It is argued that Adam Smith criticizes David Hume's account of the origin of and continuing adherence to the rule of law for being not sufficiently Humean. Hume explained that adherence to the rule of law originated in the self-interest to restrain self-interest. According to Smith, Hume does not pay enough attention to the passions of resentment and admiration, which have their source in the imagination. Smith's offers a more naturalistic and evolutionary account of the psychological pre-conditions of the establishment (...) and morality of justice than Hume had. Yet, Smith's account also makes room for a thin conception of Lockean natural right to property, while rejecting the contractualist and rationalistic elements in Locke. It emerges that Smith severs the intimate connection that Hobbes and Hume made between justice and property. (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)

Hume and Smith advance different answers to the question of whether sympathy can ever be the foundation of the moral order. They hold contradictory views of sympathy, called here ‘the Fellow-Feeling Paradox’. For Hume, fellow-feeling tends to reverberate in society, leading to the socialization of the individual and even mob (collective) psychology. Hence, sympathy cannot be the foundation of the moral order. In contrast, for Smith, fellow-feeling develops into critical judgment of the emotions/actions, leading to individual moral autonomy even self-command. (...) Hence, sympathy can be the foundation of the moral order. This paper provides a resolution of the two answers. (shrink)

The interpretive strategy of this article is to identify the joint stock company as an independent unit of analysis in Adam Smith's theory of international political economy. Such companies, in Smith's view, had corrupted and captured many European and non-European governments and undermined their societies' ability to engage in peaceful transnational affairs and equitable self-rule. In contrast with Smith's well-known concerns about the rise of commerce in modern Europe in his four-stage account of social development-- which were outweighed, in his (...) view, by the many material benefits and personal liberties brought about by the eclipse of feudalism--his narrative of globalization offers a trenchantly critical appraisal of commercial practices that ultimately undermine many of the gains that the initial rise of modern commerce once made possible. Even in his rare moments of optimism about the future of global relations, Smith remained deeply ambivalent about globalization. (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)