Table of Contents
Abbreviations xv
List of Contributors xvii
Introduction: Adam Smith: An Outline of Life, Times, and Legacy Christopher J. Berry 1
Smith's Life (1723-90) 1
Scotland in the age of Smith 5
The Enlightenment: Scotland and beyond 10
Legacy and reputation 13
Part I Adam Smith: Heritage and Contemporaries
1 Adam Smith: A Biographer's Reflections Nicholas Phillipson 23
2 Newtonianism and Adam Smith Leonidas Montes 36
Newtonianism 38
Newton's Reception 42
Smith's Newtonianism 46
Conclusion 50
3 Adam Smith and Rousseau: Enlightenment and Counter-Enlightenment Dennis C. Rasmussen 54
Spreading 'enlightenment' 56
Markets and morals 60
Liberty and citizenship 64
The progress of society 68
4 Adam Smith and Early-Modern Thought Christopher J. Berry 77
Descartes (1596-1650) 79
Bacon (1561-1626) 80
Hobbes (1588-1679) 83
Locke (1632-1704) 87
Pufendorf (1632-94) 90
Harrington (1611-77) 92
Shaftesbury (1671-1713) and Mandeville (1670-1732) 94
Hutcheson (1694-1746) 95
Conclusion 97
Part II Adam Smith on Language, Art, and Culture
5 Adam Smith's Aesthetics Catherine Labio 105
'The history of astronomy', or why the imagination matters 106
'Of the external senses': perception, language, meaning 108
The essay on the imitative arts: the case for disparity 109
The lectures on rhetoric and belles lettres, or why character matters 111
Lectures on jurisprudence, or the institutionalization of art and literature 116
The theory of moral sentiments: aesthetics, ethics, and economics 117
The wealth of nations: (un)productive labour 122
Conclusion 124
6 Adam Smith as Critic James Chandler 126
7 Adam Smith: History and Poetics Michael C. Amrozowicz 143
8 Adam Smith on Language and Rhetoric: The Ethics of Style, Character, and Propriety C. Jan Swearingen 159
Rhetoric and character 162
Language 167
Histories: speech, style, and character 170
Legacies 172
Part III Adam Smith and Moral Philosophy
9 Adam Smith: The Sympathetic Process and the Origin and Function of Conscience Christel Fricke 177
Introduction: conscience in the Theory of Moral Sentiments 177
Moral education, the sympathetic process, and naïve moral judgment 180
Conscientious moral self-judgment and the explicit concern for impartiality and praiseworthiness 184
Conscientious moral self-judgment 188
Conscience, virtue, and the problem of erroneous moral judgment 191
The 'wise and virtuous' 196
Conclusion 198
10 Adam Smith and the Limits of Sympathy Duncan Kelly 201
Authority and utility 202
Imagination 204
Propriety and sympathetic judgment 206
Conclusion 214
11 Adam Smith and Virtue Ryan Patrick Hanley 219
Smith's eclectic virtue theory 219
Smith on the ethical virtues 222
Smith on the intellectual virtues 230
The wise and virtuous man and the pursuit of perfection 236
12 Adam Smith and Self-interest Eugene Heath 241
Self-preservation, selfishness, and self-interest 242
Self-love and self-interest 245
Self-love and the corruption of moral perception 250
Self-interest and commerce 253
Prudence and ambition 259
Part IV Adam Smith and Economics
13 Adam Smith on Labour and Capital Tony Aspromourgos 267
Division of labour 268
The concept of capital 270
Capital accumulation and economic development 272
Productive versus unproductive labour 275
Wages and profits 278
Economic policy 282
Legacy 285
14 Adam Smith on Value and Prices Nerio Naldi 290
Two meanings of value 292
Real price and real measure of exchangeable value 293
The component parts of price 298
Natural price, market price, and effectual demand 302
15 Adam Smith on Money, Banking, and the Price Level Hugh Rockoff 307
The money supply 307
The weakness of a fractional reserve banking system 309
Small notes 311
The Ayr Bank and the Crisis of 1772 314
The real bills doctrine 317
Usury laws 318
The role of the Bank of England 319
Bank regulation: the bottom line 321
Smith's macroeconomic views 322
Conclusion 329
16 Commercial Relations: From Adam Smith to Field Experiments Maria Pia Paganelli 333
Markets fostering morality 334
Morality fostering markets 340
Negative consequences of markets on morality 343
A testable hypothesis 344
Conclusion 347
Part V Adam Smith on History and Politics
17 Adam Smith: Theorist of Corruption Spiros Tegos 353
The butcher, the brewer, and the courtier: the issue of obsequiousness 354
Moderate virtues and obsequiousness 359
Endemic commercial corruption 361
Commerce and martial spirit 361
Division of labour and alienation 362
Commercial manners and the corruption of moderate virtues 364
The coxcomb and the poor man's son 366
Concluding remarks 368
18 Adam Smith and the State: Language and Reform David M. Levy Sandra J. Peart 372
Does reform make sense in Smith's system? 374
Reading Smith 375
The texts 378
A necessary scarcity 379
Hume on contingent property 380
Diffusion of imperative to act justly 383
Leadership and time 384
Time and habit explain the outcome of a political process 386
Reform as social stoicism 386
Conclusion 388
19 Adam Smith and the Law Fabrizio Simon 393
Rights and law in Smithian jurisprudence 393
The role of justice 400
The anti-utilitarianism and anti-contractualism of Smithian jurisprudence 408
Smith and modern law and economics 411
Conclusion 414
20 Adam Smith on Empire and International Relations Edwin van de Haar 417
Main influences 418
On empire 422
Smith on international relations 428
Adam Smith and international relations theory 433
Part VI Adam Smith on Social Relations
21 Adam Smith on Civility and Civil Society Richard Boyd 443
Civil society in Smith's time and ours 443
The genealogy of 'civil society' 445
Civil society and manners 449
Civil society and justice 451
Civil society and citizenship 454
Civil society and the division of labour 455
The ambivalence of civil society 458
Conclusion 460
22 Adam Smith on Religion Gavin Kennedy 464
Childhood 465
Oxford 465
The significance of his mother 467
A revealing incident in 1785 468
Religion in Smith's earliest essay 468
Religion in the wealth of nations 470
Theology in moral sentiments 473
Closing thoughts 481
23 Adam Smith on Equality Samuel Fleischacker 485
Is Smith an egalitarian? 485
Equality in The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations 487
Hierarchy in The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations 494
Varieties of egilatarianism 496
24 Adam Smith on Women Maureen Harkin 501
The Wealth of Nations 502
Lectures on jurisprudence 504
Theory of moral sentiments 513
Part VII Adam Smith: Legacy and Influence
25 Adam Smith and Marx Spencer J. Pack 523
Marx's general attitude towards Smith 524
Value theory 527
Money and capital 528
Character 530
The state and change 533
Conclusion 536
26 Adam Smith and the New Right Craig Smith 539
The New Right 541
Friedman 545
Buchanan 547
Hayek 550
Hume 554
Conclusion 555
27 Adam Smith: Methods, Morals, and Markets Tom Campbell 559
Methods 561
Morals 566
Markets 571
Conclusion 578
28 The Contemporary Relevance of Adam Smith Amartya Sen 581
Early reception of Smith 581
Uses and abuses of Smith 582
'Prodigals' and 'projectors' 584
Smith and the role of the state 585
Smith's ideas on reasoned choice and rationality 585
Smith on human behaviour 587
Smith on the pursuit of justice 588
Global reasoning in the contemporary world and the impartial spectator 589
A concluding remark 591
Index 593