This paper presents a theoretical elaboration of the ethical framework of classical capitalism as formulated by Adam Smith in reaction to the dominant mercantilism of his day. It is seen that Smith's project was profoundly ethical and designed to emancipate the consumer from a producer and state dominated economy. Over time, however, the various dysfunctions of a capitalist economy — e.g., concentration of wealth, market power — became manifest and the utilitarian ethical basis of the system eroded. Contemporary capitalism, dominated (...) as it is by large corporations, entrenched political interests and persistent social pathologies, bears little resemblance to the system which Smith envisioned would serve the common man. Most critiques of capitalism are launched from a Marxian-based perspective. We find, however, that by illustrating the wide gap between the reality of contemporary capitalism and the model of amoral political economy developed by Smith, the father of capitalism proves to be the most trenchant critic of the current order. (shrink)

This paper explores the significance of Adam Smith's ideas for defending non-cognitivist theories of aesthetic appreciation of nature. Objections to non-cognitivism argue that the exercise of emotion and imagination in aesthetic judgement potentially sentimentalizes and trivializes nature. I argue that although directed at moral judgement, Smith's views also find a place in addressing this problem. First, sympathetic imagination may afford a deeper and more sensitive type of aesthetic engagement. Second, in taking up the position of the impartial spectator, aesthetic judgements (...) may originate in a type of self-regulated response where we stand outside ourselves to check those overly humanizing tendencies which might lead to a failure in appreciating nature as nature. (shrink)

Adam Smith's ethics have long been thought to be much closer to the Stoic school than to any other school of the ancient world. Recent scholarship however has focused on the fact that Smith also appears to be quite close to Aristotle. I shall attend to Smith's deployment of a version of the doctrine of the mean, shall show that it is quite close to Aristotle's, shall demonstrate that in its detailed application it is seriously at odds with Stoic teaching (...) on the passions, and particularly with their teachings on anger, and shall conclude that on a central issue of ethics Smith is a good deal closer to Aristotelian than to Stoic thinking. (shrink)

Adam Smith's name has become synonymous with free market economics. Recent scholarship has given us a richer, more nuanced figure, steeped in the intricacies of enlightenment social and political philosophy. Adam Smith's Discourse develops this literature and gives it a radical new dimension. The first book on Adam Smith to deal with recent debates in literary theory, this interdisciplinary work examines Smith's major texts and places them within the context of enlightenment thought. It considers Smith's major writings--the Lectures on (...) Jurisprudence and On Rhetoric and Belles Letters as well as The Theory of Moral Sentiments and The Wealth of Nations --and places each within its own discursive context and with reference to its stylistic and rhetorical features. Adam Smith's Discourse debunks the view of Smith as a dogmatic free-marketeer. In its place, the book offers a portrait of a more skeptical, philosophical andpolitically focused figure. It shows that Smith's enthusiasm for the transition to a society based on trade and manufacturing was tinged with a more dispassionate recognition of the losses as well as the benefits derived from commercial society. (shrink)

It is a special issue of The Adam Smith Review , commemorating the 250th anniversary of Smith's Theory of Moral Sentiments. „Contributors to this volume ...

This paper proposes that the particular moral point of view embodied in Adam Smith's ethics, which ultimately follows a model based on the determination of justice, enables him to introduce impartiality as a measure for every virtue, and to posit the equal dignity of all human beings as the justification of his ethics. This moral viewpoint, which I here call the `sympathetic-impartial perspective', is naturally learned by human beings in the course of socialization through the ongoing interaction between the innate (...) impulse to sympathize and practically-informed reason. Moreover, this particular perspective creates a bridge between Smith's moral and political theories, shedding new light upon the moral foundations of his `system of natural liberty'. (shrink)

This paper aims to do two things. First, it describes the place that Adam Smith actually occupies in current research occurring at the boundaries of new interdisciplinary social-science fields such as evolutionary anthropology, evolutionary psychology, neuro-economics and behavioral economics. Second, it suggests a way in which Smith's place in the debates with which these subjects are concerned may be more properly defined and conceptualized. Specifically, the paper focuses on the controversial new theory of strong reciprocity, and on the reputation effects (...) that its critics think that theory neglects. (shrink)

'New Perspectives on Adam Smith's "The Theory of Moral Sentiments" is a comprehensive study of Smith's ideas.

