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)

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)

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)

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)

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)

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)

"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.

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.

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)

The version of the invisible hand argument in Adam Smith's Theory of Moral Sentiments differs in important respects from the version in The Wealth of Nations. Both are different, in turn, from the version invoked by Milton Friedman in Free to Choose. However, all three have a common structure. Attention to this structure can help sharpen our sense of their essential thrust by highlighting the questions (about the nature of economic motivation, the structure of markets, and conceptions of the public (...) interest) to which answers of certain kinds would have to be available for any of the versions to succeed. (shrink)

: It is argued that Adam Smith criticizes David Hume's account of the origin of and continuing adherence to the rule of law for being not sufficiently Humean. Hume explained that adherence to the rule of law originated in the self-interest to restrain self-interest. According to Smith, Hume does not pay enough attention to the passions of resentment and admiration, which have their source in the imagination. Smith's offers a more naturalistic and evolutionary account of the psychological pre-conditions of the (...) establishment and morality of justice than Hume had. Yet, Smith's account also makes room for a thin conception of Lockean natural right to property, while rejecting the contractualist and rationalistic elements in Locke. It emerges that Smith severs the intimate connection that Hobbes and Hume made between justice and property. (shrink)

Adam Smith and Thomas Reid follow Joseph Butler's lead in discussing the moral significance of resentment in great detail. David Hume does not. For Smith and Reid, resentment reveals shortcomings in Hume's attempt to ground justice solely in terms of self-interest and public utility. This can be seen most clearly in Reid's critique of Hume's response to the sensible knave. Reid argues that Hume's appeal to our integrity can have force only if Hume concedes that there are elements of justice (...) that are grounded in neither self-interest nor public utility. (shrink)

D. D. Raphael examines the moral philosophy of Adam Smith (1723-90), best known for his famous work on economics, The Wealth of Nations, and shows that his thought still has much to offer philosophers today. Raphael gives particular attention to Smith's original theory of conscience, with its emphasis on the role of 'sympathy' (shared feelings).

Adam Smith and David Hume agree that first-level general rules of morality may be discovered by induction, and that reflection on these rules may influence human behavior. But Hume thinks a deeper, second level of moral general rules may also be discovered, and used to correct erroneous first-level rules (which correction is a practice followed by the wise). Thus on Hume's view, some reasoned reflection may be needed in order to feel the proper moral sentiment (which sentiment would preferably (...) then be internalized). Smith holds that, because of human inclination toward selfishness, first-level moral rules should be habitually used to override immediate impulse in the motivation of behavior. This is a valuable habit, but since most people are not able to form such rules for themselves, it is a good idea for them to follow moral rules provided by religion. There is something respectable, according to Smith, in sincerely following flawed moral rules provided by religion. Hume disagrees, holding that it is foolish and blameworthy, indeed dangerous, to follow flawed moral rules provided by religion. (shrink)

This book presents a new interpretation of the principle of utility in moral and political theory based on the writings of the classical utilitarians. The writings of Adam Smith, William Paley and Jeremy Bentham are also considered.

Alcuni commentatori della filosofia di Smith hanno osservato che la relazione tra la sua teoria morale e le sue credenze teologiche è “estremamente difficile da districare”1 . Una ragione ovvia di questo sta nel fatto che in nessuna delle opere di Smith troviamo una qualche discussione dettagliata di questioni teologiche sia di natura metafisica che morale. Non è perciò possibile usare altri scritti di Smith come strumento per chiarire le sue concezioni nella Theory of Moral Sentiments 2a proposito della relazione (...) tra etica e religione 3. Al di là di questo, i dati biografici sulla vita di Smith e i suoi atteggiamenti e pratiche religiose non risolvono tale questione in un senso o nell’altro. Le evidenze disponibili, come generalmente presentate , suggeriscono che sebbene Smith non era completamente ortodosso secondo i criteri dei contemporanei , non ha manifestato però orientamenti e impegni che fossero evidentemente o significativamente irreligiosi. (shrink)

In a contribution to this journal Amos Witzum has challenged a common interpretation of Adam Smith's theory of justice, according to which Smith ‘employed a concept of justice – in the tradition of natural laws theories – whereby rights are related to guarding what is one's own rather than to what is one's due’ (Witzum, 1997, p. 242). Witzum claims that not only does Smith's conception of justice include one's due, and hence, distributional considerations, but the right to one's own (...) ‘stems from the right to what is one's due’ (p. 244). Furthermore, he asserts that ‘as all members of society own their natural faculties, which presumably were given to them to enable them to survive, the fruits of their labour up to subsistence level belong to them by virtue of their ownership of their own faculties’ (p. 259). This leads him to the conclusion that property acquisition gives rise to a duty, on the part of property holders, to ‘distribute subsistence’ and that when wages fall below the subsistence level, the rights of workers have been violated ‘in exactly the same sense that taking an acquired asset away from its owner constitutes a violation of justice’ (p. 244). (shrink)