Adam Smith

Drawing on 49 oral-history interviews with Scottish family business owner-managers, six key-informant interviews, and secondary sources, this interdisciplinary study analyses the decline of kinship-based connections and the emergence of new kinds of elite networks around the 1980s. As the socioeconomic context changed rapidly during this time, cooperation built primarily around literal family ties could not survive unaltered. Instead of finding unity through bio-legal family connections, elite networks now came to redefine their ‘family businesses’ in terms of affectively loaded ‘family values’ (...) such as loyalty, care, commitment, and even ‘love’. Consciously nurturing ‘as-if-family’ emotional and ethical connections arose as a psychologically effective way to bring together network members who did not necessarily share pre-existing connections of bio-legal kinship. The social-psychological processes involved in this extension of the ‘family’ can be understood using theories of the moral sentiments first developed in the Scottish Enlightenment. These theories suggest that, when the context is amenable, family-like emotional bonds can be extended via sympathy to those to whom one is not literally related. As a result of this ‘progress of sentiments’, one now earns his/her place in a Scottish family business, not by inheriting or marrying into it, but by performing family-like behaviours motivated by shared ethics and affects. (shrink)

The modern concept of ideology was established by the liberal politician and philosopher Destutt de Tracy, with the objective of creating an all-embracing and general science of ideas, which followed the sensualist and empiricist trend initiated by Locke that culminated in the positivism of Comte. Natural selection and immunity are two key concepts in the history of biology that were strongly based on the Malthusian concept of struggle for existence. This concept wrongly assumed that population grew faster than the means (...) of existence. This “natural” law contained implicitly the idea that the poor and least gifted would not survive. This idea led to the progressive development of the concept of natural selection, whose definitive version was given by Darwin. Mechnikov took the concepts of struggle for existence and natural selection and conceived infectious diseases as a struggle between a host and its invader, the so-called phagocytosis theory. This theory created the necessity to possess mechanisms to discriminate between the own and the foreign, and led to the conception of the immune self. These concepts were not developed from ideas coming from perceptions or sensations, but from ideas coming from their values: individual interest, inevitable inequality, property, utility and profit. Values are ideals that constitute an ideological matrix which exerts a numinous activity and influence the development of our future actions. In consequence, science and its practice cannot avoid and ignore the values that drive them and impulse them towards certain directions. (shrink)

On conçoit souvent la jalousie comme une émotion ayant pour objet les relations de proximité (amour, amitié, fratrie, etc.). Elle a généralement mauvaise presse et est typiquement envisagée comme une émotion moralement condamnable, voire comme un vice. Or, la jalousie ne porte pas uniquement sur les relations de proximité : elle peut également porter sur divers biens (prestige, richesses, biens matériels, privilèges, etc.). Par ailleurs, certains auteurs soutiennent que des cas de jalousie pourraient être moralement justifiés, voire que la jalousie (...) pourrait être une vertu. La jalousie paraît également jouer un rôle dans l’institution et le maintien d’institutions visant à perpétuer des inégalités entre les individus jaloux de leurs avantages et ceux qu’ils envisagent comme des concurrents cherchant à les déposséder de leurs biens. De fait, la jalousie paraît utile pour la théorie politique de par les liens qu’elle entretient avec la justice distributive. Cet article propose, dans la première section, une discussion portant sur la nature de la jalousie où elle est contrastée avec l’envie et l’indignation. Dans la seconde section, on se demandera si la jalousie est un vice, ou si elle peut être parfois moralement justifiée, ou même être une vertu. La troisième section traitera les rôles joués par la jalousie collective dans la justice distributive et la fondation et le maintien d’institutions sociales visant à protéger les intérêts des jaloux. Pour le faire, le cas de la jalousie économique, telle que David Hume et Adam Smith la concevaient dans les relations commerciales entre États européens au XVIIIème siècle, est considéré. (shrink)

Can a set of musical metaphors in a treatise on ethics reveal something about the nature and source of moral autonomy? This article argues that it can. It shows how metaphorical usage of words like tone, pitch, and concord in Adam Smith's Theory of Moral Sentiments can be understood as elements of an analogical model for morality. What this model tells us about morality depends on how we conceptualise music. In contrast to earlier interpretations of Smith's metaphors that have seen (...) music as an aesthetic object, this article sees music as a practice. Understood in this way, the analogy allows us to see morality too as a practice––as moral tuning. This in turn reveals a novel answer to the intractable problem of conventionalism: moral autonomy consists in the freedom inherent in the constant need to interpret and reinterpret the strictly formal ideal of perfect propriety. (shrink)

