This paper places Adam Smith within the long republican tradition, and offers an emancipatory reflection on the possible space of republican freedom within societies that harbour certain degrees of market activity. In doing so, it seeks to offer some criteria on the kind of political-institutional action that can be taken in modern societies in order to constitute markets that respect, and even promote, republican freedom. The paper is divided into four sections. Section 1 shows why Adam Smith's ethical-political analysis, which (...) was very influential in the shaping of classical political economy, can be presented as part of the broad republican tradition. Section 2 reflects on the possibilities for a realisation of republican freedom within markets. What I call 'commercial republicanism' is here analysed as a project for modern societies. Section 3 assesses the difficulties for commercial republicanism to unfold within capitalist societies, the structural features of which prevent individuals and groups from enjoying the kind of undominated social relations the republican tradition has always pleaded for. Finally, section 4 draws some conclusions on the epistemic and political meanings of commercial republicanism as an emancipatory project for contemporary societies. (shrink)

The ArugmentThis essay answers a single question: what was Robert Hooke, the Royal Society's curator of experiments, doing in his well-known 1665 work,Micrographia?Hooke was articulating a “universal cure of the mind” capable of bringing about a “reformation in Philosophy,” a change in philosophy's interpretive practices and organization. The work explicated the interpretive and political foundations for a community of optical instrument users coextensive with the struggling Royal Society. Standard observational practices would overcome the problem of using nonstandard instruments, while inherent (...) inrepresentation– the interpretive practice championed in the text – were important theological and political meanings. Hooke's kind of experimental philosophy undermined the claims made by “atheists” and “enthusiasts” – the enemies of the restored church and state – while also producing useful knowledge. Equally important, Hooke modeled the community described inMicrographiaupon the classicalres publica, but his community made important concessions to Restoration political realities, especially the growing role of commercial or transactional relationships. (shrink)

Abstract Reversing the arguments of Anderson, Gellner, and Hobs?bawm, Liah Greenfeld contends that it is nationalism that produces economic development. Specifically, she claims that nationalism inspired three seminal economic thinkers: Marx, List, and Smith. However, Greenfeld's ideological preferences lead her to a problematic conception of individualism as nationalism, as well as to flawed treatments of Smith, List, and Marx. Nationalism is better understood as an attempt to address the deepening conflict between the imperative of community and the secular trends of (...) the marketplace, which challenge national sovereignty and democracy. (shrink)

As late twentieth-century discourses of modernity and postmodernity invoke their Enlightenment heritage in a search for the origins of their present achievements and predicaments, Adam Smith's works are still seen as a canonic representative of that heritage. Smith has long been evoked as the ‘father’ of economics and the original proponent of laissez-faire capitalism, but the political changes in recent decades have reconstituted his iconic status. With the full range of Smith's published and unpublished writings and lectures now widely available, (...) there has been a huge growth in the scholarly literature on Smith which has subjected this traditional view to searching questions. The overwhelming conclusion to emerge is that Smith's works display a subtlety and complexity that is at odds with the received image of Smith as the spokesman of modernity, but the diversity of interpretation raises some difficult methodological issues. (shrink)

In Modernism as a Philosophical Problem Robert Pippin offers an interpretation of post-Kantian continental philosophy that locates the project of autonomy or self-determination at the center of the modernity/postmodernity debate and presents Hegel as a kind of radical, post-Kantian modernist, whose philosophical "experiment" is preferable to more recent attempts to overcome or deconstruct metaphysics. I raise some questions about the adequacy of Pippin's interpretation of Hegel's notion of a rational justification, at least as it bears on his argument in the (...) Philosophy of Right, and I express some reservations about Pippin's own attempt to view modernity in terms of the project of autonomy. I conclude with some reasons for preferring Habermas's account of modernity which, without abandoning the project of autonomy, relinquishes the idea of a self-grounding of reason and proposes a more modest role for philosophy within the current division of intellectual labor. (shrink)

In this article, I consider Grouchy's critique of economic inequality and her proposed solution to what she perceives as this grave social ill. On her view, economic inequality chips away at the bonds of accountability in society and prevents people from seeing one another as moral equals. As a step toward restoring these bonds between people, Grouchy argues that: first, we should expand property ownership, thereby giving each person a stake in the community; second, we should ensure access to education (...) and redirect its aims, to provide people with the necessary tools to reason about the common good. In so doing, Grouchy claims, we can reawaken the sense of accountability that people have to one another in community. (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)

The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith's writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton's theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith's general providential account (...) of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis. (shrink)

