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"Adam Smith: The Wealth of Nations" by Adam Smith lays the foundations of modern economics without the formalization which would come later. Adam Smith starts by exploring the need for specialization of labor once societies advance beyond the hunter gatherer phase, making the natural assumption that each individual pursues their best interests. Smith then foreshadows the concepts of marginal utility and scarcity in determining the shapes of demand curves for commodities. Similarly, he describes the three factors determining supply prices for commodities (rent of land, wages and capital costs ) and the various factors which influence them (the equivalent of modern supply/demand curves for each factor ). Smith then puts these together under ideal circumstances to show how supply and demand meet to clear markets (equilibrium in modern language).Adam Smith's "Adam Smith: The Wealth of Nations" covers macroeconomics, laying the foundations for GDP and showing how capital can be distributed to unproductive and productive labor. "Adam Smith: The Wealth of Nations" also explores the consequences of various distribution of each from both the micro and macroeconomic perspective. Adam Smith concludes by emphasizing the importance of government in providing international and domestic security as well as providing public works and institutions especially education. Naturally this requires state revenue and he devotes almost one entire "book" to taxes. Smith also delves briefly into political economy especially mercantilism and its detrimental effects to society at large. "Adam Smith: The Wealth of Nations" is a great introduction to modern economics which explains the motivation for many modern economic concepts which are too often lost today. ... Read more

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"Peter Dougherty does the near-impossible in this brilliant book . . . [he] makes economics engaging and accessible."
--Professor Larry J. Sabato, University of Virginia

In this spirited and timely book, Peter Dougherty shows how economists are drawing on Adam Smith's civic writings to illuminate how the market creates not only fiscal capital, but "social capital." Dougherty demonstrates how Smith's ideas are currently experiencing a renaissance. He then explores several impressive initiatives to demonstrate what today's theoretical and practicing economists are accomplishing in the spirit of Adam Smith's moral sentiments: the institutional reform of transitional and developing economies; the financing of new technological, medical, and educational initiatives; and the economic revival of cities. Capitalism pervades every aspect of our daily life. Peter Dougherty now offers a fascinating peek at its hidden soul. ... Read more

Customer Reviews (7)

Required Reading for Humanity
The much maligned Adam Smith is herein exonerated as the great soul that he really is.Gandhi, Mother Teresa, King Jr. - these are reliable guides for those seeking to in whatever way make a difference with their lives.So is Smith.And this book is brilliant in its depiction of him.

As noted throughout it's at the intersection of morals and money where our "modern day" society will find material wealth and spiritual fulfillment, the very legacy of Smith's "ism".This "ism" is in quotes here as it was not Smith that labeled his virtuous social system "capitalism" as we refer to it today, but rather Karl Marx as a to-this-day partially successful ploy to associate it with exploitation of workers and the poor while benefiting only the rich risk-taking capitalists.

The legions of otherwise well-meaning "capitalism" bashers need only read this book to realize that any shortcomings manifesting in free market society today are not the fault of Smith's legacy but rather the fault of the individuals (you, me and our neighbors) who operate in it.This places the onus to improve our lots in life exactly where it should be, on ourselves -- not on anything or anyone "out there", and certainly not a social structure put together by a benevolent ancestor like Adam Smith.

In the words of author Dougherty (a reliable source with decades of economics publishing experience and current Director of Princeton University Press), "The Smith we get to know in the years to come will be broader and more multifaceted a presence than the one we think we know."This book has been a huge help for me in this and more.

And from Smith himself, "All the members of human society stand in need of each other's assistance, and are likewise exposed to mutual injuries.Where necessary assistance is reciprocally afforded from love, from gratitude, from friendship, and esteem, the society flourishes and is happy.All the different members of it are bound by the agreeable hands of love and affection, and are, as it were, drawn to one common centre of mutual good offices."

Enjoy.

Highly Recommended!
Peter J. Dougherty has written a breezy tour of modern economics, concentrating on attempts to reconnect the dismal science with its roots in civil studies and moral philosophy. Although he is not an economist, he displays an easy familiarity with economics' big ideas and their authors, and communicates them with style and wit. Dougherty's knowledge of the field is broad, thanks to his decades of experience as an economics editor, but thankfully he does not bog readers down in the technical details. His book stresses the importance of social capital as well as the profit motive, and of strong civic institutions and communities as well as corporations. He offers a refreshing perspective in an era of corporate scandals and cautionary tales of greed. This slim volume contains no specific lessons that can be applied by individuals, but rather a dose of hope that capitalism can indeed encourage the best in people and companies, when institutions and incentives are properly designed by a democratic society.Wesuggest this book to non-economists who want a quick course in the economic and social potential of democratic capitalism.