Scottish philosophy and intellectual history have become the increasingly fashionable fields of academic studies. Alexander Broadie, one of the pioneers and an accomplished scholar of the Scottish Enlightenment, returns to the basic question, namely, “what is Scottish philosophy?”, and presents a comprehensive work on the history of Scottish philosophy. Broadie successfully elucidates the nature and significance of Scottish philosophy both historically and philosophically. He argues that Scottish philosophy must be studied in its historical context, for it is not only a (...) philosophical enterprise but also a persistent tradition which has united the Scottish nation for centuries. The advancements in science, literature, politics, and culture in Scotland would be extremely unlikely, if not impossible, without such an intellectual culture established by thinkers in that tradition. This article is intended as a review of Broadie’s A History of Scottish Philosophy in the background of his shifting academic interests from philosophy to history while he holds the professorship in University of Glasgow. His commitment to Scottish philosophical culture deserves the attention of contemporary historians and philosophers, for his work opens up a space for dialogue between intellectual history and history of philosophy, an issue addressed at the end of this paper. (shrink)

I argue that (i) even though Adam Smith’s four stages theory has been criticized with good reasons as both vitiated by undue generalization from modern Europe to the first stage and made bottom-heavy by assumptions of modern episteme, yet, in his writings an alternative view emerges where the savage is not just crushed under the weight of want and isolation but is endowed with imagination and sympathy; (ii) his picture of the fourth stage is, far from a triumphal apology of (...) Capitalism, a tragic diagnosis of an inner tension between ambition and greed and their unintended beneficial effects; (iii) the tensions in the picture are not just a report of tensions out there, but also depend on Smith’s pre-comprehension of the phenomena he tries to account for; (iv) and yet, the tragic character of this picture is to be credited to his integrity; I summarize peculiarities of Smith’s peculiar outlook, post-empiricism, as well as its potentialities (sect 2). I then reconstruct his view of development of language and science, suggesting that his theory of association of ideas and imagination provides a consistent account of both science and lore, yielding a comparatively less ethnocentric evaluation of the savage mind (sect. 3). I reconstruct his virtually twofold reconstruction of subsistence in the rude and early state, arguing that he tends to ascribe inability to evolve to want and isolation and describes his own view of evolution as a necessary path but also that in several passages imagination and sympathy do play a role also for the savage (sect. 4). I compare Smith’s view of the first stage with his diagnosis of commercial society arguing that his reconstruction is burdened by eighteenth-century ideology as well as by modern episteme and I conclude with an ambivalent appraisal of Smith’s comparison between the polished man and the savage. -/- . (shrink)

I reconstruct Adam Smith’s theory of irony and its application. I illustrate how he defines it as a combination of something “grand” with something “mean” and how this is consistent with his anti-Cartesian and post-skeptic epistemology. I suggest that, for Smith, “systems” of any kind, from Cartesian physics to philosophical monotheism, Stoic ethics, and the “mercantile system” draw their apparent plausibility from some disease of human imagination. I argue that in every field, including political economy, in his view, the philosopher’s (...) task is partially sceptical and partially ironical. That is, it is the task to fight erroneous systems by showing how these arise from unwarranted associations of ideas between apparently “grand” ideas —say, the public interest— with “mean” ones, say, the merchants’ self-interest. In this light, the phrase “invisible hand” turns out to be both an ironic joke and one more application of Smith’s post-skeptical theory of knowledge whose target is dismantling all kind of “invisible” entities that human imagination tends to create. (shrink)

Smith proposes an account of how languages developed. He did so not as historian, but as a philosopher with a special concern about how a nominalist could account for general terms. Names for individuals are taken as fairly unproblematic – say ‘Thames’ and ‘Avon’ for each of the respective rivers. But whence the word ‘river,’ applicable to more than one, if all that exist are particular objects? Smith’s view is not the usual one, according to which people deploy a powerful (...) ability to abstract mentally, and subsequently affix a label to a general concept. He resisted this because he granted that such robust mental processes themselves presuppose the use of words. Rather, what holds the class together is the word itself, a “single appellation.”. (shrink)

