In this paper, I argue that, in his Theory of Moral Sentiments, Adam Smith conflates two different meanings of ?self-command?, which is particularly puzzling because of the central role of this virtue in his theory. The first is the matrix of rational action, the one described in Part III of the TMS and learned in ?the great school of self-command?. The second is the particular moral virtue of self-command. Distinguishing between these two meanings allows us, on the one hand, to (...) solve some apparent paradoxes of the text; and, on the other, to identify various features of both the practical reason and deontological ethical traditions that are present in Smith's sentimentalism, enriching his phenomenological account of moral actions. (shrink)

ABSTRACTCommerce changes the production of wealth in a society as well as its ethics. What is appropriate in a non-commercial society is not necessarily appropriate in a commercial one. Adam Smith criticizes Stoic self-command in commercial societies, rather than embracing it, as is often suggested. He argues that Stoicism, with its promotion of indifference to passions, is an ethic appropriate for savages. Savages live in hard conditions where expressing emotions is detrimental and reprehensible. In contrast, the ease of life brought (...) about by commerce fosters the appropriate expressions and sharing of emotions. Imposing Stoicism on a commercial society is therefore imposing an ethic for savages onto a refined society – something to abhor. Smith’s rejection of Stoicism in commercial societies can thus be seen as a defence of commerce. (shrink)

Propriety and self-command are distinctive and complex Smithian concepts. This essay attempts to shed more light on the meaning and significance of propriety and the virtue of self-command. After a brief introduction on the recent reappraisal of The Theory of Moral Sentiments, a short analysis of Smith’s crucial idea of sympathy follows. Then the relevance of propriety is discussed and some connections between propriety and the virtue of self-command are explored. Finally, the importance of Smith’s self-command is reassessed, paying attention (...) to its origins and philosophical implications. It is noteworthy that, through self-command and propriety, TMS stresses the role of intentions and motivations. By doing so, Adam Smith opens up new threads to rethink personal liberty and its ethical importance for political economy. (shrink)

El artículo analiza el papel del resentimiento en la Teoría de los sentimientos morales de Adam Smith y su conexión con el proceso de la simpatía mutua por medio del cual el “espectador imparcial” asume plenamente el resentimiento de la víctima, al considerar que su pasión se rige por los principios de la propiedad y la justicia. Se sostiene que el resentimiento no solo cumple un rol central en la teoría del castigo de Adam Smith, en la medida en que (...) permite retribuir, disuadir y rehabilitar al victimario sino que, además, aporta a la discusión contemporánea sobre el perdón y la reconciliación, pues convoca la posibilidad de superar el resentimiento y restablecer las relaciones sociales entre el agresor y la víctima. (shrink)

In order to operate effectively, modern capitalism depends on agents who evince a rather morally undemanding type of moral character; one that is acquisitive, pecuniary, recognition-seeking and merely prudent. Adam Smith is considered to have been the key legitimiser of this archetype. In this paper I respond to the view that Smith is actually sceptical about the value of material acquisition and explore whether he really believed that the pursuit of tranquillity and virtue—especially beneficence—offers a superior route to happiness than (...) the commercial world of materialist acquisition. I approach these issues partly by considering the roles of beneficence and sympathy in Smith's system and partly by analysing the story of ‘The Poor Man's Son’ related in Book IV of The Theory of Moral Sentiments. As he narrates this story, Smith seems highly critical of the unrelenting drive for worldly success. But what is the real moral of the story? Should people contain their ambition for recognition and material succe... (shrink)

This paper argues that economics, over the past 200 years, has become steadily more anti-philosophical and that there are three stages in the development of economic thought. Adam Smith intended economics to be a descriptive social science, rooted in an understanding of the moral and psychological processes of an individual’s decision-making and its connection to society in general. Yet, immediately after Smith’s death, economists made a clean cut and invented a totally new discipline: they switched towards a physicalist understanding of (...) human nature. Humans, like atoms, follow a natural law: they are driven by an emotion (defined as a non-emotion, rationality), namely selfishness. Thus economics became a ‘natural’ science. In the 20th century, the second reinterpretation removed all traces of humanity from the study of economics and declared economics to be a formal science like mathematics and logics. The actor in Phase 3 economics is homo economicus syntheticus, a postulate whose only connection to real humanity is the word homo. The paper asks what the results of this dramatic relocation are and why Phase 3 economics still claims descent from Smithian economics, despite the massive differences. (shrink)

In both the public and the business world, in academe as well as in practice, the ideas of Adam Smith are regarded as the bedrock of modern economics. When present economic conditions and management practices are criticised, Adam Smith is referred to by defenders and detractors of the current status quo alike. Smith, it is believed, defined the essential terms of reference of these debates, such as the rational pursuit of self-interest on part of the individual and the resultant optimal (...) allocation of goods in free markets thanks to the workings of an “invisible hand.” In this article, we question whether this standard view of Smith, the economist, is tenable. We provide an extensive review of the extant secondary literature from economists, business ethicists, and philosophers, comparing their assessments to crucial elements of Smith’s theoretical system. As a result, we show that Smith, far from being an advocate of a value-free or even value-averse conception of economic transactions, stood for a virtue-based and values-oriented model of business. Accordingly, we argue current management education and the pedagogy of business ethics ought to be changed, and certain strategic conclusions drawn for business practice. (shrink)

A recent wave of scholarship has challenged the traditional way of understanding of self-command in Adam Smith’s Theory of Moral Sentiments as ‘Stoic’ self-command. But the two most thorough alternative interpretations maintain a strong connection between self-command and rationalism, and thus apparently stand opposed to Smith’s overt allegiance to sentimentalism. In this paper I argue that we can and should interpret self-command in the context of Smith’s larger sentimentalist framework, and that when we do, we can see that self-command is (...) ‘sentimentalized’. I offer an interpretation of Smithian self-command, arguing that self-command has its motivational basis in the natural desire for the pleasure of mutual sympathy; that self-command is guided by the sentimental standard of propriety; and that self-command works through the psychological mechanism of the ‘supposed’ impartial spectator. And I show that Smithian self-command is a home-grown, sentimentalist virtue and not an awkward rationalistic transplant. (shrink)