How Dougherty Wrote His Book?:How The Book Got Its Title
Throughout the book Peter Dougherty expresses the idea that economists are playing a more important role in the development of today's modern world. As the book progresses Dougherty outlines the basics and morality of the market. Dougherty presents the facts that today the market is running according to the basic rules Adam Smith presented in his works. Throughout the book it's argued that the pursuit of self-interest would not only increase the wealth of society but also teach good habits. Dougherty discusses Smith's ideas on the role of government and other non-economic institutions in society. He argues we need institutions that put our self-interest into service of the common interest, while curving its more destructive elements. This book provides a guided tour through the works of all the authors noted throughout the book. Unfortunately I found this book a little confusing do to some language use and the multiple characters. This book was not the most up beat book I've ever read, but I would highly recommend it to anyone who is truly interested in economics and its many elements.

Adam Smith's Civil Society
Who¡¯s Afraid of Adam Smith? How The Market Got Its Soul! is a book about economics. In the book Peter J. Dougherty portrays many important figures that shaped the history and evolvement of economics. He expresses the idea that economists are playing a more important role in the development of the modern world than what people have realized. However, this book is more about ethics. As the title tells, it is about the moral aspects of economics. With the discussion of Adam Smith¡¯s moral sentiment and how the moral aspects of economics evolved with the development of the modern society, Dougherty outlines the basis and inner morality of free market. He argues that capitalism system and the free market based on it was born with a soul.
Adam Smith¡¯s The Wealth of Nation has long been regarded as the ¡°Bible of capitalism¡±. The focus of Dougherty¡¯s book, however, is on Smith¡¯s less-known book --- The Theory of Moral Sentiments. Published in 1759, The Theory of Moral Sentiments was derived from Adam Smith¡¯s work on moral philosophy. Dougherty believes that the moral dimension of Adam Smith gives market society its soul and it is further revised and updated by several generations of economists and social philosophers to meet the challenges of the changing time.
Dougherty presents the facts that today¡¯s free market is running according to the basic rules Adam Smith articulated in his works. He points out that ¡°the seemingly paradoxical connection between self-love and universal opulence sat at the center of Smith¡¯s system of social philosophy¡­¡± and ¡°Smith connected the pursuit of private interest to service of the public good.¡± He offers several important insights from Smith¡¯s idea of a civil society.
A civil society is built around the assumption ¡°that we are not angels, but rather the very self-interested beings whom we know ourselves to be¡­¡± As observed by Adam Smith it is "not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest". A civil society is built on the basis of the pursuit of self-interest. It promotes individual prosperity.
Adam Smith argued that the pursuit of self-interest would not only increase the wealth of the society but also inculcate good habits such as ¡°economy, industry, discretion, attention and application of thought¡±. As he noted ¡°whenever dealings are frequent, a man does not expect to gain so much by any one contract as by probity and punctuality in the whole, and a prudent dealer, who is sensible of his real interest, would rather choose to lost what he has a right to than give any ground for suspicion¡­¡± In a civil society, these ¡°good habits¡± are not just an option, they are necessary for the maximization of people¡¯s self-interest.
Finally, Dougherty discusses Adam Smith¡¯s idea on the role of government and other non-economic institutions in a society. He writes that ¡°we need institutions that channel our self-interest into service of the common interest while curbing its more destructive elements.¡± Dougherty examines how economists at different times applied Smith¡¯s ideas through advocating government¡¯s role in projects like education, research and development initiatives, and revitalizing poor neighborhood.

Who' s afraid of Adam Smith
I really did'nt like this book at all. I think that it is a very confusing and lame story. Sorry no hard feelings. I mean there was nothing there to keep me motivated and interested in reading it. You talked alot about Econ throughout the story which I thought was very cool, just for the simple fact this is for my Econ class. Its like your telling life time stories about yourself and others. You sure do have alot of characters throughout the book. Overall I think that the book is okay its just not a book for me. ... Read more

Product Description
Published in 1778, The Wealth of Nations was the first book on economics to catch the public's attention. It provides a recipe for national prosperity that has not been bettered since, based on small government and the freedom of citizens to act in their best interests. It reassuringly assumes no knowledge of its subject, and over 200 years on still provides valuable lessons on the fundamentals of economics. This deluxe, selected edition is a stylish keepsake from the Capstone Classics series.

