rules, and virtues -- Welfare and efficiency -- Pareto efficiency and cost-benefit analysis -- Critiques of welfare as preference satisfaction -- Moral limits to markets -- The science behind Adam Smith's ethics -- Ethics and the financial crisis of 2008 -- Economic justice : process versus outcomes -- Economic justice : equal opportunity -- Ethical pluralism in economics.

As founder of modern political economics and prominent theorist of the commercial society, Adam Smith’s importance is universally recognized. Little, however, has been done so far to develop Adam Smith’s virtue ethics in the context of modern business, characterized by digitalization. This article aims to rediscover Adam Smith’s virtue of prudence and its relevance for the “e-commercial society”: It presents a framework that considers the central place of prudence in the relationship between a prosperous e-commercial system (...) and societal flourishing. In Smith’s view of the commercial society, prudence enables people to develop habits of character related to industriousness, genuineness, spirit of sacrifice, and self-command, which help in the conduct of a prosperous business activity. This article translates Smith’s virtue of prudence into a language typical of consumers in the current e-commerce scenario, considering their development as persons and the contribution of their activities to the good of society. (shrink)

Adam Smith's The Wealth of Nations is regarded by many as the most important text in the history of economics. Jerry Evensky's analysis of this landmark book walks the reader through the five 'Books' of The Wealth of Nations, analyzing Smith's terms and assumptions and how they are developed into statements about economic processes in Book I, his representation of the dynamics of economics systems in Book II, and his empirical case for his model in Book III. (...) With that framework in place, Evensky examines Smith's critique of alternative models, mercantilism and physiocracy, in Book IV, and Smith's presentation of the policy implications of his analysis presented in Book V. This guide highlights the nexus of Smith's economics and his work on ethics and jurisprudence, and in doing so Evensky sets his examination of The Wealth of Nations into a larger, holistic analysis of Smith's moral philosophy. (shrink)

Among business ethicists, Adam Smith is widely viewed as the defender of an amoral if not anti-moral economics in which individuals’ pursuit of their private self-interest is converted by an ‘invisible hand’ into shared economic prosperity. This is often justified by reference to a select few quotations from The Wealth of Nations. We use new empirical methods to investigate what Smith actually had to say, firstly about the relationship between free market institutions and individuals’ moral virtues, and secondly (...) about the further relationship between virtues and societal flourishing. We show with more quantitative precision than traditional scholarship that the invisible hand reading dramatically misrepresents both the nuance and the sum of Smith’s analysis. Smith paid a great deal of attention to a flourishing society’s dependence on virtues, including the non-self-regarding virtues of justice and benevolence, and he worried also about their fragility in the face of the changed incentives and social conditions of commercial society. (shrink)

The old Das Adam Smith Problem is no longer tenable. Few today believe that Smith postulates two contradictory principles of human action: one in the Wealth of Nations and another in the Theory of Moral Sentiments . Nevertheless, an Adam Smith problem of sorts endures: there is still no widely agreed version of what it is that links these two texts, aside from their common author; no widely agreed version of how, if at all, Smith's postulation of self-interest (...) as the organising principle of economic activity fits in with his wider moral-ethical concerns. We argue that the enduring Adam Smith problem may be solved by recourse to a realist perspective that recognises the different levels of social reality to which Smith refers in his discourse. Essential to Smith, we try to show, is the action-theoretic distinction between motive and capacity; between a typology of empirical human acts, on the one hand—self-love and benevolence in Smiths terminology—and the (non-empirical) condition of possibility of all human action—what Smith calls the sympathetic principle—on the other. (shrink)

In this article, I examine two competing republican ideals of a free society of equals in the eighteenth century. I claim that while the value of nondependency was central to the economic outlooks of both Adam Smith and Richard Price, their evaluations of free-market practices were dramatically distinct. In doing so, I introduce a new interpretation of the typologies of republicanism in the eighteenth century.

