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The unlikely story of how Americans canonized Adam Smith as the patron saint of free markets Originally published in 1776, Adam Smith’s The Wealth of Nations was lauded by America’s founders as a landmark work of Enlightenment thinking about national wealth, statecraft, and moral virtue. Today, Smith is one of the most influential icons of economic thought in America. Glory Liu traces how generations of Americans have read, reinterpreted, and weaponized Smith’s ideas, revealing how his popular image as a champion of American-style capitalism and free markets is a historical invention. Drawing on a trove of illuminating archival materials, Liu tells the story of how an unassuming Scottish philosopher captured the American imagination and played a leading role in shaping American economic and political ideas. She shows how Smith became known as the father of political economy in the nineteenth century and was firmly associated with free trade, and how, in the aftermath of the Great Depression, the Chicago School of Economics transformed him into the preeminent theorist of self-interest and the miracle of free markets. Liu explores how a new generation of political theorists and public intellectuals has sought to recover Smith’s original intentions and restore his reputation as a moral philosopher. Charting the enduring fascination that this humble philosopher from Scotland has held for American readers over more than two centuries, Adam Smith’s America shows how Smith continues to be a vehicle for articulating perennial moral and political anxieties about modern capitalism.
What exactly is capitalism, and why do its advocates support it? What are the main objections to capitalism that have been raised by its critics? Are there moral reasons to support capitalism, or to oppose it? In this time of globalization and economic turbulence, these questions could not be more timely or more important. This book provides some answers through seminal readings on the nature, purpose, and effects of capitalism as understood by its most influential expositors, both historical and contemporary. In addition to Adam Smith himself, the selections gathered here include essays and excerpts by thinkers ranging from Locke and Rousseau to Hayek and Cass Sunstein. All are chosen and arranged to highlight the ways that capitalism bears on a set of fundamental human concerns: liberty, equality, social order, virtue and motivation. If you want to develop an informed judgment about whether markets and morality mix, this anthology is a good place to begin.
"How the insights of an 18th century economist can help us live better in the 21st century. Adam Smith became famous for The Wealth of Nations, but the Scottish economist also cared deeply about our moral choices and behavior--the subjects of his other brilliant book, The Theory of Moral Sentiments (1759). Now, economist Russ Roberts shows why Smith's neglected work might be the greatest self-help book you've never read. Roberts explores Smith's unique and fascinating approach to fundamental questions such as: - What is the deepest source of human satisfaction? - Why do we sometimes swing between selfishness and altruism? - What's the connection between morality and happiness? Drawing on current events, literature, history, and pop culture, Roberts offers an accessible and thought-provoking view of human behavior through the lenses of behavioral economics and philosophy"--
Counter to the popular impression that Adam Smith was a champion of selfishness and greed, Jerry Muller shows that the Inquiry into the Nature and Causes of the Wealth of Nations maintained that markets served to promote the well-being of the populace and that government must intervene to counteract the negative effects of the pursuit of self-interest. Smith's analysis went beyond economics to embrace a larger "civilizing project" designed to create a more decent society.
A dazzlingly original, "remarkable" account of the life and thought of legendary economist Adam Smith (Financial Times). Adam Smith (1723-1790) is now widely regarded as the greatest economist of all time. But what he really thought, and the implications of his ideas, remain fiercely contested. Was he an eloquent advocate of capitalism and individual freedom? A prime mover of "market fundamentalism"? An apologist for human selfishness? Or something else entirely? In the tradition of The Worldly Philosophers, Adam Smith dispels the myths and caricatures, and provides a far more complex portrait of the man. Offering a highly engaging account of Smith's life and times, political philosopher Jesse Norman explores his work as a whole and traces his influence over two centuries to the present day. Finally, he shows how a proper understanding of Smith can help us address the problems of modern capitalism. The Smith who emerges from this book is not only the greatest of all economists but a pioneering theorist of moral philosophy, culture, and society.
In this engaging and nuanced political history of Northern communities in the Civil War era, Adam I. P. Smith offers a new interpretation of the familiar story of the path to war and ultimate victory. Smith looks beyond the political divisions between abolitionist Republicans and Copperhead Democrats to consider the everyday conservatism that characterized the majority of Northern voters. A sense of ongoing crisis in these Northern states created anxiety and instability, which manifested in a range of social and political tensions in individual communities. In the face of such realities, Smith argues that a conservative impulse was more than just a historical or nostalgic tendency; it was fundamental to charting a path to the future. At stake for Northerners was their conception of the Union as the vanguard in a global struggle between democracy and despotism, and their ability to navigate their freedoms through the stormy waters of modernity. As a result, the language of conservatism was peculiarly, and revealingly, prominent in Northern politics during these years. The story this book tells is of conservative people coming, in the end, to accept radical change.
In the late eighteenth century, the political economist Adam Smith predicted an eventual equalization of power between the West and the territories it had conquered. In this magisterial new work, Giovanni Arrighi shows how China’s extraordinary rise invites us to reassess radically the conventional reading of The Wealth of Nations. He examines how recent US attempts to create the first truly global empire were conceived to counter China’s spectacular economic success Now America’s disastrous failure in Iraq has made the People’s Republic of China the true winner in the US War on Terror. China may soon become again the kind of noncapitalist market economy that Smith described, an event that will reconfigure world trade and the global balance of power.
'After Adam Smith' looks at how politics & political economy were articulated & altered in the century following the publication of Smith's 'Wealth of Nations'.