This edition includes:

• An abridged selection of all 5 books for the contemporary reader
• An original commentary offering new research and analysis by classic literature guru Tom Butler-Bowdon 
• A biography and chronology of Adam Smith's life and the events surrounding the original publication of the work

Today, The Wealth of Nations is still essential reading for any business or self-development library, reminding us that it is the ingenuity and drive of people, not governments, that remains the source of personal, national and global prosperity. ... Read more

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Smith's "Lectures on Jurisprudence", originally delivered at Glasgow University in 1762-1763, presents his "theory of the rules by which civil government ought to be directed". Building on his "Theory of Moral Sentiments", Smith argues that the state must act as an impartial spectator, judging when an individual has been injured, Thus, regulations concerning trade, commerce, and production must be crafted so as to encourage rather than interfere with other productive capacities. ... Read more

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Adam Smith, with his book "The Wealth of Nations", in the late 18th century was one of the founders of economics as a discipline. His central theory concentrates on the value he places on self interest, arguing that it is not from the "benevolence" of others that we receive what we need but out of their regard for their own self interest. When each person pursues his or her own self-interest, society as a whole is led to a condition of benefit for all. The pure experiments in this approach, laissez-faire economics, was seen to fail in the industrial misery of Charles Dickens' England and in the United States in the financial scandals of the trusts and cartels and the economic booms and busts that eventually led to the Great Depression. Could Adam Smith have made a mistake, a mistake that still colours the core of modern life? This book argues that he did. Dr Lux argues that self-interest does not lead to a good society, but instead to social strife, ecological damage and abuse of power. Another principle must exist to moderate self-interest and it is one that goes by many names. Dr Lux argues that we have been mislead by economics into calling selfishness and greed a good thing.Instead this book argues that good only comes out of good. With the adequate recognition of this mistake we, as a society, will be able to move forward into a time where selfishness can no longer hide under a protective cover of economic justification. ... Read more

Customer Reviews (4)

Adam Smith's Mistake
Adam Smith's Mistake

One of my favorite econ books. Written by a non-economist so eaier to read than most econ books. Focus of the book is on Adam Smith's self-interest thesis. This is NOT anti-Adam Smith but an excellent analysis of the limits of free markets. The solutions presented are interesting but not as strong. I consider this book a must read for anyone with an interest in economics.

Self interest is not Selfishness;however,it can degenerate into greed
This book's title is very similar to Duncan Foley's recent(2006) book on Adam Smith.Both titles are extremely misleading and inaccurate.Nowhere in the Wealth of Nations(1776) does Smith define self interest as greed.Self interest arises due to the social context of a person's job.A human being's particular specialization(comparative advantage)provides him(her) with a source of revenue that allows him(her) to benefit from the specific needs of the rest of society for his skill while he(she) is able to benefit society as a whole by providing a service or skill that the rest of society needs. Self interest manifests itself only in the context of the interactions and feedbacks that occur between the person and the rest of society.The individual has two goals,one primary and the other secondary , that are not inconsistent and that do not qualify as greed or selfishness.The first goal of the butcher,brewer,blacksmith, or baker is to provide a product or service that other members of society want or need in orderthat it will generate a revenue source that will allow him to care for himself and his family.His concerns with himself and his family,and all of the stresses and strains of making sure that they are provided for,leads the individual to have sympathy for the similar experiences that all of the rest of the other members of society are also experiencing. However ,this is not selfishness.The second goal is to promote the existence of institutions(government) that will allow the harmonious development and expansion of the Invisible Hand(comparative advantage +division of labor+ self interest) process over time(economic growth and extension of the market).

Smith is acutely aware,however,of the dark side of the Invisible Hand.The daily tasks of providing and making a living as the specialization(division) of labor becomes finer and finer will lead to a profound tunnel vision(one's self interest degenerates into selfishness and corrupts completely the moral foundations of the entire society) on the part of all workers that results in severe negative spillover impacts in all other areas of life(social,political,economic[workers lose the capability to make constant marginal improvements over time in the types of machinery and tools that they work with ],moral,intellectual,martial).This is what Smith is talking about on pp.734-741 of the WN(Modern Library[Cannan]edition).