This paper argues that many of Adam Smith’s insights,particularly those in his Theory of moral sentiments, have a relevance tocontemporary thought about economics and ethics that is currentlyunderappreciated. In economics, for example, Smith was concerned notonly with the sufficiency of self-interest at the moment of exchange butalso with the wider moral motivations and institutions required tosupport economic activity in general. In ethics, Smith’s concept of animpartial spectator who is able to view our situation from a criticaldistance has (...) much to contribute to a fuller understanding of therequirements of justice, particularly through an understanding ofimpartiality as going beyond the interests and concerns of a localcontracting group. Smith’s open, realization-focussed and comparativeapproach to evaluation contrasts with what I call the “transcendentalinstitutionalism” popular in contemporary political philosophy andassociated particularly with the work of John Rawls. (shrink)

In recent decades, Alasdair MacIntyre has developed a style of moral philosophy and an argument for Neo-Aristotelian virtue ethics that has deeply influenced business ethics. Most of the work inspired by MacIntyre has dealt with individual and organisational dimensions of business ethics rather than the market economic environment in which individuals and organisations operate. MacIntyre has been a fierce critic of capitalism and economics. He has read Adam Smith an advocate of selfish individualism, rule-based ethics and the banishment (...) of teleology. This reading is seriously defective, and Smith in fact offers much of what MacIntyre calls for in economics. MacIntyre's ethical framework can be made more powerful and useful to business ethicists by incorporating Smithian insights, especially Smith's account of market virtues and teleological account of markets as extended cooperation directed towards the common good of wealth creation. Aside from issues of the interpretation of MacIntyre and Smith, this analysis opens new pathways for dialogue between business ethicists and economists. (shrink)

How do agricultural policies in the EU need to change to increase the sustainability of livestock production, and what measures could encourage sustainable practices whilst minimising trade-offs? Addressing such questions is crucial to ensure progress towards proclaimed targets whilst moving production levels to planetary boundaries. However, a lack of available evidence on the impacts of recent policies hinders developments in this direction. In this review, we address this knowledge gap, by collating and evaluating recent policy analyses, using three complementary frameworks. (...) The review highlights that recent policy reforms, and especially those of the Common Agricultural Policy, have had a large impact on the sustainability of the livestock sector by contributing to intensification and simplification. This has often resulted in negative impacts (e.g. on greenhouse gas emissions and animal welfare) and while financial support has enabled production, it can also lead to a culture of dependency that limits innovation. At the same time, a lack of regulation and concrete targets, and low levels of stakeholder engagement in policy design have led to delays in the delivery of sustainability objectives. Future policies could take on-board more innovative thinking that addresses the interrelatedness of society, animals, and the environment, to deliver effective targets and support. (shrink)

_ Source: _Volume 5, Issue 2, pp 251 - 272 The old _Das Adam Smith Problem_ is no longer tenable. Few today believe that Smith postulates two contradictory principles of human action: one in the _Wealth of Nations_ and another in the _Theory of Moral Sentiments_. Nevertheless, an Adam Smith problem of sorts endures: there is still no widely agreed version of what it is that links these two texts, aside from their common author; no widely agreed version (...) of how, if at all, Smith's postulation of self-interest as the organising principle of economic activity fits in with his wider moral-ethical concerns. We argue that the enduring Adam Smith problem may be solved by recourse to a realist perspective that recognises the different levels of social reality to which Smith refers in his discourse. Essential to Smith, we try to show, is the action-theoretic distinction between motive and capacity; between a typology of empirical human acts, on the one hand—self-love and benevolence in Smiths terminology—and the condition of possibility of all human action—what Smith calls the sympathetic principle—on the other. (shrink)