From the seventeenth to the mid?nineteenth centuries, the language of natural law and natural rights structured the commitment of liberalism to the development of both a market society and democratic political institutions. The existence of widespread poverty was seen, at various times, as a problem to be resolved either by an expanding commercial/capitalistic society or through democratic political reform. As Thomas Home shows in Property Rights and Poverty, liberalism as apolitical theory has, from its origins, been deeply committed to (at (...) least a minimalist) social welfare policy. Nevertheless, not only have the dimensions of the problem of poverty increased with the growth of democratic capitalist society, but also, viewed from an historical perspective, it is the problem of poverty that exposes the fundamental tensions at the heart of liberal political theory. (shrink)

Abstract Differing interpretations of the political thought of David Hume have tended to emphasize either conservative, gradualist elements similar to Burke or rationalist aspects similar to Hobbes. The concept of indirect utility as used by Hume reconciles these two approaches. Indirect utility is best illustrated by Hume's conception of justice, in contrast to his conception of benevolence, which yields direct benefits. This understanding of Hume's consequentialism also helps underscore certain egalitarian aspects of Hume's thought.

In the Theory of Moral Sentiments, Adam Smith observed that we live in a fundamentally conflictual world. Although he held that we are creatures who sympathize, he also observed that our sympathy seems to be constrained by geographical limits. Accordingly, traditional theories of cosmopolitanism were implausible; yet, as a moral philosopher, Smith attempted to reconcile his bleak description of the world with his eagerness for international peace. Smith believed that commercial intercourse among self‐interested nations would emulate sympathy on a global (...) scale, balancing national wealth and international peace without a coercive apparatus to enforce compliance with international law. (shrink)

Unfortunately, Adam Smith’s undeserved legacy as a proponent of laissez-faire and liberal institutions at the international scope inhibits profiting from his refined analysis of international affairs. I argue that the Wealth of Nations’ chapter on colonies contains Smith’s discussion of the sovereign’s adaptation to ignorance in global politics. I examine the sense in which the sovereign is ignorant according to Smith and how sovereigns adapt to ignorance with varying success. His comparative analysis suggests that reduction of one’s share in ignorance (...) is not always desirable, and a priori rejection of ignorance is impractical because it deprives of a potentially advantageous resource. A careful reading of his work enables learning from his approach to global politics, without filtering it through his ideas on the free market. (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)

REVOLUTIONARY POLITICS AND LOCKE S TWO TREATISES OF GOVERNMENT by Richard Ashcraft Princeton: Princeton University Press, 1986. 613 pp., $65.00, $15.00 (paper) LOCKE'S TWO TREATISES OF GOVERNMENT by Richard Ashcraft London: Allen & Unwin, 1987. 316 pp., $34.95.

Around the time of World War II, just as the American state was acquiring new levels of capacity for autonomous action, the state was dropped from American social science, as part of the reaction to the rise of totalitarianism. All traces of state autonomy, now understood as “state coercion,” were expunged from the image of American democracy. In this ideological climate, the “society‐centered” frameworks of pluralism and structural‐functionalism that Skocpol criticizes swept the field. Skocpol's call for a return to a (...) Weberian understanding of the (potential) autonomy of government administrators may be complemented by a Weberian understanding of the (potential) autonomy of democratic leaders. (shrink)

Motivation crowding out can lead to a reduction of ‘higher’ virtues, such as altruism or public spirit, in market contexts. This article discusses the role of virtue in the moral and economic theory of Adam Smith. It argues that because Smith’s account of commercial society is based on ‘lower’ virtue, ‘higher’ virtue has a precarious place in it; this phenomenon is structurally similar to motivation crowding out. The article analyzes and systematizes the ways in which Smith builds on ‘contrivances of (...) nature’ in order to solve the problems of limited self-command and limited knowledge. As recent research has shown, a clear separation of different social spheres can help to reduce the risk of motivation crowding out and preserve a place for ‘higher virtue’ in commercial society. The conclusion reflects on the performative power of economics, arguing that the one-sided focus on models of ‘economic man’ should be embedded in a larger context. (shrink)

In spite of the numerous occasions on which Adam Smith expresses his reservations regarding the morality of commercial societies, there seems to be an agreement that he believed such systems to be fundamentally just. To some, this is so because they attribute to Smith a concept of justice which is narrowly confined to the ‘right to have [one's] body free from injury, and [one's] liberty free from infringement’ . In a world where people have an interest in the fortune of (...) others regardless of how selfish their motives for action might be, injuring someone else's body or restricting someone else's liberty is unlikely to be the behavioural norm. To others, natural liberty in the sphere of economic activity is just not only because individuals behind the system naturally comply with justice in its commutative sense, but also because the system itself generates justice in the distributive sense. Such arguments are based on either the working of the invisible hand — which produces the ‘same distribution of the necessities of life, which would have been made, had the earth been divided into equal portions among all its inhabitants …’ — or on the approval of the ‘impartial spectator’ of the distribution which is associated with the natural price. (shrink)