On Adam Smith's Wealth of Nations: A Philosophical Companion

by Samuel Fleischacker

Adam Smith was a philosopher before he ever wrote about economics, yet until now there has never been a philosophical commentary on the Wealth of Nations . Samuel Fleischacker suggests that Smith's vastly influential treatise on economics can be better understood if placed in the light of his epistemology, philosophy of science, and moral theory. He lays out the relevance of these aspects of Smith's thought to specific themes in the Wealth of Nations , arguing, among other things, that Smith regards social science as an extension of common sense rather than as a discipline to be approached mathematically, that he has moral as well as pragmatic reasons for approving of capitalism, and that he has an unusually strong belief in human equality that leads him to anticipate, if not quite endorse, the modern doctrine of distributive justice.


Fleischacker also places Smith's views in relation to the work of his contemporaries, especially his teacher Francis Hutcheson and friend David Hume, and draws out consequences of Smith's thought for present-day political and philosophical debates. The Companion is divided into five general sections, which can be read independently of one another. It contains an index that points to commentary on specific passages in Wealth of Nations . Written in an approachable style befitting Smith's own clear yet finely honed rhetoric, it is intended for professional philosophers and political economists as well as those coming to Smith for the first time.

Genres: Philosophy, Economics

352 pages, Hardcover

First published January 5, 2004

About the author

Samuel Fleischacker is a Professor in the Department of Philosophy at the University of Illinois at Chicago. He studied at Yale University, receiving his Ph.D. in 1989. He works in moral and political philosophy, the history of philosophy, aesthetics and the philosophy of religion. Among the issues that have particularly interested him are the moral status of culture, the nature and history of liberalism, and the relationship between moral and other values (aesthetic values, religious values, political values). His work has been supported by the Charlotte W. Newcombe Foundation.

Reviews

[Paul Crider · Rating 5 out of 5]

Fleischacker's On Adam Smith's Wealth of Nations is an excellent companion, discussing the philosophical ideas of the Wealth of Nations in the context of Adam Smith's other works and his influences and contemporaries.

It's hard to review a "philosophical companion," but a couple themes are worthy of note.

Fleischacker dispels the alleged "paradox" of the different styles and tones of Theory of Moral Sentiments versus the Wealth of Nations, arguing that the sentimental moral philosopher shines through in the economic treatise if you understand Smith was writing for a different audience with different rhetorical tools.

Fleischacker also presents compelling evidence for a "left-Smithian" interpretation, with egalitarian and humanitarian themes coming to the fore. He bases this on a persistent idea in Smith that ordinary people know their own good and can be trusted to further their own ends; and on Smith's frequent focus on the plight of the disadvantaged, whether factory workers or the poor more generally. 

[Anthony · Rating 4 out of 5]

Dr. Fleischacker does a great job of really getting at what Smith is all about. Forget the straw man caricatures that have been created about this brilliant thinker, Fleischacker's work properly recognizes the moral philosophy imbued in Smith and attempts to reconcile that with his Economic theory. A great secondary source.