Smith essentially wrote his new Part VI in the sixth edition of the Theory of Moral Sentiments(TMS) in 1790 in order to provide a theoreticalfoundation supporting his claim that it is necessary to promote moral virtue as a general policy(implemented through education and religious instruction)because it would generate positive spillover impacts on society as a whole.This last part is needed because the first 5 parts of TMS basically deal with the role of the impartial spectator, a mental construct ,that generates sympathy when making judgements on an individual basis.Part VI of TMS allows Smith to extend his analysis to a societal basis.

My conclusion is that Smith made no mistake or error.However,it is true that economists over the last 3 centuries have made many mistakes or errors in trying to fit Smith into their very strong a priori belief systems ,based on the claims and misinterpretations introduced byRicardo,Bentham,and James Mills.Therefore,there is a " das economist " problem.The " das economist " problem is that economists are continually searching Smith(Marx,Keynes,Veblen,Schumpeter,Knight,etc.)to find those parts that they can emphasize to support their own biased,apriori beliefs.THey are not interested in the work as a whole,especially if it challenges their misbeliefs,The conclusion is that the economics profession suffers from the psychological problem of cognitive dissonance.

Adam Smith's Mistake ... A Book Not to be Missed!!!
Seldom if ever does one come across a book, so succinct, so seductive and so persuasive in its analysis and treatment on what constitutes the core and foundation of the subject of modern economics. Tracing its development to the times of Adam Smith (and earlier) and the subsequent edification of his work by the motivated self interests of Malthus, Ricardo and others, Lux lays bare the corrupting and narcissist venality of a depraved era that was fashioned into respectability, to spawn the cataclysmic upheavals of the past three centuries, spanning countries and continents of planet earth.

Kenneth Lux argues forcefully that Adam Smith's thesis 'The Wealth of Nations' is but a clarion call to Greed, despite Smith's original intentions to the contrary.

Long after this 'mandate for greed' was absorbed into the fabric of accepted social behaviour and instituted as the norm for legally sanctified economic intercourse, the nations of the world convulse rapaciously with the disproportionate spread in wealth. And the ecosystems of the planet, its air, its earth and its water tether on the brink of collapse.

With the keen insight of the psychologist Kenneth Lux offers a glimmer of redemption from the present dismal state of affairs... "temper 'self interest' with 'benevolence' and things can become very different" he counsels. He does not claim originality for this idea, a truism to be found in all the old books of wisdom. Something mankind has lost sight of and is in urgent need of rediscovery.

Sadly this book by Kenneth Lux "Adam Smith's Mistake: How A Moral Philosopher Invented Economics And Ended Morality", Shambhala 1990, is out of print and out of stock. A few second hand copies retail at three times the original cost!

will open your eyes about ECON 101
Kenneth Lux's and Mark A. Lutz's collaborative and individual efforts should be more widely known, especially among Left Intellectual circles, and that they aren't is quite a shame.

It's also a pity such an earthshattering book as this is now out of print, for it diagnoses the rot at the core of Classical Neoliberal economics so eloquently and plainly.It is a strongly ethical critique that lays bare a critical mistake in the reasoning of Adam Smith...a mistake that has been siezed on by all subsequent Neo-liberal "classical" economists and is the only thing they care to remember about Adam Smith...It was joked once on NPR that Adam Smith couldn't get a job in todays' business press because he'd be percieved as "too lefty".This is actually quite true...if, as Noam Chomsky has pointed out, anyone would actually bother to mull thru the whole of Smith's works.But no, what gets lached on to is the selfishness doctrine (Smith's Mistake) as the key economic engine, and all of Smith's moral reservations and other conscientious handwringing are forgotten/rendered mute by this mistake...and it is upon this mistake that the whole unjust real-existing capitalist world order has been built and continues to rest.

"So?" you might say, "Marx already did this in Das Kapital". Well, yes, but not quite.Lux knows about Marx, of course, and has a few humanistic/ethical choice barbs to toss his way also.

Although Lux does not use this language to describe his position, his solution to the dilema does basically come from the anarcho-syndicalist circles of Spain (both during and even, covertly, AFTER the Spanish Civil War), plus a little Gandhi & MLK thrown in for good measure.That summary is a bit too pat, and it's hard to summarize briefly and still do the book justice; JUST READ IT.You will never look at economics quite the same ever again.