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Adam Smith’s lasting fame certainly does not come from his work on language. He published very little on this topic and he is not usually mentioned in standard histories of linguistics or the philosophy of language. His most elaborate publication on the subject is a 1761 monograph on the origin and development of languages (FoL). Smith’s monograph joins a long list of speculative work on this then fashionable topic (cf. Hewes 1975, 1996). The fact that he later included it as (...) an appendix to his successful.. (shrink)

Where exactly should we place Adam Smith in the cannon of classical liberalism? Smith's advocacy of free market economics and defence of religious liberty in The Wealth of Nations suffice for including him somewhere in that tradition.1 The nature and extent of Smith's liberalism, however, remain up for debate. One recent trend has been to characterise Smith as a proponent of social liberalism. This includes those like Stephen Darwall, Samuel Fleischacker and Charles Griswold, who have drawn attention to a kind (...) of descriptive moral egalitarianism in Smith.2 Humans, Smith seems to hold, are naturally disposed to valuing one another under a conception of equality. But that is not all these scholars suggest. They have also hinted at something more contentious ? the idea that, according to Smith, we value one another in a way resonant with contemporary notions of human dignity, conceived as the inherent value of persons grounding certain rights to, or restrictions on, treatment by others.3 In saying so, these scholars have hit upon something remarkable. However, I also think their arguments in this respect are both indirect and incomplete. Consequently, the full import of Smith's view remains obscure. This essay aims to bring some clarity. 1I intend this historically. I grant there are good reasons to be sceptical about the ultimate fate of liberty in capitalist society (e.g. Marxist reasons and reasons based on various postmodern critiques of enlightenment ideology). Also, the designation ?free market? should be understood loosely, as most scholars now agree it is a mistake to identify Smith with thoroughgoing laissez-faire economics. 2Darwall, S., ?Sympathetic Liberalism: Recent Work on Adam Smith?, Philosophy Fleischacker, S., A Third Concept of Liberty (Princeton: Princeton University Press, 1999) and On Adam Smith's Wealth of Nations (Princeton: Princeton University Press, 2004); and Griswold, C., Adam Smith and the Virtues of Enlightenment (New York: Cambridge University Press, 1999). Other major commentators holding some version of this view might include Raphael, D. D. The Impartial Spectator (New York: Oxford University Press, 2007) and Vivienne Brown, Adam Smith's Discourse: Canonicity, Commerce and Conscience (London: Routledge, 1994). 3See e.g. Fleischacker (2004), 205; Darwall at 142, 156 and Griswold at 235?239. However, one must read Fleischacker carefully, for he also uses the adjectival ?dignified? to express Smith's concern with what is ?honourable? or ?respectable? about persons, which use does not obviously match up with the notion of inherent value (see e.g. p. 207). Darwall's argument includes by far the most explicit discussion of ?dignity? as I've defined it. But as Darwall's article is ostensibly a book review (albeit a substantive one that addresses three books at once, including Griswold's), it cannot be called a direct inquiry. Griswold never explicitly puts his interpretation in terms of ?dignity?, but that is clearly what he is after. Thus Darwall also reads him that way. (shrink)

writings, however, reveals a profoundly medieval outlook. Smith is preoccupied with the need to preserve order in society. His scientific methodology emphasises reconciliation with the world we live in rather than investigation of it. He invokes a version of natural law in which the universe is a harmonious machine administered by a providential deity. Nobody is uncared for and, in real happiness, we are all substantially equal. No action is without its appropriate reward – in this life or the next. (...) The social desirability of individual self-seeking activity is ensured by the ‘invisible hand’, that is, the hand of a god who has moulded us so to behave, that the quantity of happiness in the world is always maximised. (shrink)

