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)

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)