Resumen Los escándalos de corrupción dados a conocer durante los últimos tres años en Latinoamérica, además de reflejar el modo en que la corrupción mueve los engranajes de las instituciones y organizaciones empresariales, pueden considerarse como uno de los principales detonantes de la aporofobia y ceguera moral que aqueja a nuestras sociedades. Teniendo en consideración los resortes que activan ambos fenómenos, el presente artículo explora las posibilidades que tiene la simpatía smithiana para desactivarlos, así como el aporte social de ésta (...) en la lucha contra la corrupción que cualquier país pudiera emprender.The corruption scandals unveiled during the last three years in Latin America, in addition to reflecting the way in which corruption moves the gears of the institutions and business organizations, can be considered as one of the main triggers of the aporophobia and moral blindness that afflicts our societies. Considering the springs that activate both phenomena, this article explores the possibilities that smithian sympathy has to deactivate them, as well as its social contribution in the fight against corruption that any country could undertake. (shrink)

Catholic Social Teaching takes a rather cautious view toward the value of the ideas of Adam Smith, due to his emphasis on negative political and economic liberty. Detractors of Smith within CST point to what they consider to be deficiencies within his works: an impoverished moral anthropology, a lack of concern for the common good, and markets untethered to human needs. Defenders of Smith within CST tend to emphasize the material benefits that derive from Smithian institutions, such as economic growth, (...) improvements in standards of living, and the new opportunities that arise from cultures focused on innovation. This paper argues that Smith’s ideas have real value for CST. However, this value primarily lies in his moral psychology. While not denying the dangers of business activity for our moral lives, Smith also helps us to understand the possibility of the moral corruption of those who wield political power, thus providing an indirect defense of political and economic liberty that coheres with important Christian ethical notions found in CST. This is the case even though CST does not consistently recognize concerns surrounding the dangers of wielding political power—and thus Smith’s arguments offer real challenges to CST as well. This paper further suggests that these basic insights are relevant regardless of one’s favored institutional arrangements. (shrink)

There is a long and tortuous history of misinterpreting Smithian social theory. After rehearsing that history we offer here a way of understanding Smith that, unlike much of recent revisionist Smith scholarship, does not further add to this confusion. Our proposal is to understand the relation between moral and economic behaviour in Smith as analogous to the way in which Habermas makes strategic (and normatively oriented) behaviour parasitic on a more basic communicative competence. Given this analogy, it is ironic that (...) Habermas's own understanding of Smith's theory also leaves much to be desired. (shrink)

In this paper, I examine the claim that Rawls’s overlapping consensus is too narrow to allow most mainstream religions’ participation in political discourse. I do so by asking whether religious exclusion is a consequence of belief or action, using conversion as a paradigm case. After concluding that this objection to Rawls is, in fact, defensible, and that the overlapping consensus excludes both religious belief and action, I examine an alternative approach to managing religious pluralism as presented by Adam Smith. I (...) show that Smith’s so-called “marketplace of religions” assumes and encourages religious conversion. I then offer objections to Smith’s approach from Rawls’s point of view, concluding that, while Rawls cannot adequately respond to the Smithian challenge, in the end the two positions are complimentary. (shrink)

The Adam Smith problem refers to a claimed inconsistency between the Theory of Moral Sentiments and the Wealth of Nations, regarding the portrayal of human nature in these two books. Previous research predominantly resolved the claimed inconsistency by uncovering virtuous, less selfish character traits in the Wealth of Nations. This article voices caution. I acknowledge – on methodological grounds – fundamental differences regarding the portrayal of human nature in Smith’s behavioral ethics, i.e. the Theory of Moral Sentiments, as compared with (...) Smith’s economic research. The key argument is that Smith’s two books address different research problems and hence do not, need not and cannot adopt the same view of human nature – for methodological reasons, so my argument. Adam Smith scholarship overlooked that Smith himself in considerable degrees understood “economic man” as a heuristic abstraction. I connect to the philosophies of science of Imre Lakatos and Karl Popper. (shrink)

It is a commonplace that the writers of eighteenth century Scotland played a key role in shaping the early practice of social science. This paper examines how this ‘Scottish’ contribution to the Enlightenment generation of social science was shaped by the fascination with unintended consequences. From Adam Smith's invisible hand to Hume's analysis of convention, through Ferguson's sociology, and Millar's discussion of rank, by way of Robertson's View of Progress, the concept of unintended consequences pervades the writing of the period. (...) The paper argues that the idea of unintended order shapes the understanding of the purpose of theoretical social science that emerges from the Scottish Enlightenment. (shrink)

Recent studies have investigated connections between Adam Smith’s economic and philosophical ideas and Catholic Social Teaching (CST). Scholars argue that their common background lies in their respective anthropologies, both endorsing a relational view of human beings. I raise one main concern regarding these analyses. I suggest that the relationality endorsed by Smith lacks a central element present in CST—the other-oriented perspective which is the intentional concern for promoting the good of others. Some key elements of CST, such as love, gift, (...) gratuitousness, and fraternity, find a very different space in Smith’s social view and very little space in his economic view. Moreover, I show how CST relationality is more in accordance with a civil economy view of the market as a place of fraternity and mutual assistance. (shrink)

