The foundation for a system of morals, this 1749 work is a landmark of moral and political thought. Its highly original theories of conscience, moral judgment, and virtue offer a reconstruction of the Enlightenment concept of social science, embracing both political economy and theories of law and government.

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.

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 lieu of an abstract, here is a brief excerpt of the content:Adam Smith and the History of the Invisible HandPeter HarrisonFew phrases in the history of ideas have attracted as much attention as Smith’s “invisible hand,” and there is a large body of secondary literature devoted to it. In spite of this there is no consensus on what Smith might have intended when he used this expression, or on what role it played in Smith’s thought. Estimates of its significance (...) range from the laudatory—“one of the great ideas of history,” to the dismissive—“an ironic joke.”1 Commentators are also divided on whether Smith’s “invisible hand” has teleological or providential connotations, or whether it is simply a rhetorical device. John Kenneth Galbraith declared that we do a grave disservice to Smith if we insist on understanding his invisible hand as a kind of “spiritual force.”2 Spenser J. Pack maintained that the invisible hand was “a rhetorical device which Smith made up, and knew he made up” and certainly “not [End Page 29] a theological underpinning for Smith’s social and/or economic theory.”3 Others have adopted the opposite view. Jacob Viner contended that Smith’s economic theory becomes unintelligible if “the invisible hand” is evacuated of its theological significance.4 For David A. Martin, Smith’s use of the phrase pointed to the foundational role played by divine wisdom in Smith’s thought, while for Andy Denis, “the invisible hand concept in Smith was entirely and unambiguously theological.”5Surprisingly, given this situation, a systematic study of the uses of the expression before Smith has yet to be made.6 Indeed, it is not unusual to find claims that Smith invented the expression himself, or that it was primarily owing to his influence that the phrase first became widespread.7 Those who have made perfunctory efforts at a history of the phrase generally point to a few scattered literary references with a view either to judging them irrelevant to Smith’s oeuvre, or to suggesting that Smith’s (admittedly meagre) uses of the phrase are empty metaphors. This paper seeks to remedy this deficiency, offering a history of “the invisible hand” with a particular focus on the seventeenth and early eighteenth centuries. What clearly emerges from this survey is that the concept was relatively common by the time Smith came to use it. Moreover, while “invisible hand” was used in a variety of contexts, by far the most common involved reference to God’s [End Page 30] oversight of human history and to his control of the operations of nature. Almost certainly, then, when readers encountered the phrase in Smith, they would have understood it as referring to God’s unseen agency in political economy. Whether Smith was himself committed to such a view is more difficult to determine, but the history of the expression and the contexts in which it appears in Smith’s writings offer some support for providentialist readings.Hidden and Invisible HandsThe expression “invisible hand” was not commonly used before the seventeenth century. It does not occur in classical literature (although some have suggested that the phrase may be found in Ovid).8 Neither does it appear in the Hebrew Bible or the New Testament.9 The earliest reference that I have found occurs in a Greek liturgy which invokes God’s “invisible right hand which is full of blessing.”10 The liturgy was used by the Alexandrian Church and its origins date back (probably) to the second century. However, [End Page 31] the expression is relatively rare in subsequent patristic and medieval writings. In one of his Old Testament commentaries, Alexandrian Church father Origen (185–254 ce) attributed the Israelites’ defeat of the Amalekites, recorded in Exodus 17, to the agency of God’s hidden hand.11 Some later sources made reference to the work of a “hidden” or “invisible” hand of God in restoring individuals to health. Augustine of Hippo (354–430 ce) thus spoke of the hidden hand of God which heals and makes whole.12 A medieval source refers similarly to a wound being healed by the touch of an invisible hand.13 French Benedictine Petrus Cellensis (1115–83 ce) alluded to the action... (shrink)

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Adam Smith is usually thought to argue that the result of everyone pursuing their own interests will be the maximization of the interests of society. The invisible hand of the free market will transform the individual''s pursuit of gain into the general utility of society. This is the invisible hand argument.Many people, although Smith did not, draw a moral corollary from this argument, and use it to defend the moral acceptability of pursuing one''s own self-interest.

Wealth and Virtue reassesses the remarkable contribution of the Scottish Enlightenment to the formation of modern economics and to theories of capitalism. Its unique range indicates the scope of the Scottish intellectual achievement of the eighteenth century and explores the process by which the boundaries between economic thought, jurisprudence, moral philosophy and theoretical history came to be established. Dealing not only with major figures like Hume and Smith, there are also studies of lesser known thinkers like Andrew Fletcher, Gershom Carmichael, (...) Lord Kames and John Millar as well as of Locke in the light of eighteenth century social theory, the intellectual culture of the University of Edinburgh in the middle of the eighteenth century and of the performance of the Scottish economy on the eve of the publication of the Wealth of Nations. While the scholarly emphasis is on the rigorous historical reconstruction of both theory and context, Wealth and Virtue directly addresses itself to modern political theorists and economists and throws light on a number of major focal points of controversy in legal and political philosophy. (shrink)

Adam's vision -- Gloomy science -- The severest critic -- On the margins -- Voices in the air -- Grand illusions.

Enth.: Dugoald Stewart's account of Adam Smith / ed. by I.S. Ross.

For a century and a half, the artists and intellectuals of Europe have scorned the bourgeoisie. And for a millennium and a half, the philosophers and theologians of Europe have scorned the marketplace. The bourgeois life, capitalism, Mencken’s “booboisie” and David Brooks’s “bobos”—all have been, and still are, framed as being responsible for everything from financial to moral poverty, world wars, and spiritual desuetude. Countering these centuries of assumptions and unexamined thinking is Deirdre McCloskey’s _The Bourgeois Virtues_, a magnum opus (...) that offers a radical view: capitalism is good for us. McCloskey’s sweeping, charming, and even humorous survey of ethical thought and economic realities—from Plato to Barbara Ehrenreich—overturns every assumption we have about being bourgeois. Can you be virtuous and bourgeois? Do markets improve ethics? Has capitalism made us better as well as richer? Yes, yes, and yes, argues McCloskey, who takes on centuries of capitalism’s critics with her erudition and sheer scope of knowledge. Applying a new tradition of “virtue ethics” to our lives in modern economies, she affirms American capitalism without ignoring its faults and celebrates the bourgeois lives we actually live, without supposing that they must be lives without ethical foundations. _High Noon_, Kant, Bill Murray, the modern novel, van Gogh, and of course economics and the economy all come into play in a book that can only be described as a monumental project and a life’s work. _The Bourgeois Virtues _is nothing less than a dazzling reinterpretation of Western intellectual history, a dead-serious reply to the critics of capitalism—and a surprising page-turner. (shrink)

Paul Helm introduces the doctrine of divine providence--focusing on metaphysical and moral aspects and especially noting divine control, providence and evil, and the role of prayer. In the Contours of Christian Theology.

This new edition of The Life of Adam Smith remains the only book to give a full account of Smith's life whilst also placing his work into the context of his life and times.

This book defines the relationship between the thought of Adam Smith and that of the ancients---Plato, Aristotle, Cicero, and the Stoics. Vivenza offers a complete survey of all Smith's writings with the aim of illustrating how classical arguments shaped opinions and scholarship in the eighteenth century.