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Publication date: 3 May 2007

Jack Russell Weinstein

Edward J. Harpham (2001, p. 139) once began an article by writing that “many Adam Smiths are presented to us in the secondary literature.” The new wave of Smith scholarship is so…

Abstract

Edward J. Harpham (2001, p. 139) once began an article by writing that “many Adam Smiths are presented to us in the secondary literature.” The new wave of Smith scholarship is so varied that one's reading of the 18th-century Scot is bound to change significantly as one switches secondary sources. While recent scholarship on Smith is, in fact, diverse in both its methodology and its overall picture of Smith's system, Harpham is wrong. There aren’t many Smiths. Essentially, there are just two: one that adopts a certain caricature bending A Theory of Moral Sentiments (hereafter TMS) into irrelevance, and one that regards him as a moral philosopher with a theory of political economy fully integrated into his ethics.

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A Research Annual
Type: Book
ISBN: 978-0-7623-1422-5

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Book part
Publication date: 17 July 2006

Jeffrey T. Young

Montes's interpretations of propriety and of self-command, the master Smithian virtue, led him to place Smith's ethics in the deontology camp with Immanuel Kant, clearly opposed…

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Montes's interpretations of propriety and of self-command, the master Smithian virtue, led him to place Smith's ethics in the deontology camp with Immanuel Kant, clearly opposed to the utilitarians. This is an issue that is worth pursuing for two reasons. First, the relation between Smith and Kant has not been sufficiently explored in the secondary literature. Samuel Fleischacker (1991, 1996) has investigated the lines of influence from Smith to Kant. There is, for example, a striking mention of the impartial spectator in the form of “an impartial rational spectator” in the Groundwork of the Metaphysics of Morals (Kant [1785] 1997, 4:393, p. 7), yet it is impossible to tell exactly and to what extent Kant's reading of Smith contributed to the development of his own thought. Be that as it may, there is, nonetheless, a logical consistency between Smith's description of the operation of the conscience, as agents learn to construct the perspective of an ideal impartial spectator from which to accurately judge their own thoughts and actions on the one hand and the categorical imperative on the other. Smith's emphasis on impartiality in judging and Kant's emphasis on universality seem to be just different ways of getting at the transcendent nature of true moral character and action. In Smith, then, it is the virtue of self-command through which agents participate in the molding of their own character and stir themselves up for right action (as judged from this ideal perspective). As Montes argues, the spectator judges self-command in terms of the spectator's sense of propriety, not through an analysis of the merit or demerit of an action. It is a deontological argument, not a consequentialist one. When properly understood, self-command entails the development of a morally autonomous agent, similar to Kant's. Thus, Montes concludes:The philosophical meaning of propriety, underpinned by the virtue of self-command, and the role of the conscience introduced by the supposed impartial spectator, situates the sympathetic process within a philosophical tradition that seems closer to Kant than to utilitarianism. (p. 53)

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-0-76231-349-5

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Book part
Publication date: 31 July 2008

Willie Henderson

This is an interesting collection by scholars who defended their theses between 2002 and 2004. It is focused on Adam Smith and treats Smith in a number of interesting though…

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This is an interesting collection by scholars who defended their theses between 2002 and 2004. It is focused on Adam Smith and treats Smith in a number of interesting though, perforce, loosely organized contexts. Part one gathers together three essays, by Hanley, on “Smith and Aristotle,” Kuiper, on Smith's “feminist contemporaries,” and Mitchell, on eighteenth century notions of “systems,” under the heading “Adam Smith, his sources and influence.” Part two contains five essays: Forman-Barzilai, on “connexion”; Von Villiez on a comparison of Smith and Rawls; Frierson on “Smithian environmental virtue ethics”; Brubaker on the “wisdom of nature”; and, lastly, Flanders, on “moral luck,” all under the heading “Adam Smith and Moral Theory.” Part three organized under “Adam Smith and economics” contains three essays, one each by Hurtado-Prieto, on Smith and Mandeville, Montes (one of the joint editors) on “Smith and Newtonianism,” and Paganelli, on “vanity” and “paper money.” The last section, part four, contains three essays one each by Smith, on “progress,” Trincado, on “Smith's criticism of the doctrine of utility,” and Schliesser (the other joint editor), on Smith's “conception of philosophy.” The range of the contributions illustrates both the revival of serious intellectual interest in Smith as a philosophe and in the context of eighteenth century studies or of the enlightenment more generally. The Routledge series “Studies in the History of Economics” has always been prepared to be innovative and the re-contextualization of Smith's work in the variety of contexts presented here maintains the series’ reputation for changing frameworks within which to view the intellectual history of economics.