Why be moral? Why, in the language of Adam Smith, act on what you think is praiseworthy even when it does not get you praise from other people? Because, answers Smith, you love praiseworthiness. But what is this love of praiseworthiness, and where does it come from? In this article, 1) I argue that we start to love praiseworthiness when we redirect our love of praise away from other people toward the ‘impartial spectator’-aspect of ourselves, and 2) show how this (...) fits with evidence that the rudimentary moral compass which guides us early in childhood needs correction through socialisation to develop into a mature moral conscience. (shrink)

I contend that Adam Smith and David Hume offer re-interpretations of Aristotle’s notion of greatness of soul, focusing on the kind of magnanimity Aristotle attributes to Socrates. Someone with Socratic magnanimity is worthy of honor, responds moderately to fortune, and is virtuous—just and benevolent. Recent theorists err in claiming that magnanimity is less important to Hume’s account of human excellence than benevolence. In fact, benevolence is a necessary ingredient for the best sort of greatness. Smith’s “Letter to Strahan” attributes this (...) greatness to Hume. It encourages us to admire Hume as an exemplar of human excellence, to seek Hume’s virtues for ourselves, and to approve of the “love of literary fame” which Hume calls his “ruling passion.”. (shrink)

This dissertation undertakes a philosophical analysis of “natural capital” and argues that this concept has prompted economists to view Nature in a radically novel manner. Formerly, economists referred to Nature and natural products as a collection of inert materials to be drawn upon in isolation and then rearranged by human agents to produce commodities. More recently, nature is depicted as a collection of active, modifiable, and economically valuable processes, often construed as ecosystems that produce marketable goods and services gratis. Nature (...) is depicted as consisting of various unproduced mechanisms or “natural machines” that are first discovered and then channeled so as to serve human ends. In short, nature as an ideal is a kind of garden that is characterized by natural objects purposefully arranged by intentional human agents. This dissertation first lays out working definitions of the key terms, such as capital and Nature, and then traces the historical roots of natural capital in the writings of eminent classical political economists, such as Adam Smith, John Stuart Mill, and Karl Marx. I then examine the question of substitutes for “critical natural capital”, and argue that the preservation paradox is warranted: no one can restore or preserve a part of Nature without turning it into an artifact. Following the recent work of Debra Satz and Michael Sandel, I finish my dissertation by situating the question of natural capital in the broader context of whether some goods should not be for sale, particularly those I define as Basic Ecological Goods. (shrink)

In this history of the development of ideas of honor in Western philosophy, Peter Olsthoorn examines what honor is, how its meaning has changed, and whether it can still be of use. Political and moral philosophers from Cicero to John Stuart Mill thought that a sense of honor and concern for our reputation could help us to determine the proper thing to do, and just as important, provide us with the much-needed motive to do it. Today, outside of the military (...) and some other pockets of resistance, the notion of honor has become seriously out of date, while the term itself has almost disappeared from our moral language. Most of us think that people ought to do what is right based on a love for justice rather than from a concern with how we are perceived by others. Wide-ranging and accessible, the book explores the role of honor in not only philosophy but also literature and war to make the case that honor can still play an important role in contemporary life. (shrink)

Capitalism: The Birth of an Idea. Amongst the Enlightenment’s emancipatory slogans was a call for the liberation of economic energy, a call that was most fully expressed by Adam Smith in Inquiry into the Nature and Causes of the Wealth of Nations. Smith provided a final analysis of the mercantilist system that had been prevailing from the beginning of the sixteenth century. By justifying the superiority of the free market economy models, Smith created the intellectual foundations for the capitalist order. (...) He proposed a model for the production and distribution of goods that was based on two pillars: the right to private property and free market institutions. The vision of capitalism created by Smith was a system of power and freedom: a system of individual sovereignty over the world of objects and a system of the free circulation of goods. The combination of these two principles resulted in a coherent system which, when used in practice, has shown remarkable efficiency. Smith’s work proved to be a reliable way to achieve worldly success, one that has worked wherever it was tried out. Capitalism, and the accompanying moral philosophy, was the most commonly pursued idea of the eighteenth century. (shrink)

This essay shows that a moral sense or moral sentiments alone cannot identify appropriate morals. To this end, the essay analyzes three defenses of Francis Hutcheson's, David Hume's, and Adam Smith's moral sense theories against the relativism charge that a moral sense or moral sentiments vary across people, societies, cultures, or times. The first defense is the claim that there is a universal moral sense or universal moral sentiments. However, even if they exist, a moral sense or moral sentiments alone (...) cannot identify appropriate morals. The second defense is to adopt a general viewpoint theory, which identifies moral principles by taking a general viewpoint. But it needs to employ reason, and even if not, it does not guarantee that we identify appropriate morals. The third defense is to adopt an ideal observer theory, which draws moral principles from sentimental reactions of an ideal observer. Yet it still does not show that a moral sense or moral sentiments alone can identify appropriate morals. (shrink)

