Smith's appropriation by neoliberal theorists as the progenitor of economic liberalism and capitalism has recently been challenged by a phalanx of counter‐positions. In a concerted effort ‚to salvage the real Smith’︁, they rediscover the enlightenment philosopher who was very critical of ostentatious display of wealth and envisioned a society based on moral concerns rather than on the pursuit of self‐interest. This article discusses recent developments in the battle over the economist's and philosopher's heritage.