This article shows the philosophical kinship between Adam Smith and Mary Wollstonecraft on the subject of love. Though the two major 18th century thinkers are not traditionally brought into conversation with each other, Wollstonecraft and Smith share deep moral concerns about the emerging commercial society. As the new middle class continues to grow along with commerce, vanity becomes an ever more common vice among its members. But a vain person is preoccupied with appearance, status, and flattery—things that get in (...) the way of what Smith and Wollstonecraft regard as the deep human connection they variously describe as love, sympathy, and esteem. Commercial society encourages inequality, Smith argues, and Wollstonecraft points out that this inequality is particularly obvious in the relationships between men and women. Men are vain about their wealth, power and status; women about their appearance. Added to this is the fact that most middle class women are both uneducated and encouraged by the conduct literature of their day to be sentimental and irrational. The combined economic and moral considerations of Wollstonecraft and Smith show that there is very little room for love in commercial society as they conceived it. (shrink)

Most modern economists can be classified as liberals who believe that the state should not enforce preferences since preferences are not rational. In contrast, the father of modern economics, Adam Smith, was a liberal perfectionist: He believed that some ends are better than others. This position follows from Smith's contention that economic institutions, such as the division of labor, create different characters and preferences among what would otherwise be a homogeneous population. If one wishes to evaluate these institutions, (...) then, it cannot be on the basis of whether they satisfy the very preferences they create. Education was a case in point. There did not seem to be a market for educating the poor, but such an education would have been valuable because it would, Smith thought, counteract the torpor created among workers by the minute division of labor. Therefore, he argued, government provision of education may be called for. The rationale here is paternalistic, yet liberal in the sense that the type of character that was to be formed by education was not passive and thoughtless, but was, rather, autonomous. (shrink)

There is long-standing disagreement about how radical Adam Smith should be taken to be. Recently, Jonathan Israel’s work on the enlightenment situates Smith as a moderate enlightenment thinker. This article challenges that assessment. Smith sees aristocrats as largely devoid of competence, wisdom, and virtue and thinks they do not wield significant political power in commercial societies. He is also highly critical of their economic power; and uses a neo-Roman concept of liberty to provide a powerful critique of slavery and (...) feudalism. In so doing, he extends discussions of liberty and focuses them on economic relations in ways that prefigure labour republicanism. Finally, I show how these more radical commitments can be reconciled with his moderate proposals for political reform through his epistemology and realist anti-utopianism. These are aspects of Smith’s thought that are essential for understanding it correctly and have much to teach us today. (shrink)

How do agricultural policies in the EU need to change to increase the sustainability of livestock production, and what measures could encourage sustainable practices whilst minimising trade-offs? Addressing such questions is crucial to ensure progress towards proclaimed targets whilst moving production levels to planetary boundaries. However, a lack of available evidence on the impacts of recent policies hinders developments in this direction. In this review, we address this knowledge gap, by collating and evaluating recent policy analyses, using three complementary frameworks. (...) The review highlights that recent policy reforms, and especially those of the Common Agricultural Policy, have had a large impact on the sustainability of the livestock sector by contributing to intensification and simplification. This has often resulted in negative impacts (e.g. on greenhouse gas emissions and animal welfare) and while financial support has enabled production, it can also lead to a culture of dependency that limits innovation. At the same time, a lack of regulation and concrete targets, and low levels of stakeholder engagement in policy design have led to delays in the delivery of sustainability objectives. Future policies could take on-board more innovative thinking that addresses the interrelatedness of society, animals, and the environment, to deliver effective targets and support. (shrink)

Against the turbulent backdrop of Enlightenment Scotland, Adam Smith lays out a succinct and highly engaging account of Smith's life and times, reviews his work as a whole and traces his influence over the past two centuries. Dispelling myths and debunking caricatures, this book explores his ideas in detail, from ethics to law to economics and government and the impact of those ideas on thinkers as diverse as Karl Marx, Charles Darwin, John Maynard Keynes and Friedrich Hayek. (...) class='Hi'>Adam Smith emerges as one of the founders of modern social psychology and behavioural theory, offering a strikingly modern evolutionary theory of political economy, which recognises the often complementary roles of markets and the state. (shrink)