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A Research Annual
Type: Book
ISBN: 978-1-84663-904-3

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Book part
Publication date: 1 June 2011

Willie Henderson

The memorial is an account of Smith's personality and work by a former and favored student. It is a sustained personal reminiscence backed by the reminiscences of others who…

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The memorial is an account of Smith's personality and work by a former and favored student. It is a sustained personal reminiscence backed by the reminiscences of others who admired Smith together with an account of Smith's working practices and of his main texts. It is in this sense subjective as well as objective. It is not a full-scale biography, rather a biographical sketch and it is necessarily limited by its very proximity to the subject. The principal and other informants knew Smith and liked him. However, given Stewart's own profession, the work is more than this. It was written in the context of the consequences for Smith's reputation in the light of the French Revolution. Stewart is anxious, given the sensitivities concerning the destructive radicalism in France and in the context of the conservative reaction in Britain, to distance Smith's ideas on liberty and on policy from those ideas as they were being expressed in revolutionary France. In this way, Stewart's biographical work is both an account of Smith's life and works and a politicized interpretation of his principle economic ideas.

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78052-006-3

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Book part
Publication date: 11 July 2007

Samezō

This paper is a translation of the third and most important chapter of Keizaigaku shi (History of Political Economy) by the Japanese Marxist economist Samezō Kuruma (1893–1982)…

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This paper is a translation of the third and most important chapter of Keizaigaku shi (History of Political Economy) by the Japanese Marxist economist Samezō Kuruma (1893–1982), first published in 1948. Kuruma discusses in detail the achievements and limitations of the Classical school of political economy. He examines the fundamental ideas of Adam Smith and David Ricardo regarding the determination of commodity value and the source of surplus-value, and then looks at how these ideas are connected to production price and profit. Kuruma notes that Smith and Ricardo managed to arrive at the essential labor theory of value, but that neither could correctly apply this theory to adequately explain phenomena in the realm of competition – either abandoning the labor theory of value altogether to embrace a composition theory of value (Smith) or directly applying the theory to explain phenomena without grasping the intermediary processes of development (Ricardo). Kuruma's critique of Smith and Ricardo highlights the achievement of Marx in overcoming the limitations that ultimately led to the breakdown of the Classical school of political economy.

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Transitions in Latin America and in Poland and Syria
Type: Book
ISBN: 978-1-84950-469-0

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Book part
Publication date: 31 October 2023

Paul Oslington

I suggest that the search for Adam Smiths theodicy is likely to be in vain. The paper begins with a brief history of approaches to evil, emphasizing the context in which they…

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I suggest that the search for Adam Smiths theodicy is likely to be in vain. The paper begins with a brief history of approaches to evil, emphasizing the context in which they arose, and the questions authors were addressing. Approaches most relevant to Adam Smith include those of Augustine and Calvin, and the early modern theodicies of Leibniz, Samuel Clarke and William King, as well as the attacks on them by Bayle and Voltaire. Scottish Enlightenment writers were not terribly interested in theodicy, though Hutcheson and Kames did devote space to their versions of problems of evil. David Hume’s Dialogues on Natural Religion are often taken to be classic statement of the problem of theodicy and argument against religious belief, but his concern was to demolish rationalistic theodicies rather than religious belief or practice. The paper then turns to Smiths writings, considering similarities and differences to these approaches to evil. Smith emphasizes the wisdom and beneficence of God, and that evils we observe are part of a larger providential plan. He makes no attempt to justify the God in the face of evil, and in this respect Smith shares more with Augustine and Calvin than he does with the early modern theodicists. Smiths approach to evil is simple and ameliorative. Smiths approach contrasts with early nineteenth century English political economists, from Malthus onwards, for whom theodicy was important. Whatever view we take of the theodicists project of justifying an all-powerful and good God in the face of evil may, we still struggle to make sense of economic suffering and evil.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Religion, the Scottish Enlightenment, and the Rise of Liberalism
Type: Book
ISBN: 978-1-83549-517-9

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Book part
Publication date: 20 May 2005

Eric Schliesser

This paper gives an account of important aspects of Smiths methods in An Inquiry Concerning the Nature and Causes of the Wealth of Nations (WN). I reinterpret Smiths distinction…

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This paper gives an account of important aspects of Smiths methods in An Inquiry Concerning the Nature and Causes of the Wealth of Nations (WN). I reinterpret Smiths distinction between natural and market prices, by focusing on Smiths account of the causes of the discrepancies of market prices from natural prices. I argue that Smith postulates a “natural course” of events in order to stimulate research into institutions that cause actual events to deviate from it. Smiths employment of the fiction of a natural price should, thus, not be seen merely as an instance of general or partial equilibrium analysis, but, instead, as part of a theoretical framework that will enable observed deviations from expected regularities to improve his theory. For Smith theory is a research tool that allows for a potentially open-ended process of successive approximation. These are the Newtonian elements in Smith. I provide evidence from Smiths posthumously published Essays on Philosophical Subjects (EPS, 1795), especially “The History of Astronomy” (“Astronomy”), that this accords with Smiths views on methodology.1 By way of illumination, Smiths explanation of the introduction of commerce in Europe is contrasted with that of Hume as presented in “Of Commerce.” I argue that Smiths treatment is methodologically superior.