All in all a fine book that has pride of place on my bookshelf. Worth conducting an "out of print" booksearch for, by all means. ... Read more

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This volume offers an engaging portrait of Smith through over four hundred letters; also included are appendixes with Smith's thoughts on the "Contest with America" and a collection of letters from Jeremy Bentham. ... Read more

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Reprint of the original Edition of the Wealth of Nations by Adam Smith. ... Read more

Customer Reviews (9)

Foundation Document for Economic Theory
This book may be the most important reading for Americans in the current political climate.Adam Smith sets forth conditions under which free market capitalism can benefit the wealth of a nation.Unfortunately those conditions are currently ignored by current free market enthusiasts.Free market capitalism without the requisite conditions leads to monopoly capitalism, and widespread poverty among the middle and lower classes.The book is written in in 1800th century language and is, therefore, difficult to read.A well conceived and well written current text on economic theory may be a preferred alternative for the timid.

Smith's Defense of Free Trade
My edition may be different than this particular edition, but I would like to offer my comments:
This is a very long work.It is worth reading, but for those with less time, I recommend "The Essential Adam Smith" The Essential Adam Smith

Content Summary:The "Wealth of Nations" contains Adam Smith's classic defense of free trade, and his simultaneous attack on the mercantilist system of his day.Mercantilism was a policy favoring exports and discouraging imports, while trying to maximize the silver and gold coins brought into the nation.Smith points out that this policy was self-defeating, that trade barriers invite retaliatory trade barriers.Mercantilism actually discouraged greater economic growth.Smith further argues that free trade, with a focus upon producing commodities and commanding more productive labor, is actually the more prosperous alternative.Besides many other things he says, he was in favor of an inheritance tax for the wealthy, opposed to taxes on wages, for generally minimizing all taxes as much as feasible, and repeats the idea that the wealthy have some greater responsibility to give back to their country in proportion to their wealth.In fact, it is in their self-interest to do so, to assure a prosperous and secure nation that protects their own wealth. The "invisible hand", which people are so fond of quoting- appears only once in this book (and thrice in all Smith's writings).It does suggest that it is through pursuing their own free, self-interest, that men render a greater prosperity to society.

Analytical Review:Smith's argument, that free trade renders a more prosperous economy, is probably a good one.Capitalism has been a vehicle for generating greater wealth, but not always generating greater equality.It must be pointed out of course, that there rarely if ever has been a completely free market.I believe Marx's Communist radical alternative has not and will not supplant capitalism.What Marx understood, however, was a greater sense of social justice.Marx's writing is loaded with justified sentiment for the oppression of the working poor, and his labor theory of value in "Capital" goes a long way to augment and correct (but not entirely substitute) Smith's omissions.Smith had absorbed the very hierarchical, class-based values of his time.In several passages on slavery, for example, Smith's strongest condemnation is to call it an "unfortunate" institution.What Smith understood better was that humans are self-interested and will prosper more generally through a free market.But Smith also opposed the power of monopolies, and believed some provision should be made for the poor, and that plays into Marx's thought.Marx had greater insight into the abusive dominance of monopoly capitalism, and its often cold-shouldered indifference to the inequities it produced.In a nutshell, Smith gave us the wisdom that the free market is better, but Marx has given us the corrective that a fair and just use of capital is a better (and yes - you might add even democratic of Christian) ideal.A free-market economy, with some corrective for social justice and common welfare, is my view of a compromise between them. My advice - we have much to learn from both Smith and Marx, if only critics would often read them before speaking too brashly.

rating the actual book, not its wonderful content
This huge, collector's edition is HEAVY, the font is small, and there is a ridiculous amount of margin area for writing.I take copious notes, but this is even too much for me.So in effect, you buy this supposedly beautifuly collector's edition, but it's shiny paper back - what's so great about it?Nothing.I'm not even sure why it costs so much.I've seen numerous errors in spelling.The value doesn't equal what you pay for it.Go for the lighter editions, unless, like other reviewers, you buy this merely to sit on your shelf to impress people (or yourself).