The moral psychology of sympathy is the linchpin of the sentimentalist moral theories of both David Hume and Adam Smith. In this paper, I attempt to diagnose the critical differences between Hume's and Smith's respective accounts of sympathy in order to argue that Smithian sympathy is more properly suited to serve as a basis for impartial moral evaluations and judgments than is Humean sympathy. By way of arguing this claim, I take up the problem of overcoming sympathetic partiality in the (...) construction of a moral point of view, acknowledged by both writers, as my primary platform. My contention is that Humean sympathy is too mechanistic to actually deliver an impartial adjudicatory perspective, and that Smithian sympathy, with its evaluative, imaginative components, succeeds where Hume's account falls short. The paper is comprised of six sections: (i) introductory remarks, (ii) a discussion of Humean sympathy, (iii) a discussion of Smithian sympathy and its distinctness, (iv) a critical analysis of Hume's attempt to correct for sympathetic partiality in the construction of the judicial spectator's general point of view, (v) a critical discussion of sympathetic partiality in Smithian sympathy & (vi) a critical analysis of Smith's construction of the impartial spectator perspective as a moral point of view. (shrink)

This paper attempts to relax the tension between Adam Smith's claim that sympathy involves an evaluative act of imaginative projection and his claim that sympathy involves a non-evaluative act of imaginative identification. The first section locates the tension specifically in the two different ways Smith depicts the stance adopted by the sympathizer. The second section argues that we can relax this tension by finding an important role for a non-evaluative stance in Smith's normative account of moral evaluation. This solution protects (...) the continuity in Smith's account of sympathy (cf. Griswold 1999: 99–103). Because of the particular way in which it renders intelligible the relationship between the evaluative and non-evaluative stances, this solution also emphasizes the importance that respect for the agent's conscience has in Smith's conception of an ideal moral judge (cf. Darwall 2004; 2006). The third section investigates a possible systematic basis for Smith's normative commitment to respectful moral judgment. (shrink)

Over the past decade, corporate scandals have proliferated. These scandals, along with the emergence of the #MeToo movement and Environmental, Social, and Corporate Governance (ESG) mandates, have increased the scrutiny of corporations’ ethics culture. How have companies responded in terms of the language appearing in their public ethics documents? We compare the Code of Ethics in 2008 versus 2019 for a sample of S&P 500 firms. For the vast majority of firms, their Code of Ethics lengthened, with the average 2019 (...) code having 29% more words (about 1760 words) than the 2008 average. The language of the codes has also changed. Words such as _bribery, corruption, sustainability, speak up, bullying, slavery,_ and _human rights_ all saw significantly higher usage in the later period. We review possible reasons for the dramatic changes and suggest what questions remain about the motivations behind them. Whether the changes we observe are primarily intrinsically motivated or simply market responses to public pressures is yet to be determined. What is clear from our findings is that society seems to be entering a new age of increasingly moral—or, at least, moralized—corporate governance. (shrink)

Adam Smith’s is often falsely portrayed as having argued that radical selfishness is a force for the good and that this “invisible hand’ is his market mechanism. This paper argues that Smith’s real market mechanism, the sympathy manoeuvre, is a viable alternative to Schumpeterian and mainstream models of innovation in economics and also could help build a firmer theoretical basis for other approaches such as Responsible Innovation. To Smith all human activity was social and must be understood and explained in (...) terms of the sentiments involved. Discovery, for instance, is driven by three sentiments (wonder, surprise, admiration), economic activities by sympathetic imagination, the need for exchange, the need to better one’s position in life, and the need for gratitude. Through sympathetic imagination, his famous model of the impartial spectator, Smith elegantly connects the individual and society. Smith’s innovation process is thus an exercise in social construction and not a destructive process based on radical selfishness. The paper argues that this social innovation process is a viable alternative to the extant approaches that are essentially asocial and amoral (economism) or ideologically normative (Responsible Innovation). (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)

This paper explores the presence of both relativistic and universalistic elements in Adam Smith’s moral philosophy. It argues that Smith is more sympathetic to the concerns of anthropologists than most philosophers have been, but still tries to uphold the possibility of moral judgments that transcend cultural contexts. It also argues that the tensions between these aspects of his thought are not easy to resolve, but that Smith’s sensitivity to the issues that give rise to them makes him a useful figure (...) with whom to think through the relationship between anthropology and moral philosophy to this day. (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, in Wealth of Nations, used gravitation as a rhetorical metaphor and not in a formal philosophical sense, as used by Newton, Aristotle or Empedocles. Physical gravitational attraction is predictable, accurate and rule-bound; metaphoric gravity, as in relationships between natural and market prices, are neither strictly rule-based nor predictable. Market exchange relationships between independent people are subject to the vagaries of imperfect rhetorical persuasion....