Smith is generally regarded as an individualist without qualification. This paper argues that his predominantly individualist policy prescription is rooted in a more complex philosophy. He sees nature, including human nature, as a vast machine supervised by God and designed to maximise human happiness. Human weaknesses, as well as strengths, display the wisdom of God and play their part in this scheme. While Smith pays lip service to justice, it is really social order that pre-occupies him, and within that, the (...) defence of property. Individuals are valued as bearers of property. As persons, individuals are deceived by nature into acting in a socially beneficial way. In different ways Smith systematically denies the autonomy of the individual with respect to the whole of which he is part. For Smith, individual liberty is, not the end, but the means, of sustaining social order and property. (shrink)

I discuss Hume's views about whether simplicity and generality are positive features of explanations. In criticizing Hobbes and others who base their systems of morality on self interest, Hume diagnoses their errors as resulting from a "love of simplicity". These worries about whether simplicity is a positive feature of explanations emerge in Hume's thinking over time. But Hume does not completely reject the idea that it's good to seek simple explanations. What Hume thinks we need is good judgment about when (...) we are going too far in our search for simple explanations. These worries about simplicity are not unique to Hume. We can see versions of them in the work of Hutcheson, Smith, and Reid. (shrink)

Though Adam Smith believed that the spontaneous forces of the market set prices at the most productive level, he doubted that market forces price wages as fairly as the prices of other commodities. In fact, various observations by Smith suggest that the market tends to undervalue wages almost as naturally as it naturalizes the prices of most commodities under nonmonopolistic conditions. Those observations imply the germ of a capitalist theory of exploitation.

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)

Taking the title of his book from Isaiah Berlin's famous essay distinguishing a negative concept of liberty connoting lack of interference by others from a positive concept involving participation in the political realm, Samuel Fleischacker explores a third definition of liberty that lies between the first two. In Fleischacker's view, Kant and Adam Smith think of liberty as a matter of acting on our capacity for judgment, thereby differing both from those who tie it to the satisfaction of our desires (...) and those who translate it as action in accordance with reason or "will." Integrating the thought of Kant and Smith, and developing his own stand through readings of the Critique of Judgment and The Wealth of Nations, Fleischacker shows how different acting on one's best judgment is from acting on one's desires--how, in particular, good judgment, as opposed to mere desire, can flourish only in favorable social and political conditions. At the same time, exercising judgment is something every individual must do for him- or herself, hence not something that philosophers and politicians who reason better than the rest of us can do in our stead. For this reason advocates of a liberty based on judgment are likely to be more concerned than are libertarians to make sure that government provides people with conditions for the use of their liberty--for example, excellent standards of education, health care, and unemployment insurance--while at the same time promoting a less paternalistic view of government than most of the movements associated for the past thirty years with the political left. (shrink)

Despite its common use in both literature and popular discourse, the concept of “poetic justice” in which a wrong-doer is harmed by his own crimes has been completely ignored by both literary and philosophical scholars. We can learn more about it by comparing its charms to those of its more popular cousin, revenge. Each can assuage our resentment at the wrong-doer’s contempt of human suffering, promises to teach a moral lesson, and can borrow some moral justification from the golden rule. (...) Their satisfactions are often deceptive, but it behooves us to understand the attractions of each. (shrink)

As J. Baird Callicott has argued, Adam Smith’s moral theory is a philosophical ancestor of recent work in environmental ethics. However, Smith’s “all important emotion of sympathy” (Callicott 2001: 209) seems incapable of extension to entities that lack emotions with which one can sympathize. Drawing on the distinctive account of sympathy developed in Smith’s Theory of Moral Sentiments , as well as his account of anthropomorphizing nature in “History of Astronomy and Physics,” I show that sympathy with non-sentient nature is (...) possible within a Smithian ethics. This provides the possibility of extending sympathy, and thereby benevolence and justice, to nature. (shrink)