As for the book, Adam Smith is thorough, it's hard work to get through it, but his principles are sound and when left to work without government regulation, the precepts taught therein work beautifully.Smith gets five stars.The Premium Edition is lucky to get two.

nice edition
This book seems to be the nicest edition i have seen of this classic and proably Smith's most important work. But the Management Laboratory Press books are all very nice and elegant.

a statement
The Wealth of Nations from Management Laboratory Press is a very nice copy of Adam Smith's orginial writings. It is probably the nicest one out there. I like the elegant style that still creats a statement on anybodys shelves and showes that its owner knows the true value of this book. ... Read more

Product Description
This new edition of The Life of Adam Smith remains the only book to give a full account of Smith's life whilst also placing his work into the context of his life and times. Updated to include new scholarship which has recently come to light, this full-scale biography of Adam Smith examines the personality, career, and social and intellectual circumstances of the Scottish moral philosopher regarded as the founder of scientific economics, whose legacy of thought --most notably about the free market and the role of the state--concerns us all. Ian Simpson Ross draws on correspondence, archival documents, the reports of contemporaries, and the record of Smith's publications to fashion a lively account of Adam Smith as a man of letters, moralist, historian, and critic, as well as an economist. Supported with full scholarly apparatus for students and academics, the book also offers 20 halftone illustrations representing Smith and the world in which he lived. ... Read more

Customer Reviews (3)

Academic biography
Those who are not looking for an academic biography should check out Adam Smith: The Man and His Works by E. G. West.It's concise, elegantly written, and keenly insightful.Only specialists and academics need bother with Ross's tome.

Solid account of his life's impact on Smith's writing.
Easy to read in spite of the larger-than-life reputation of Adam Smith.Presents Adam Smith the man as a bit of an absent minder professor who talked to himself.

However, the book shines in connecting Smith's lifeexperiences to their effect on his thinking and writing.Extensive use ismade of Smith's correspondence to flesh out ideas presented in hispublished works.The author is clearly more comfortable with the pedigreeof thought behind "The Theory of Moral Sentiment" rather than"The Wealth of Nations", but Smith's ecomonics are still giventhorough treatment.The disconnect between Smith's free trade theories andhis work as a Commissioner of Customs is explored to the full.

A quickread and a delightful look into the Scottish Enlightenment.

Fine insight into Smith and an 18th centurylife.
This is an extraordinarily interesting biography, especially for its insight into the very different world of 18th century Scotland.Smith's student start at Glasgow University with six professors, at which and education could be obtained for 10 pounds a year.His first book -- A Theory of Moral Sentiments -- in which he developed his concepts of morality, and which he kept revising along with A Wealth of Nations until his death.His firstprotest against tariffs -- an import duty on oats into the city of Glasgow, which would be unfair to his students who brought oats and peas from home and lived on 1 or 2 pounds a year for food. Writing is a bit turgid, eighteenth centuryish. Still, I keep thinking about the bits and pieces of the life of this most interesting man. ... Read more

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Recent years have witnessed a renewed debate over the costs at which thebenefits of free markets have been bought. This book revisits the moral andpolitical philosophy of Adam Smith, capitalism's founding father, to recoverhis understanding of the morals of the market age. In so doing it illuminatesa crucial albeit overlooked side of Smith's project: his diagnosis of the ethicalills of commercial societies and the remedy he advanced to cure them.Focusing on Smith's analysis of the psychological and social ills endemic tocommercial society - anxiety and restlessness, inauthenticity and mediocrity,alienation and individualism - it argues that Smith sought to combat corruptionby cultivating the virtues of prudence, magnanimity, and beneficence.The result constitutes a new morality for modernity, at once a synthesis ofcommercial, classical, and Christian virtues and a normative response to oneof the most pressing political problems of Smith's day and ours.Ryan Patrick Hanley is Assistant Professor of Political Science at MarquetteUniversity. His research in the history of political philosophy has appeared inthe American Political Science Review, the American Journal of Political Science, theReview of Politics, History of Political Thought, the European Journal of PoliticalTheory, and other academic journals and edited volumes. He is also the editorof the forthcoming Penguin Classics edition of Adam Smith's Theory of MoralSentiments, featuring an introduction by Amartya Sen, and a co-editor, withDarrin McMahon, of The Enlightenment: Critical Concepts in History. ... Read more

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A book about economics which provides a comprehensive analysis of industrial economies. It offers an exposition of Smith's two great liberal principles of self-interest and natural liberty. This edition includes books one to four and an introduction to Smith's economic theories. ... Read more

