Adam Smith

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)

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)

A short discussion of the notions of self-love and self-interest in early modern ethics and the shaping of political economy.

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)

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 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 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.

First, the book does not have an original thesis. The thesisthe author wants to argue is that Smith is different from his current caricature, a legacy of his nineteenth-century image, according to which he would argue that: i) man is a maximizer of utility; ii) man is ordinarily moved by a narrow selfish interest, or at least is indifferent to the interests of others; iii) human beings are social atoms; iv) a perfectly competitive market is morally a free zone (pp. (...) 4-5). The author recognizes that these interpretations "are being questioned by many scholars". contemporary", however, reiterates his conviction that these interpretations are still prevalent, and cites in this regard the abuse of the name of Smith by the Chicago school (p.6). If the author's aim is to challenge a caricature, still common among non-experts but no longer shared by Smith's scholars, one may wonder whether this justifies a new book. Secondly, the author does not demonstrate mastery of the state of the art. She wants to demonstrate the non-existence of Adam Smith Problem, not only without any direct knowledge of German literature but ignoring an important article by Heilbroner from 1981 and a fundamental essay by Dickey from 1986 that explicitly advocate an exhumation of the "Adam Smith problem" in a new form. Thirdly, the author lacks the ability to understand concepts and problems in contextual terms: where she mentions Adam Smith's 'Newtonianism' she does not prove to be familiar with the literature on the subject, citing Lindgren as the only authority and ignoring, among others, Moscovici, Skinner, Hetherington and Freudenthal, but also seems to understand by Newtonianism an equivalent of deterministic and materialistic mechanicism (pp. 48-51). Besides, every time she uses the term utilitarianism he confuses it with the terms hedonism, economicism, selfishness (p. 155). (shrink)

A discussion of Donald Winch's 'Adam Smith's Politics'.

Alongside the aspects of interest in the history of ideas in general, this text is of great interest to the economist and the philosopher of economics. The parts on Smith and Marx are a demonstration of how it is possible to make a history of scientific thought that explains the incongruities of the history of thought in front of which Schumpeter stops: these incongruities cease to be mysterious, and indeed they acquire full meaning if we accept the idea of considering (...) in scientific texts not only what is said explicitly, i.e. the analytical instruments, but also the unsaid, i.e. the unspoken assumptions, traditions and ideology. (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.

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.

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

A discussion of the Italian edition of Adam Smith's moral work edited by Eugenio Lecaldano.

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.

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)

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

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

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

A discussion, based on Pownall's reading of ‘The Wealth of Nations’, of the Newtonian heritage in Adam Smith's project of a moral science encompassing political economy as one of its sub-disciplines and refusing any essentialist grounding of the theory in ultimate characteristics of human nature.

The novelty in Smith’s way of looking at the economy is the discovery of a social character of wealth, something new in comparison with its definition in physical terms by the Physiocrats. The possibility of carrying out such an idealization was a result of the adoption of a Newtonian, as opposed to a Cartesian, epistemology, where an intermediate and provisional character of theoretical entities is explicitly accepted, dropping Cartesian strong epistemological realism.

I sketch a history of the evolving relationship between ethics and economics as discourse, and I venture a few conjectures on interactions between such evolution and the evolving relationship between economic subsystem and moralities qua sub-systems in ancient, early modern and modern societies.

The relationship between Adam Smith's official methodology and his own actual theoretical practice as a social scientist may be grasped only against the background of the Humean project of a Moral Newtonianism. The main features in Smith's methodology are: (i) the provisional character of explanatory principles; (ii) 'internal' criteria of truth; (iii) the acknowledgement of an imaginative aspect in principles, with the related problem of the relationship between internal truth and external truth, in terms of mirroring of 'real' causes. Smith's (...) Newtonian (as opposed to Cartesian) methodology makes room for progress in social theorizing in so far as it allows for a decentralization of the various fields of the Moral Science, contributing to the shaping of political economy. On the other hand, the Cartesian legacy in Smith's Newtonian methodology makes the relationship between phenomena and theoretical principles highly problematic. (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)

The chapter reconstructs the developments of a basic idea, namely the physical-moral analogy, in the works of the Scottish Enlighteners. The opposition of a 'Newtonian' to a 'Cartesian' approach yields the program of an 'experimental' moral science. This program, in turn, was never implemented but yielded nonetheless an unintended result the shaping of political economy as an empirical science, distinguished to a point from moral philosophy and theology.

The chapter reconstructs the eighteenth-century discussion on commerce and virtue in the light of Hirschman's, Pocock's, Polanyi's, and Viner's interpretations of that discussion. The claims put forth are: the history of the emerging of modern market society has been heavily conditioned by a teleological and deterministic interpretation of history; the eighteenth-century discussion cannot be read neither in terms of ideologies nor in terms of the history of economic analysis; a 'strategic' reading is fruitful in so far as it allows two-ways (...) interactions between discourse and social facts. (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)

Both Adam Smith's epistemology and his politics head to a stalemate. The former is under the opposing pulls of an essentialist ideal of knowledge and of a pragmatist approach to the history of science. The latter still tries to provide a foundation for a natural law, while conceiving it as non-absolute and changeable. The consequences are (i) inability to complete both the political and the epistemological works projected by Smith; (ii) decentralization of the social order, giving rise to several partial (...) orders, such as that of the market. (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)

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)

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)

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)

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 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)

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)

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)

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)

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)

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)

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)

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)

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)