Adam Smith is not an environmentalist, but he articulated an ethical theory that is increasingly recognized as a fruitful source of environmental ethics. In the context of this theory, Smith illustrates in a particularly valuable way the role that anthropocentric, utilitarian metastandards can play in defending nonanthropocentric, nonutilitarian ethical standpoints. There are four roles that an anthropocentricmetastandard can play in defending an ecocentric ethical standpoint such as Aldo Leopold’s land ethic. First, this metastandard helps reconcile ecocentrism with theodicy, either of (...) the religious sort—showing that God is good—or of the evolutionary sort—showing that ecocentrism is consistent with human ethical dispositions as evolved through a process of natural selection. Second, using anthropocentrism as a metastandard helps reconcile our moral interest in human welfare with a thoroughly ecocentric standpoint. Third, defending ecocentrism by appeal to an anthropocentric metastandard provides a way of swaying die-hard anthropocentrists to adopt a more ecocentric perspective without showing disrespect to nature in the process. Finally, the systematic quasi-ecological connection between ecocentrism as an ethical standard and anthropocentrism as a metastandard has a beauty of its own that can provide additional motive to adhere to ecocentric ethical norms. (shrink)

As J. Baird Callicott has argued, Adam Smith's moral theory is a philosophical ancestor of recent work in environmental ethics. However, Smith's "all important emotion of sympathy" (Callicott, 2001, p. 209) seems incapable of extension to entities that lack emotions with which one can sympathize. Drawing on the distinctive account of sympathy developed in Smith's Theory of Moral Sentiments, as well as his account of anthropomorphizing nature in "History of Astronomy and Physics," I show that sympathy with non-sentient nature is (...) possible within a Smithian ethics. This provides the possibility of extending sympathy, and thereby benevolence and justice, to nature. (shrink)

One of the more striking aspects of Adam Smith's moral theory is the degree to which it depends on and appeals to aesthetic norms. By considering what Smith says about judgments of propriety – the foundational type of judgment in his system – and by tying what he says in The Theory of Moral Sentiments to certain of his other writings, I argue that Smith ultimately defends an aesthetic morality. Among the challenges that any aesthetic morality faces is that it (...) seems to entail moral relativism. This problem is magnified by Smith's reliance on the judgments of the impartial spectator, which also seems to make his theory more vulnerable to a Euthyphro-type objection. I suggest that Smith can potentially get around these problems, given his presumption of aesthetic naturalism. While there is certainly some variation in our aesthetic judgments, Smith claims that we naturally find certain actions and sentiments odious, while others we find agreeable. The reason, he argues, is that any society that judged otherwise would not survive. (shrink)

How does the mind attribute external causes to internal sensory experiences? Adam Smith addresses this question in his little known essay ‘Of the External Senses.’ I closely examine Smith's various formulations of this problem and then argue for an interpretation of his solution: that inborn perceptual mechanisms automatically generate external attributions of internal experiences. I conclude by speculating that these mechanisms are best understood to operate by simulating tactile environments.

The Stoic, David Hume’s “man of action and virtue,” is often considered the forerunner and foundation of Adam Smith’s market man of morals (Hume 1985, 146–54). Ian Simpson Ross notes Smith’s enthusiasm for Stoic philosophers such as Cicero and Marcus Aurelius and the way Stoic philosophy informs Smith’s arguments on various topics such as self-command, self-love, and suicide (Ross 1995, 172, 384). Pierre Force confirms the influence of Stoicism in tracing Smith’s moral system as a contrast with the Epicurean/Augustinian tradition, (...) showing that for Smith and Stoics self-love merely points the way for an agent to choose rationally a course of action (Force 2003, 103–5). However, Deirdre McCloskey and others .. (shrink)

Although Adam Smith is best known as the founder of scientific economics and an early proponent of the modern market economy, political economy is only one part of his comprehensive intellectual system. Consisting of a theory of mind and its functions in language, arts, science and social intercourse, Smith's system was a towering contribution to the Scottish Enlightenment. This Companion provides an up-to-date examination of all aspects of Smith's thought. Collectively, the essays take into account his multiple contexts--Scottish, British, European, (...) Atlantic, biographical, institutional, political and philosophical. (shrink)

