The Inexorable Sociality of Commerce: The Individual and Others in Adam Smith

Journal of Business Ethics 127 (2):327-335 (2015)
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Abstract

In this paper we reconsider Adam Smith’s ethics, what he means by self-interest and the role this plays in the famous “invisible hand.” Our efforts focus in part on the misreading of “the invisible hand” by certain economists with a view to legitimizing their neoclassical economic paradigm. Through exegesis and by reference to notions that are developed in Smith’s two major works, we deconstruct Smith’s ideas of conscience, justice, self-interest, and the invisible hand. We amplify Smith’s insistence, through his notions of the virtues, that as human beings, and by analogy, organizations, we are intrinsically social, rather than selfish and or egoistically self-centered. Thus, we have responsibilities to and because of others. We conclude that such a managerialist preoccupation with shareholder value is challenged, if not completely refuted, by taking seriously the social character of Smith’s complex vision of commerce

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Author Profiles

David Bevan
Royal Holloway University of London
Patricia Werhane
DePaul University

References found in this work

A Theory of Justice: Revised Edition.John Rawls - 1999 - Harvard University Press.
Anarchy, State, and Utopia.Robert Nozick - 1974 - New York: Basic Books.
The Theory of Moral Sentiments.Adam Smith - 1759 - Mineola, N.Y.: Dover Publications. Edited by Elizabeth Schmidt Radcliffe, Richard McCarty, Fritz Allhoff & Anand Vaidya.
Anarchy, State, and Utopia.Robert Nozick - 1974 - Philosophy 52 (199):102-105.
The Wealth of Nations.Adam Smith - 1976 - Hackett Publishing Company.

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