Adam Smith is respected as the father of contemporary economics for his work on systemizing classical economics as an independent field of study in The Wealth of Nations. But he was also a significant moral philosopher of the Scottish Enlightenment, with its characteristic concern for integrating sentiments and rationality. This article considers Adam Smith as a key moral philosopher of commercial society whose critical reflection upon the particular ethical challenges posed by the new pressures and possibilities of commercial society remains (...) relevant today. The discussion has three parts. First I address the artificial separation between self-interest and morality often attributed to Smith, in which his work on economics is stripped of its ethical context. Second I outline Smith’s ethical approach to economics, focusing on his vigorous but qualified defence of commercial society for its contributions to prosperity, justice, and freedom. Third I outline Smith’s moral philosophy proper as combining a naturalistic account of moral psychology with a virtue ethics based on propriety in commercial society. (shrink)

Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially (...) friendly of virtues. It is often supposed that if competitive markets are good, more competition must always be better. However, in the long run competition enhancing policies that neglect the nurturing and support of the bourgeois virtues may undermine the continued flourishing of modern commercial society. (shrink)

A discussion of a collection of essays by French scholars on Adam Smith, mainly but not exclusively, on his political theory.

Michael Slote’s Moral Sentimentalism is a wonderful model of a particular, under-appreciated philosophical method. It demonstrates that exciting, original work can be created by putting old ideas to new uses, proving once again that the classics of moral and political philosophy offer too rich an array of intellectual resources to leave to historians alone. Whenever one is reclaiming old ideas, however, the most important decision is which ideas to reclaim, and which to leave in the dustbin of history. Slote makes (...) use of many ideas drawn from history’s greatest moral sentimentalist, David Hume, but he rejects many others. The work of Hume’s closest friend and greatest sentimentalist ally, Adam Smith, is rejected without adequate explanation. Smith is mentioned, but quickly dismissed. Yet even though Smith makes little contribution to Slote’s own version of sentimentalism, I think he deserved greater discussion in this book. Smith and Slote address many of the same subjects, using the same basic sentimentalist approach, but they come to very different conclusions. It is thus possible to construct a fruitful debate between them—a debate in which, since he can no longer speak on his own behalf, I will be taking Smith’s side. (shrink)

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)

I argue the existence of two tensions in Smith's system of ideas: the first is that between the postulate of an invisible noumenal order of the universe and the imaginary principles by means of which we connect the phenomena; the second is a tension between the noumenal order of the world where 'is' and 'ought' converge, and the various partial orders that may be reconstructed in social phenomena that leave room for irrationality and injustice. My first claim is that these (...) tensions are dialectical tensions in a unitary, albeit rhapsodically presented in writing. My second claim is that, the system’s unanswered question in the moral domain is a ‘metaphysical’ and ‘theological’ question, namely the problem of evil; by implication, I contend also that Smith was no secularist, but instead a post-skeptical fideist or agnostic, who took Bayle's question: "why are men wicked and unhappy?" quite seriously. His private ethics of prudence, justice, benevolence and his public ethics of liberty, justice, equality were modest proposals for coping with the problem of social evil in our imperfect world. (shrink)

This essay first introduces the moral sense theories of Francis Hutcheson, David Hume, and Adam Smith, and clarifies important differences between them. It then examines whether moral judgment based on the moral sense or moral sentiments varies according to one's metaphysical beliefs. For this, the essay mainly applies those theories to such issues as stem cell research, abortion, and active euthanasia. In all three theories, false religious beliefs can distort moral judgment. In Hutcheson's theory, answers to stem cell research, abortion, (...) and active euthanasia do not change according to the spectator's metaphysical beliefs. Yet answers to those issues can change according to the agent's metaphysical beliefs. Hume's theory cannot provide answers to stem cell research and abortion where the embryo or fetus is the receiver (the one affected by the agent's action) and to active euthanasia where the patient is unconscious. It may provide answers to abortion where the pregnant woman is the receiver and to active euthanasia where the patient is conscious. Yet the answers can vary depending on the woman's or the patient's metaphysical beliefs. Smith's theory can provide answers to stem cell research, abortion, and active euthanasia. But the answers can vary depending on the agent's metaphysical beliefs. These show that the moral sense or moral sentiments in those theories alone cannot identify appropriate morals. (shrink)