This major contribution to the history of philosophy provides the most comprehensive guide to modern natural law theory available, sets out the full background to liberal ideas of rights and contractarianism, and offers an extensive study of the Scottish Enlightenment. The time span covered is considerable: from the natural law theories of Grotius and Suarez in the early seventeenth century to the American Revolution and the beginnings of utilitarianism. After a detailed survey of modern natural law theory, the book focuses (...) on the Scottish Enlightenment and its European and American connections. Knud Haakonssen explains the relationship between natural law and civic humanist republicanism, and he shows the relevance of these ideas for the understanding of David Hume and Adam Smith. The result is a completely revised background to modern ideas of liberalism and communitarianism. (shrink)

Combining the methods of the modern philosopher with those of the historian of ideas, Knud Haakonssen presents an interpretation of the philosophy of law which Adam Smith developed out of - and partly in response to - David Hume's theory of justice. While acknowledging that the influences on Smith were many and various, Dr Haakonssen suggests that the decisive philosophical one was Hume's analysis of justice in A Treatise of Human Nature and the second Enquiry. He therefore begins with a (...) thorough investigation of Hume, from which he goes on to show the philosophical originality of Smith's new form of natural jurisprudence. At the same time, he provides an over all reading of Smith's social and political thought, demonstrating clearly the exact links between the moral theory of The Theory of Moral Sentiments, the Lectures on Jurisprudence, and the sociohistorical theory of The Wealth of Nations. This is the first full analysis of Adam Smith's jurisprudence; it emphasizes its normative and critical function, and relates this to the psychological, sociological, and histroical aspects which hitherto have attracted most attention. Dr Haakonssen is critical of both purely descriptivist and utilitarian interpretations of Smith's moral and political philosophy, and demonstrates the implausibility of regarding Smith's view of history as pseudo-economic or 'materialist'. (shrink)

The problem : commerce and corruption -- Smith's defense of commercial society -- What is corruption? : political and psychological perspectives -- Smith on corruption : from the citizen to the human being -- The solution : moral philosophy -- Liberal individualism and virtue ethics -- Social science vs. moral philosophy -- Types of moral philosophy : natural jurisprudence vs. ethics -- Types of ethics : utilitarianism, deontology, and virtue ethics -- Virtue ethics : modern, ancient, and Smithean -- Interlude (...) : the what and the how of TMS VI -- The what : Sith's "practical system of morality" -- The how : rhetoric, audience, and the methods of practical ethics -- The how : the ascent of self-love in three stages -- Prudence or commercial virtue -- The challenge : from praise to prudence -- Educating the vain : fathers and sons -- Self-interest rightly understood -- The advantages and disadvantages of prudence -- Magnanimity or classical virtue -- The problems of prudence and the therapy of magnanimity -- Up from individualism : desert, praiseworthiness, conscience -- Modernity, antiquity, and magnanimity -- The dangers of magnanimity -- Beneficence or christian virtue -- Between care and caritas -- Benevolence and beneficence and the human telos -- The character and purposes of the wise and virtuous man -- Wisdom and virtue and Adam Smith's apology -- Epilogue: The "economy of greatness". (shrink)

Motivation crowding out can lead to a reduction of ‘higher’ virtues, such as altruism or public spirit, in market contexts. This article discusses the role of virtue in the moral and economic theory of Adam Smith. It argues that because Smith’s account of commercial society is based on ‘lower’ virtue, ‘higher’ virtue has a precarious place in it; this phenomenon is structurally similar to motivation crowding out. The article analyzes and systematizes the ways in which Smith builds on ‘contrivances of (...) nature’ in order to solve the problems of limited self-command and limited knowledge. As recent research has shown, a clear separation of different social spheres can help to reduce the risk of motivation crowding out and preserve a place for ‘higher virtue’ in commercial society. The conclusion reflects on the performative power of economics, arguing that the one-sided focus on models of ‘economic man’ should be embedded in a larger context. (shrink)

Some of the most important achievements in the field of empiricist ethics were made by the School of Moral Sentiment, comprising Francis Hutcheson, David Hume, and Adam Smith. This book throws new light on their consensus theory of virtue. Hope works some of their ideas into a merit theory of rights applicable to conventional rights, defends ethical cognitivism, and analyzes pleasure.

