By Athol Fitzgibbons

Adam Smith's process is a learn in classical monetary idea and method. It portrays Adam Smith as a Stoic thinker who sought after advantage to be suitable to this lifestyles instead of to the subsequent. His critical function used to be to outline a suite of legislation, a jurisprudence within the widest attainable feel, which might enable fiscal and political liberalism to continue with out triggering long‐run ethical degeneration. Smith argued that the clash among morals and wealth used to be simply obvious, since it was once attainable to synthesize the seeming contraries with higher legislation and ethical rules.

This booklet examines the effect that Adam Smith's philosophy had on his economics, drawing at the overlooked components of Smith's writings to teach that the political and fiscal theories equipped logically on his morals. It analyses the importance of his stoic ideals, his notions of paintings and track, astronomy, philosophy and warfare, and exhibits that Smith's invisible hand used to be a part of a `system' that used to be intended to switch medieval Christianity with an ethic of advantage during this global instead of the subsequent.

Smith used to be inspired basically by means of a political perfect, an ethical model of liberalism. He rejected the political philosophy of the Greeks and Christians as authoritarian and unworldly, yet opposite to what many economists think, he additionally rejected the amoral liberalism that used to be being recommended by way of his countryman and pal David Hume. faraway from being myopic approximately self-love, Smith arrived at his theories of unfastened exchange, monetary progress, and alienation through his reinterpretation of Stoic advantage. Athol Fitzgibbons' account is obviously written, and its ideas show the hitherto hidden harmony in Smith's overarching process of morals, politics and economics.

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Additional resources for Adam Smith's System of Liberty, Wealth, and Virtue: The Moral and Political Foundations of The Wealth of Nations

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The moral philosophy of the ancient world might spiritually enlarge selected individuals, but it was premissed on a violence that was evil to the social body. The admirable Stoic ideal of virtue had animated 'actions of the most heroic magnanimity and the most extensive benevolence' (TMS 293), but it was too high to be the workable moral code of a political system: The philosophy of the Stoics . . affords the noblest lessons of magnanimity, is the best school of heroes and patriots, and to the greater part of whose precepts there can be no other objection, except that honourable one, that they teach us to aim at a perfection altogether beyond the reach of human nature.

He also said, as a philosophic speculator himself, that 'political disquisitions . . are of all the works of speculation the most useful' (IMS 187). After all, what could be more political than a whole new form of social organization based on a new sense of values? PART II METHOD AND MORALS To demonstrate that liberalism would not lead to the evaporation of civic values, Smith had to replace one whole intellectual system with another. He began by rejecting the Christian commitment to heaven in favour of the Stoic assumption that God guides the world.

Against the unworldly idealism that God should rule the world, but also in opposition to Hobbes's hard philosophy that all power must come from the sword, Hume stressed the civilizing influence of society itself. He pointed to the liberating effects of commerce, and the benefits that would spring from a secular life. Here Hume is denying that luxury must necessarily be a vice: We cannot reasonably expect, that a piece of woollen cloth will be brought to perfection in a nation, which is ignorant of astronomy, or where ethics are neglected .

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