In this article, I examine two competing republican ideals of a free society of equals in the eighteenth century. I claim that while the value of nondependency was central to the economic outlooks of both Adam Smith and Richard Price, their evaluations of free-market practices were dramatically distinct. In doing so, I introduce a new interpretation of the typologies of republicanism in the eighteenth century.

John Rawls raises three challenges – to which one can add a fourth challenge – to an impartial spectator account: (a) the impartial spectator is a utility-maximizing device that does not take seriously the distinction between persons; (b) the account does not guarantee that the principles of justice will be derived from it; (c) the notion of impartiality in the account is the wrong one, since it does not define impartiality from the standpoint of the litigants themselves; (d) the account (...) would offer a comprehensive, rather than a political, form of liberalism. The narrow aim of the article is to demonstrate that Adam Smith's impartial spectator account can rise to Rawls's challenges. The broader aim is to demonstrate that the impartial spectator account offers the basis for a novel and alternative framework for developing principles of justice, and does so in the context of a political form of liberalism. (shrink)

ABSTRACTWe can easily misread historical texts if we take ideas and passages out of their textual contexts. The resulting errors are widespread, possibly even more so than errors through reading ideas and passages out of their historical contexts. Yet the methodological literature stresses the latter and says little about the former. This paper thus theorises the idea of textual context, distinguishes three types of textual context, and asks how we uncover the right textual contexts. I distinguish four kinds of textual-context (...) error, and offer practical tips for avoiding these errors. However, the beating heart of this paper is the history–philosophy debate: in contrast to the prevailing assumption that historical and philosophical analysis are fundamentally different, I show that a commitment to textual context, which should be entirely uncontroversial, also commits one to think philosophically. (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)

ABSTRACTIn this paper, I address the question of what we are really after when we seek Smithian mutual sympathy; I also show how the answer I propose can be used to illuminate a crucial feature of Smith's moral philosophy. The first section develops a Smithian response to egoistic interpretations of the desire for mutual sympathy. The second section identifies a number of different self- and other-relevant ways in which one could desire mutual sympathy. Some of these different ways of desiring (...) mutual sympathy comprise a spectrum of degrees of self-centredness; others comprise a spectrum of degrees of other-centredness. The third section shows that the spectra of ways of desiring mutual sympathy can be used to explain the kind of sincere, motivating attachment to morality characteristic of fully developed Smithian moral agents. (shrink)

Smith’s statements on wealth and happiness are paradoxical. On the one hand, Smith states that individuals’ pursuit of wealth is beneficial for society because it leads to economic growth and establishes rank and order in society. On the other hand, he appears to say that pursuit of wealth leaves individuals unhappy. Griswold refers to this as ‘comic irony’. In this paper, by examining what Smith says about wealth and happiness, we attempt to resolve this paradox. Towards this end, we analyze (...) the unconscious that is implicit in the Theory of Moral Sentiments. As we will describe, analyzing Smith’s statements by considering the role of the unconscious implies that the pursuit of great wealth can make individuals happy. (shrink)

This article reconstructs Adam Smith’s contribution to the conversation on the nature and value of free government in the eighteenth century. Smith contributes to this conversation in two ways. First, by embedding the idea of free government in a narrative of the progress of government, which traces the interplay between natural progress and social circumstances, and culminates in the establishment of modern free government in Britain. Second, by offering a theory of the form of free government fit for modern commercial (...) states. Drawing on the “rational system of liberty” established in Britain, the Smithian model of free government is based on a “happy mixture” of republicanism and monarchism. Looking beyond the rational system, it merges the traditional concern for constitutional security against arbitrary power with a new science of policy intended to moderate the oppressive inclinations of legislators. The article contests Duncan Forbes’ reading of Smith as questioning the relation between individual liberty and free government, and brings Smith closer to Quentin Skinner’s work on the neo-Roman understanding of liberty. It suggests that Smith’s work may offer insight into some of the ways in which neo-Roman ideas were being creatively reformulated in the eighteenth century. (shrink)

This paper discusses Adam Smith's views of social justice. It first describes Smith's optimistic view of markets, for example with regard to the absence of negative externalities, which implies that he considered certain normative problems to be the exception rather than the rule. Then, Smith's views on redistribution are discussed: although he is sympathetic to progressive taxation, his main focus remains on free markets, which can partly be explained by his distrust of politicians. If one takes a closer look as (...) Smith's views of markets, however, it turns out that one of the reasons why he endorses them is their distributive features. He saw them as an antidote to the inequalities of the feudal age, offering all individuals an opportunity to work their way up to a decent standard of living and leading to more equality in the long run. Thus, Smith's account, while out-dated in certain ways, can serve as an inspiration for thinking about distributive justice not only as a question of redistributive taxation but also as a question of the institutional design of markets. (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)

It is argued that, in reworking the sentimentalist tradition of Hutcheson and Hume, Smith endeavours to tackle some of its main problems, i.e. the weakness of the foundation it provides for moral duty and its possible reduction of moral beliefs to subjective feelings. Smith addresses these problems by recovering, through his doctrine of the impartial spectator, the traditional notion of conscience, which had been given a secondary role by Hutcheson and had been entirely dropped by Hume. It is argued that, (...) in so doing, Smith reconnects to Butler’s reflection on the authority of conscience. However, Smith offers an original account of the genesis of conscience, and of its normative power, and insists much more on the role of general norms of justice. (shrink)