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The Wealth of Nations is a clearly written account of economics at the dawn of the Industrial Revolution. The book was a landmark work in the history and economics as it was comprehensive and an accurate characterization of the economic mechanisms at work in modern economics. Smith believed in a Meritocracy. Smith emphasized the advancement that one could take based on their will to better themselves. This is simply one of the most important books ever written on the subject of economics. All five books are included here. A Thrifty Book is a well designed, easy to read book at an unbeatable price. ... Read more

Customer Reviews (2)

Know thy past
Founding principle's of the USA's economic past.It's a tome.Read it by candle light to feel enlightened, or if you have insomnia.

Perfect
Although advertised as "used",you could have fooled me...this book is in perfect condition.I received it well before the scheduled delivery date.Couldn't be happier.Thank you! ... Read more

Product Description
An Inquiry into the Nature and Causes of the Wealth of Nations (generally referred to by the short title The Wealth of Nations) is the magnum opus of the Scottish economist Adam Smith. It is a clearly written account of economics at the dawn of the Industrial Revolution, as well as a rhetorical piece written for the generally educated individual of the 18th century - advocating a free market economy as more productive and more beneficial to society. He was Professor of Moral Philosophy at the University of Glasgow.

The work is credited as a watershed in history and economics due to its comprehensive, largely accurate characterization of economic mechanisms that survive in modern economics; and also for its effective use of rhetorical technique, including structuring the work to contrast real world examples of free and fettered markets. (Description obtained from wikipedia)

... Read more

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Despite his fame, there is still widespread ignorance about the breadth of Adam Smith's contributions to economics, politics and philosophy. In "Adam Smith: A Primer", Eamonn Butler provides an authoritative introduction to the life and work of this 'founder of economics'. The author examines not only "The Wealth of Nations", with its insights on trade and the division of labour, but also Smith's less well-known works, such as "The Theory of Moral Sentiments", his lectures, and his writings on the history of science. Butler therefore provides a comprehensive, but concise, overview of Adam Smith's intellectual achievements. Whilst earlier writers may have studied economic matters, it is clear that the scope of Smith's enquiries was remarkable. In relating economic progress to human nature and institutional evolution he provided a completely new understanding of how human society works, and was very much a precursor of later writers such as Hayek and Popper. Indeed, with poor governance, protectionism and social engineering still commonplace, Smith's arguments are still highly relevant to policymakers today."Adam Smith: A Primer" includes a foreword by Sir Alan Peacock, an introduction by Gavin Kennedy and a commentary by Craig Smith. ... Read more

Customer Reviews (1)

Since 1776? Worth Waiting For.
This is the finest, clearest, most concise, least politically-loaded, most readable and welcome biography of Adam Smith ever written, and every economist I know has concurred. The author portrays Smith not as some right-wing bully-boy or libertarian ideologue or proto Social Darwinian, but as the world's first behavioural psychologist, studying people and incentives. The portrait will surprise anyone, even those of us who thought we had a clear picture of Smith from university.

Smith emerges as profoundly interesting, rubbing elbows with every thinker of his age, while giving a view of the world that is stunningly modern in almost every regard -- with a sensible role for public and private sectors that few would disagree with nowadays apart from either far extreme. Meanwhile, Smith's damning attacks on colonialism and greedy and unproductive mercantilist economics, will resonate even now, showing him as being far ahead of his time. ... Read more

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Although Adam Smith is often thought of today as an economist, he was in fact (as his great contemporaries Hume, Burke, Kant, and Hegel recognized) an original and insightful thinker whose work covers an immense territory including moral philosophy, political economy, rhetorical theory, aesthetics, and jurisprudence.Charles Griswold has written the first comprehensive philosophical study of Smith's moral and political thought.Griswold sets Smith's work in the context of the continuing debate about the nature and survival of the Enlightenment, and relates it to current discussions in moral and political philosophy.Smith's appropriation as well as criticism of ancient philosophy, and his carefully balanced defense of a liberal and humane moral and political outlook, are also explored.This is a major reassessment of a key figure in modernity that will be of particular interest to philosophers and political and legal theorists, as well as historians of ideas, rhetoric, and political economy. ... Read more

Customer Reviews (3)

The Best Analysis of 'Moral Sentiments'
Jerry Muller (The Mind and the Market) said this is the best commentary on Adam Smith's 'Moral Sentiments' and he is right! Griswold provides a thoughtful and understandable analysis of Smith's 'theory' of moral sentiments.