This paper is a discussion of the ‘moralization’ of resentment in Adam Smith’s Theory of Moral Sentiments. By moralization, I do not refer to the complex process by which resentment is transformed by the machinations of sympathy, but a prior change in how the ‘raw material’ of the emotion itself is presented. In just over fifty pages, not only Smith’s attitude toward the passion of resentment, but also his very conception of the term, appears to shift dramatically. What is an (...) unpleasant, unsocial and relatively amoral passion of anger in general metamorphoses into a morally and psychologically rich account of a cognitively sharpened, normatively laden attitude, an attitude that contains both the judgment that the injury done to me was unjust and wrongful, and the demand that the offender acknowledge its wrongfulness. Two very different readings of ‘Smithean resentment’ are thus available from the text. Indeed, the notion of two distinct forms of resentment – an instinctive, amoral version and a rich, rationally appraising attitude – would bring Smith into line with an earlier account of resentment, found in Bishop Joseph Butler’s Fifteen Sermons Preached at Rolls Chapel, first published in 1726. Ultimately, I argue, the differences in their theories are to Smith’s credit. It is precisely because the ‘thin’ or generic retaliatory passion described in Part I can be reconciled with the rich, normative attitude in Part II, that Smith is able to accomplish his meta-ethical goal of grounding moral judgments in naturally occurring emotions. (shrink)

Adam Smith’s account of sympathy or ‘fellow feeling’ has recently become exceedingly popular. It has been used as an antecedent of the concept of simulation: understanding, or attributing mental states to, other people by means of simulating them. It has also been singled out as the first correct account of empathy. Finally, to make things even more complicated, some of Smith’s examples for sympathy or ‘fellow feeling’ have been used as the earliest expression of emotional contagion. The aim of the (...) paper is to suggest a new interpretation of Smith’s concept of sympathy and point out that on this interpretation some of the contemporary uses of this concept, as a precursor of simulation and empathy, are misleading. My main claim is that Smith's concept of sympathy, unlike simulation and empathy, does not imply any correspondence between the mental states of the sympathizer and of the person she is sympathizing with. (shrink)

In this paper I reconstruct the birth, blossoming and decline of an eighteenth century program, namely “Moral Newtonianism”. I reconstruct the interaction, or co-existence, of different levels: positive theories, methodology, worldviews and trace the presence of scattered items of the various levels in the work of Hume, Adam Smith, Adam Ferguson, Dugald Stewart. I highlight how Mirowski’s reconstruction of the interaction between physics and economics may be extended to the eighteenth century in an interesting way once the outdated reconstruction of (...) Adam Smith that has been adopted by Mirowski is updated. I show how general methodological ideas, such as the distinction between ultimate causes or essences and intermediate principles, that originated in a context where the issue was the interaction between natural science and theology, proved useful when transferred to social theory in encouraging a kind of “experimental” approach to social phenomena. I discuss finally the genesis of frozen metaphors such as equilibrium, circulation, and value, arguing that Canguilhem’s lesson – namely that scientific change is produced not only by similarity but also by opposition – may be applied also to the history of economic thought. I take as an example Adam Smith’s ‘discovery’ of social mechanisms vis-à-vis his sceptical mistrust of neo-Stoic and Platonic views of a world-order. (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)

By giving sympathy a central role, Adam Smith’s Theory of Moral Sentiments (1759) can be regarded as one of the ‘enlightened’ moral theories of the Enlightenment, insofar as it widened the scope of moral consideration beyond the traditionally restricted boundary of human beings. This, although the author himself does not seem to have been aware of this fact. In this paper, I want to focus on two aspects which I think lead to this conclusion. First, by making sentience the requisite (...) to be taken into moral consideration, nonhuman animals in Smith’s moral theory can count as moral patients towards whom we should exercise the virtue of beneficence (if not justice). Secondly, Smith’s idea of morality as working in concentric circles –generating more stringent duties towards those closer to us– could explain and perhaps also justify our caring for some nonhuman animals, especially pets. (shrink)

