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Adam Smith and His Legacy for Modern Capitalism
This book reexamines Adam Smith's major works from a philosophical point of view. Werhane shows how Smith's three major works, The Theory of Moral Sentiments , Lectures on Jurisprudence , and The Wealth of Nations present a progressive and unified set of theses. This careful study attacks the
caricature of Adam Smith as a radical individualist who argued that government should play no role in economic affairs, and that the market is autonomous and self-regulating. Werhane shows that Smith argues that human beings are not motivated merely by self-interest in economic affairs nor is the
market an autonomous regulator. An economy functions adequately only when free economic actors act with prudence, when there is cooperation and coordination of competitive activities, and where competition is balanced in the context of a societal framework of justice. Werhane argues that a careful
reading of Smith's major works show that it is justice, not self-interest or benevolence, that is the most basic virtue to Smith, and that a system of natural jurisprudence is necessary for a viable as well as an ideal political economy.
caricature of Adam Smith as a radical individualist who argued that government should play no role in economic affairs, and that the market is autonomous and self-regulating. Werhane shows that Smith argues that human beings are not motivated merely by self-interest in economic affairs nor is the
market an autonomous regulator. An economy functions adequately only when free economic actors act with prudence, when there is cooperation and coordination of competitive activities, and where competition is balanced in the context of a societal framework of justice. Werhane argues that a careful
reading of Smith's major works show that it is justice, not self-interest or benevolence, that is the most basic virtue to Smith, and that a system of natural jurisprudence is necessary for a viable as well as an ideal political economy.
- GenresEconomics
240 pages, Hardcover
First published August 22, 1991
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November 17, 2017
Probably the most misunderstood and misquoted thinker since Jesus (or Michael Jackson?), Smith is the darling love-child, cocksmith of capitalist running dogs all over, but especially here in America. "The invisible hand", long thought to be a euphemism for a translucent masturbatory device, is often cited, as are Smith's argument for greedy, self-serving economic individualism.
Well, turns out that all of that comes from like 3 or 4 quotes out of Smith's entire oeuvre. Turns out that Smith actually loathed corporations and found them evil, he criticized speculators and the wealthy as "masters of the universe" ("I have the power!") and generally thought that the best way forward, economically, was a trusting system of justice that allowed everyone to play fair and benefit, not just fatcats at the top.
Probably the most important book you might read this month if you're into this kind of stuff.
Well, turns out that all of that comes from like 3 or 4 quotes out of Smith's entire oeuvre. Turns out that Smith actually loathed corporations and found them evil, he criticized speculators and the wealthy as "masters of the universe" ("I have the power!") and generally thought that the best way forward, economically, was a trusting system of justice that allowed everyone to play fair and benefit, not just fatcats at the top.
Probably the most important book you might read this month if you're into this kind of stuff.
Displaying 1 of 1 review