Examining the moral sense theories of Francis Hutcheson, David Hume, and Adam Smith from the perspective of the is-ought problem, this essay shows that the moral sense or moral sentiments in those theories alone cannot identify appropriate morals. According to one interpretation, Hume's or Smith's theory is just a description of human nature. In this case, it does not answer the question of how we ought to live. According to another interpretation, it has some normative implications. In this case, it (...) draws normative claims from human nature. Anyway, the sentiments of anger, resentment, vengeance, superiority, sympathy, and benevolence show that drawing norms from human nature is sometimes morally problematic. The changeability of the moral sense and moral sentiments in Hume's and Smith's theories supports this idea. Hutcheson's theory is morally more appropriate because it bases morality on disinterested benevolence. Yet disinterested benevolence is not enough for morality. There are no sentiments the presence of which alone makes any action moral. (shrink)

In The Theory of Moral Sentiments (TMS) Adam Smith draws on the Stoic idea of a Providence that uses everything for the good of the whole. The process is often painful, so the Stoic ethic insisted on conscious cooperation. Stoic ideas contributed to the rise of science and enjoyed wide popularity in Smith’s England. Smith was more influenced by the Stoicism of his professors than by the Epicureanism of Hume. In TMS, Marcus Aurelius’s “helmsman” becomes the “impartial spectator,” who judges (...) actions in terms of the way they are seen by others. This is the key to justice, without which society collapses. Business school students should be taught that Smith’s “invisible hand” is best understood as a universal rationality that uses just actions for the benefit of the whole. (shrink)

In the POL167 course materials there is an essay 'Free enterprise and its critics' , which I suggest you read. It is not about Adam Smith particularly, but about the theory which he proposed and others developed.

"Wealth" means "well-being"; Smith's book is in fact about material well-being. The Wealth of Nations is an influential statement of the case for laissez-faire, the thesis that government should not attempt to control or direct economic activity. His arguments are in terms of both economic efficiency and justice. (Keep an eye out for his references to justice and rights.) As you read these extracts ask what functions he thinks governments do and do not have, and why.

Adam Smith was born in Kirkcaldy, Scotland, in 1723 (Source on Smith's life: E G West, Adam Smith ). He entered Glasgow University in 1737, aged 14. This university still followed some practices of the medieval universities, for example in admitting students at age 14. Its professors still took fees directly from students: that had been the original practice in medieval universities, but in more famous universities rich people had endowed colleges within the university, which paid lecturers' salaries. The Glasgow (...) timetable was still medieval. The main lecture took place at 7.30 am in the cold and dark, at 11 the students were quizzed on the mornings lecture, at 12 there was a lecture on an optional topic. This was the typical student's day in the thirteenth century. But the curriculum was modern: besides philosophy (the main medieval subject) students took Greek and Mathematics. The philosophy was modern. At Glasgow Adam Smith studied under Francis Hutcheson (see extracts from his works in Raphael British Moralists vol.1, p.261ff.)). Hutchison taught in English (not Latin) and was a vivid lecturer. Moral philosophy, or ethics, was a flourishing subject at the time. The main division was between two schools of 'intuitionists' (as they would now be called). To remind you: Ethics is concerned with what is good and bad, better and worse, in human conduct - in the ends we seek, in the actions in which we seek our ends. Intuitionism is the doctrine that in the last analysis we simply 'see' that some way of acting is good or right, or the opposite: that basic ethical assessments cannot be justified by argument, and do not need to be. 'See' of course is a metaphor. Many 18C moral philosophers held that it is reason that 'sees' what is good and right. Hutchison said that it is a moral sense: not reason, and not the bodily senses of vision, hearing etc., but something more like a bodily sense than like reason. On Hutchison's analysis, ethical judgement is a specific kind of emotional reaction to a comtemplated act.. (shrink)