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What Adam Smith Knew Moral Lessons on Capitalism from Its Greatest Champions and Fiercest Opponents

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What Adam Smith Knew: Moral Lessons on Capitalism from Its Greatest Champions and Fiercest Opponents by James Otteson 9781594037610 1594037612

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Product details:

  • ISBN 10: 1594037612
  • ISBN 13: 9781594037610 
  • Author: James Otteson
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.

Table contents:

Part I. Capitalism and Liberty
1. Second Treatise of Government, 1689 | Excerpts from Chapters II, III, IV, V, VIII, IX
2. The Theory of Moral Sentiments, 1759 | Part II, § II: Of Justice and Beneficence, excerpts from Chapters 1–3
3. Social Statics, 1851 | Chapter 19: The Right to Ignore the State, §§ 1–6
4. “What’s Wrong with Negative Liberty,” 1985

Part II. Capitalism and Equality
5. “Luxury, Commerce, and the Arts,” 1754
6. The Theory of Moral Sentiments, 1759 | Part VI, § II, Chapter 2: Of the order in which Societies are by nature recommended to our Beneficence, excerpts
7. An Inquiry into the Nature and Causes of the Wealth of Nations, 1776 | Book I, Chapters 1–2 | Book IV, excerpts from Chapters 2 and 9
8. Manifesto of the Communist Party, 1872 | §§ I–II
9. Why Not Socialism? 2009 | Chapters 1–2

Part III. Capitalism and Social Order
10. A Treatise of Human Nature, 1739–40 | Book III, Part II: Of Justice and Injustice, §§ 1–2
11. Capitalism, Socialism, and Democracy, 1942 | Part II, Chapter 7: The Process of Creative Destruction
12. “The Use of Knowledge in Society,” 1945
13. “The Tragedy of the Commons,” 1968
14. Nudge, 2009 | Introduction

Part IV. Capitalism, Human Motivation, and Virtue
15. The Fable of the Bees, or Private Vices, Publick Benefits, 1705 | “The Grumbling Hive: Or, Knaves turn’d Honest”
16. “Of Refinement in the Arts,” 1741
17. The Theory of Moral Sentiments, 1759 | Part VII, § II, Chapter 4: Of Licentious Systems
18. An Inquiry into the Nature and Causes of the Wealth of Nations, 1776 | Book II, Chapter 3: Of the Accumulation of Capital, or of Productive and Unproductive Labour
19. “Free Human Production,” 1844
20. Capital, Volume I, 1867 | Part I, Chapter 1, § 4: The Fetishism of the Commodity and Its Secret
21. “On Doing the Right Thing,” 1924
22. Why Not Socialism? 2009 | Coda

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