Until fairly recently it was not uncommon for political theorists to hold the view that people cannot be expected to act in accordance with the public interest without some incentive. Authors such as Marcus Tullius Cicero, John Locke, David Hume and Adam Smith, for instance, held that people often act in accordance with the public interest, but more from a concern for their honour and reputation than from a concern for the greater good. Today, most authors take a more demanding (...) view, maintaining that people are to be just solely from a love for justice, not from a fear of losing face. In this article today's prevailing view, which sees honour as something obsolete and archaic and not as a legitimate motive, is contrasted with the older view that honour is important for both knowing what moral is and acting on it. Subsequently, it is argued that the ethics of honour, especially in the form it took in the works of Hume and Smith, can still be of value, exactly because it is less demanding. (shrink)

The well-known Kantian passage on misology in the Foundations of the Metaphysics of Morals starts making fuller sense when located within the framework of Kant writings on philosophy of history where he contrasts civilization with moralization as two different phases in the growth of humankind. In this context, the growth of commerce and manufactures plays a distinctive role, namely that of means of fostering civilization, while pursuing a deceptive goal, namely happiness. Deception plays a basic role in the growth of (...) mankind, in so far as it allows for a hidden twofold teleology in human action. Men, while following the dictates of self-love, are systematically mistaken about the results they actually contribute in bringing about. Commerce brings different peoples into mutual relationship and thus paves the way to a cosmopolitan society. The growth of the arts and sciences provides preconditions for the growth of learned institutions, a free press, and a public opinion that are the basis on which reason may start being used in its critical capacities. This, that is Enlightenment, is a preliminary step to moralization, that is the jump of individuals from a state of minority to a state where they are masters of themselves. The twofold teleology of human action makes room for a system of "pragmatic" ends, and of laws connected to the former, that may be studied rationally in themselves and yet are connected to the higher ends established by reason in its "practical" capacities. (shrink)

A discussion of McCloskey's argument for a bourgeois virtue ethics. I criticize his opposition of Adam Smith's and Kant's ethics, arguing that they share much more than the author believes. I criticize the idea that what is most respectable in modern liberal-democratic societies is a gift of Capitalism.

A short presentation of James Steuart's neglected philosophical publications as well as of his well-known economic contribution.

A short discussion of the origin of the notion of mode of subsistence in the eighteenth-century discussion and particularly in the Scottish Enlightenment and its legacy n the Marxist theory of modes of production or social economic formations.

A presentation of Adam Smith's epistemology, ethics, political theory and economics.

A short discussion of the emergence of the self-interest axiom during the classical phase of political economy, its roots in the previous discussion on self-love in early modern ethics and its development in the following formulation of the notion of 'homo economicus' and the definition of the agent's rationality.

A discussion of the historical development of the relationship between moral philosophy and political economy and economics qua disciplines, followed by a treatment of questions of justice in the contemporary discussion and then by an overview of the subdiscipline of busness ethics.

A discussion of the origins of the very notion of development, its role in eocnomic thoery, and its discussion in applied ethics.

When Adam Smith published his celebrated writings on economics and moral philosophy he famously referred to the operation of an invisible hand. Adam Smith's Political Philosophy makes visible the invisible hand by examining its significance in Smith's political philosophy and relating it to similar concepts used by other philosophers, revealing a distinctive approach to social theory that stresses the significance of the unintended consequences of human action. This book introduces greater conceptual clarity to the discussion of the invisible hand and (...) the related concept of unintended order in the work of Smith and in political theory more generally. By examining the application of spontaneous order ideas in the work of Smith, Hume, Hayek and Popper, Adam Smith's Political Philosophy traces similarities in approach and from these builds a conceptual, composite model of an invisible hand argument. While setting out a clear model of the idea of spontaneous order the book also builds the case for using the idea of spontaneous order as an explanatory social theory, with chapters on its application in the fields of science, moral philosophy, law and government. (shrink)

I argue that Adam Smith, far from being a utilitarian as claimed by Alain Caillé, was instead a semi-sceptical philosopher who defended a pluralistic normative ethics of prudence, justice, benevolence, and, far from being the founder of the science of a system self-produced by the interaction of individual self-interests, was a sharp critic of the practices of the commercial society of his time in the name of liberty, justice, and equality. In a word, was from being the putative father of (...) Capitalism, Adam Smith was the father o a liberal left and a forefather of the present-day critics of globalization. (shrink)

I argue that Adam Smith does more than providing an account of competitive behavior loosely linked to an underlying psychology since the joint between the complex psychology of The Theory of Moral Sentiments and the invisible hand pages in The Wealth of Nations explains why some of the basest affections, greed and ambition, prevail over other tendencies in certain social groups, namely merchants and manufacturers, in a commercial and urban society.