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A Research Annual
Type: Book
ISBN: 978-1-84950-316-7

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Book part
Publication date: 31 October 2023

Christina McRorie

Is liberalism premised on an unrealistically individualist anthropology? In one regularly told story about modernity, the earliest liberals grounded their arguments for political…

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Is liberalism premised on an unrealistically individualist anthropology? In one regularly told story about modernity, the earliest liberals grounded their arguments for political liberty in a picture of human nature that centered on our moral autonomy, perhaps epitomized best in Kantian thought. However, a range of critics have now compellingly argued that such accounts of our agency are descriptively inaccurate, and that normative social projects beginning from such flawed foundations are thus unstable. While this paper accepts this criticism of individualist anthropologies, it proposes that this need not identify a problem with liberalism overall. To make this case, this paper turns to Adam Smith, who grounded his early advocacy of liberalism in an anthropology grounded in natural theology that depicts us as morally interconnected, rather than as autonomous, and as always morally impressionable. As it will explain, Smith presumed an account of character as integrally related to and influenced by the agent’s social context, for both better and worse. Furthermore, he wove his attentiveness to this complex interaction between the agent and their context into both his economic analyses and political proposals. Smiths social vision thus illustrates how a strong regard for individual liberty is fully compatible with a sophisticated anthropology that recognizes our malleability as moral agents – and even with political proposals that capitalize upon this malleability. Smiths thought thus offers useful resources for contemporary proponents of liberalism who wish to value the dignity of individuals without basing that valuation in unrealistic abstractions, or ignoring the responsibilities engendered by the fact of our ongoing moral formation by our social contexts.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Religion, the Scottish Enlightenment, and the Rise of Liberalism
Type: Book
ISBN: 978-1-83549-517-9

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Book part
Publication date: 22 July 2013

Heath Spong

This chapter makes a case for Adam Smiths description of the market as a moral exemplar. More specifically, it argues that the behavior of the individual agents who inhabit Smith’…

Abstract

Purpose

This chapter makes a case for Adam Smiths description of the market as a moral exemplar. More specifically, it argues that the behavior of the individual agents who inhabit Smiths market is indeed morally exemplary.

Methodology/approach

The basis for this argument is that economic self-interest drives market participants to look beyond any inherent prejudice or tendency to discriminate on the basis of preconceived opinions or beliefs. Some historical context is provided that illustrates conservative opposition to this perspective from unlikely sources.

A simple moral framework is created to provide one possible representation of Smiths interpretation of the market. In this framework self-interest is characterized as a “trump” that overcomes potential prejudices. It is further argued that this framework can be considered a moral exemplar, and that it is also important in facilitating exchange between participants.

Findings

The central argument is tested when the self-interest criterion is exposed to competition from the alternative moral value of altruism. The moral framework presented, and the principle of economic self-interest in particular, is resilient against this moral challenge.

Social implications

The social implications of this argument relate directly to our normative understanding of how individuals should behave in a market context. The chapter establishes a link between this moral framework and the functioning of the market.

Originality/value of paper

The chapter is original in its attempt to defend the underlying morality of Smiths market without recourse to his other works, such as the Theory of Moral Sentiments. It also links an understanding of market egalitarianism with a broader moral framework of market activity. Furthermore, it offers a clarification of why economic self-interest, and not altruism, is the appropriate motivation for market activity.

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Moral Saints and Moral Exemplars
Type: Book
ISBN: 978-1-78350-075-8

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Book part
Publication date: 28 November 2022

Tammy Dalldorf and Sylvia Tloti

A strange phenomenon among women writers of the late eighteenth century, both conservative and liberal minded, was the predominance of female villains in their novels. While this…

Abstract

A strange phenomenon among women writers of the late eighteenth century, both conservative and liberal minded, was the predominance of female villains in their novels. While this can be seen as an after-effect of masculine patriarchal discourse, particularly for those women writers who possessed a more religious-based ideology, why was it prevalent among feminist writers of the time who should have been aware of misogynistic stereotypes? Two such writers who emulated this strange paradox were Mary Robinson and Charlotte Smith. Both these women had been vilified by the Anti-Jacobin British 18th press as notorious and corrupt ‘female philosophers’ who followed in the footsteps of Mary Wollstonecraft. This chapter will conduct a historical feminist close comparative reading of Robinson's novel, Walsingham, and Smith's novel, The Young Philosopher, based on feminist scholarship on eighteenth-century female writers. It will examine how the female villains in the novels overpowered even the male antagonists and were often the cause behind the misfortunes, directly or indirectly, of the heroines/heroes. While these villains did serve as warnings against inappropriate behaviour, they illustrated the disaster for women when there is a lack of female community. Specifically, in the case of Robinson, her Sadean villains illustrated that no one is spared from the corruption of power and that the saintly female figure is nothing but an illusion of the male imagination. They were fallen Lucifers, rebels who relished in their freedom and power despite their damnation and punishment. The patriarchal system was temporarily demolished by them.

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