Adam Smith’s Theory of Moral Sentiments has long been recognized as importantly influenced by, and in part responding to, David Hume’s earlier ethical theory. With regard to Smith’s account of the foundations of morals in particular, recent scholarly attention has focused on Smith’s differences with Hume over the question of sympathy. Whilst this is certainly important, disagreement over sympathy in fact represents only the starting point of Smith’s engagement with – and eventual attempted rejection of – Hume’s core moral theory. (...) We can see this by recognizing the TMS’s account of moral foundations as predicated upon a rejection of Hume’s distinction between the natural and artificial virtues. Smith is in turn revealed as generating a major break with Hume – a break which, if based on a superior theory of moral foundations has important consequences for how we treat Smith and Hume in both the history of philosophy and contemporary moral theory. (shrink)

This paper aims to do two things. First, it describes the place that Adam Smith actually occupies in current research occurring at the boundaries of new interdisciplinary social-science fields such as evolutionary anthropology, evolutionary psychology, neuro-economics and behavioral economics. Second, it suggests a way in which Smith's place in the debates with which these subjects are concerned may be more properly defined and conceptualized. Specifically, the paper focuses on the controversial new theory of strong reciprocity, and on the reputation effects (...) that its critics think that theory neglects. (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)

ABSTRACT In his essay, “Of the Nature of That Imitation Which Takes Place in What Are Called the Imitative Arts,” Adam Smith discusses two examples, topiary and false jewels, apparently coming to opposed conclusions: that aesthetic value is, and that it is not, independent of market value. I unpack the reasoning behind these conclusions, arguing that Smith’s position is consistent: he recognizes that aesthetic value can be occluded by market prices—as when one dismisses the beauty of something cheap out of (...) snobbery—or heightened by them, as in the case of the aesthetic value of magnificence. Because aesthetic value can thus be heightened or corrupted by market value on Smith’s analysis, I suggest, speculatively, that for Smith the bad influence of economic considerations in aesthetic matters (faulty snobbery or an economically-derived corruption of taste) is identified by reference to moral, not purely aesthetic criteria. (shrink)

This article analyses Adam Smith's and Sophie de Grouchy's accounts of sympathy to show how they arrive at strikingly different views on whether inequality is a threat to, or precondition of, social order. Where many scholars have recently sought to recover Smith's egalitarianism, I instead focus on how his account of sympathy in The Theory of Moral Sentiments naturalises socioeconomic inequalities, while also highlighting the wider inegalitarian implications of his analysis. I demonstrate that Grouchy was alert to these implications and (...) reveal how her own account of sympathy challenges the moral psychology underlying Smith's position on inequality. By reconstructing Grouchy's response to Smith, I illustrate how retrieving the insights of long‐overlooked thinkers can reorient the way we understand key debates in the history of philosophy, since Grouchy was far more concerned than Smith with exposing how economic inequality imperils the prospects of relating to one another as equals. (shrink)

Both Protestant theologians and “preference” economists believe that freedom is necessary for moral action, but such theologians and economists have seemingly irreconcilable accounts of freedom and, thus also, morality. Instead of learning from each other, they typically ignore each other or claim that one field reigns supreme over the other. This essay digs into the theological and economic traditions of each side to find points of similarity between them. It engages Adam Smith and Ernst Troeltsch to develop a view of (...) “ethical freedom” that pulls together the “libertarian freedom” emphasized by preference economics and the “egalitarian freedom” emphasized in much Protestant theology. The three-part view of freedom draws the disciplines together and opens possibilities for a more robust theory of moral action. (shrink)

This article casts light on the intimate relationship between metaphysics and science in Adam Smith’s thought. Understanding this relationship can help in resolving an enduring dispute or misreading concerning the status and role of natural theology and the ‘invisible hand’ doctrine. In Smith’s scientific realism, ontological issues are necessary prerequisites for scientific inquiry, and metaphysical ideas thus play an organizing and regulatory role. Smith also recognized the importance of scientifically informed metaphysics in science’s historical development. In this sense, for Smith, (...) the metaphysico-scientific link, was a basic criterion of scientific validation by Inference to the Best Explanation. Furthermore, Smith’s comments implicitly suggest that in scientific progress there is a dialectic between metaphysics and science. These themes are illustrated primarily through his writings on the history of astronomy. (shrink)

The paper points out that Adam Smith’s famous argument about the “invisible hand” (IH) of markets can be inverted. While the IH argument suggests that the baker and butcher do what is in their costumers’ interests not because they care for their costumers, but out of their own self-interest, one can also defend the converse claim: if one cares for other people and finds a way to satisfy their needs, one can expect that those others will be willing to pay (...) for the satisfaction of their needs. The paper argues that the IH argument has a strong link to the view that the ultimate goal of management should be “profit maximization” and to neo-liberalism’s tenet that in a market economy where companies attempt to maximize profits, a “socially optimal” allocation will be achieved. It is argued, however, that profit maximization is well-defined only within a mathematical model, while real-world decision-making requires one to choose the “relevant set” of options before any assessment of associated profits can be attempted. “Profit maximization” is therefore characterized as a heuristic for managerial decision-making, and it is pointed out that it is by no means essential for management to be successful and sustainable. The inverse IH argument supports natural alternatives, such as Prahalad and Hart’s “bottom-of-the-pyramid” and Yunus’s “social entrepreneurship” approach. Both require the manager to focus on people’s needs first, and regard the “money-making” aspect as secondary. (shrink)

This article examines Adam Smith’s views on animals, centering on the singularity of his economic perspective in the context of the general early ethical debate about animals. Particular emphasis is placed on his discussions of animals as property. The article highlights the tension between Smith’s moral sensitivity to animal suffering on the one hand, and his emphasis on the constitutive role that the utilization of animals played in the progress of civilization on the other. This tension is depicted as a (...) precursor of problematic aspects of the modern environmental crisis. (shrink)