This paper reconstructs the ways in which metaphors are used in the text of “The Wealth of Nations”. Its claims are: a) metaphor statements are basically similar to those in the “Theory of the Moral Sentiments”; b) the metaphors’ ‘primary subjects’ refer to mechanics, hydraulics, blood circulation, agriculture, medicine; c) metaphors may be lumped together into a couple of families, the family of mechanical analogies, and that of iatro-political analogies. Further claims are: a basic physico-moral analogy is the framework for (...) Smith’s psychological theory as well as for his overall social theory and for his theory of market mechanisms; a iatro-mechanical analogy is as pervasive as the physico-moral analogy and provides the framework for his overall evolutionary theory of society; the invisible-hand simile relies on the physico-moral analogy, and elaborates on the role of vis attractiva and vis a tergo in mechanics. (shrink)

The paper reconstructs the reception of Descartes's work by the Scottish Enlighteners, from Colin MacLaurin to Dugald Stewart. The Scots' image of Descartes was a byproduct of a scientific controversy; philosophical arguments were brought into the picture more as asides than as a primary focus of interest. As soon as the Cartesian physics withered away as a real alternative to Newtonian physics, only the philosophical arguments were left, with no memory of the context out of which they originated, and the (...) focus of the discussion shifts from physics to the philosophy of mind and the theory of knowledge. (shrink)

I argue that the difference between the 17th century new moral science and Scholastic Natural Law Theory derived primarily from the skeptical challenge the former had to face. Pufendorf's project of a 'scientia practica universalis' was the paramount expression of an anti-skeptical moral science, a «science» both explanatory and normative, but also anti-dogmatic in so far as it tried to base its laws on those basic phenomena of human life that supposedly were outside the scope of skeptical doubt. Of the (...) Scholastic legacy to the new moral science, a dichotomy between an «intellettualistic» and a «voluntaristic» view of natural law (or between lex immanens and lex imposita). Voluntarism lays at the root both of theological views such as those of Calvinism and of political views such as those of Hobbes and Locke. A need to counterbalance undesirable implications of estreme voluntarism may account for much of 17th and 18th centuries developments in ethics and politics. Scottish natural jurisprudence, an expression of such quest for a third way between scepticism and extreme voluntarism, is less secular and more empirical than received wisdom admits of. One of its side-effects, namely a systematic, self-contained, and empirical economic theory, results from the search for a normative theory of social life on an empirical basis. The main tool for building such a theory, namely a view of societal laws as embedded in trans-individual mechanisms, derives from the voluntarist view of natural law as «imposed» law. Subsequent discussions of social issues based on the opposition of economic and ethical reasons originated partly from gross misreading of the Scottish natural jurisprudential framework for economic theory. (shrink)

My objections are: first, we may ask whether the achievement of The Wealth of Nations has been that of creating a new and more encompassing conceptual framework where already existing theoretical elements could be integrated and whether the growth of knowledge could have originated from a growth in the consistency of a theoretical framework which synthesized already existing individual elements; secondly, we may ask whether Smith's "tendentious" presentation of the positions of both predecessors and opponents might be some kind of (...) unavoidable sin and he might have been guilty of that sin because this was a price to be paid to his rhetorical strategy; thirdly, whether the fact that a text has been canonized at a certain moment in history for quite contingent reasons is no decisive proof of the intrinsic worth or lack of worth of the text in itself. (shrink)

I suggest that the image of Adam Smith suffers from an emphasis on the role of “utilitarian calculus”, besides on overlooking the role of a “Stoic” point of view from which vanity, selfishness, and even enlightened self-interest are ultimately valueless, and finally a restricted view of prudence.

Smith's views on moral luck have attracted little attention in the relevant contemporary literature on this subject.* More surprising, perhaps, the material in the secondary literature directly concerned with Smith's moral philosophy is rather thin on this aspect of his thought. In this paper my particular concern is to provide an interpretation and critical assessment of Smith on moral luck. I begin with a description of the basic features of Smith's position; then I criticize two particularly important claims that are (...) fundamental to his position; and I conclude with an examination of the significance of Smith's discussion in relation to the contemporary debate. * There is some change in this situation since this paper was originally published. (shrink)