His explanation of the 'actor' and the 'spectator', the 'impartial spectator', the conscience,and just what 'morality' means to Smith are so clear. Griswold raises possible objections to Smith's system and answers them satisfactorily, showing a keen 'sympathy' with the topic he is so ably handling.

This book is a must, not only for Smith scholars, but for anyone interested in what morality is all about and how it all developed (and is still developing).

Buy this great work and have a mental and moral feast!

A Solid Effort!
Put on your scuba gear - we're diving down deep. Even though Charles L. Griswold, Jr. writes in a dense, academic style, it is worth swimming through his prose to learn about the remarkable work of 18th-century Enlightenment philosopher Adam Smith. Regarded as one of the fathers of modern economic thought, Smith has been misunderstood for the last century because his ethical philosophy has been overlooked. Instead, economists have drawn attention only to his thumbs-up for free enterprise and free trade. Smith believed neither was worthwhile without ethics, a point some modern economists might profitably revisit. We [...] highly recommend this richly detailed, insightful book to anyone interested in economic, political, or social philosophy.

Smith's morality given the weight it deserves
Griswold's book is pitched squarely between the academic of, and the interested newcomer to, the Enlightenment. It gives a refreshingly new outlook over enlightenment ideas as a whole, to illustrate the back drop to Adam Smith's moral notions. In examining the key themes in 'The Theory Of Moral Sentiments' with reference to Smith's whole body of work, Griswold is rare in attributing, to the work, the importance and weight it deserves. Books that focus on Adam Smith's moral philosphy are rare and this book is by no means a weak example of them. If you are at all interested in Adam Smith, and particularly those interested in 'The Wealth of Nations' you need to look at his moral roots, and Griswold's book is an excellent secondary text to look at. ... Read more

Product Description
Celebrated author James Buchan breathes new life into Adam Smith's legacy and the beginnings of modern economics.

The Scottish philosopher Adam Smith (1723-1790) has been adopted by neoconservatives as the ideological father of unregulated business and small government. Politicians such as Margaret Thatcher and Ronald Reagan promoted Smith's famous 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, as the bible of laissez- faire economics. In this vigorous, crisp, and accessible book, James Buchan refutes much of what modern politicians and economists claim about Adam Smith and shows that, in fact, Smith transcends modern political categories.

Drawing on twenty-five years of research, Buchan demonstrates that The Wealth of Nations and Smith's 1759 masterpiece, The Theory of Moral Sentiments, are just brilliant fragments of one of the most ambitious philosophical enterprises ever attempted: the search for a just foundation for modern commercial society both in private and in public. In an increasingly crowded and discontented world, this search is ever more urgent. ... Read more

Customer Reviews (13)

Basic to Adam Smith
If you are going to cite Adam Smith for anything, you should, first, read The Wealth of Nations, and, second, read about him.Philosophy never sits comfortably in the abstract; one should know about the man to judge his words. This book is a short and accessible pathway to that end. A similar example is found in references to, for example, JRR Tolkien.Behind his wonderful stories, there is strong and enlightening evidence that the Professor actually believed in the independent existence of the creatures he was, as he put it, "discovering."For an exploration of this, see 'MIRKWOOD: A Novel About JRR Tolkien" (available through Amazon in May, 2010).

Provocative, short, but dishonest
Well written, short (198 pages) but does not do the Wealth of Nations (WON) justice.It discusses Smith's Theory of Moral Sentiments more.And it's dishonest because on p. 2 it states that the phrase 'invisible hand' does not "have anything to do with free-market capitalism or awesome international transactions" yet on p. 110 the author quotes from WON directly as Smith says "[about a merchant's use of money inside his country] 'he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention'".This directly contradicts the previous statement by Buchan.It leads me to think that Buchan is trying to downplay the WON, for his own political goals.This is the ideological goal of Buchan, who seems to lean left of the political spectrum. In fact, the reader has no idea WON was so successful until later in the book, indirectly, when the author mentions republication.

A dishonest, partisan book, that cannot be trusted. Plus the hardcover is a bit too expensive for such a short book.Two stars.

A Horrible read.
The author, of this book was more interested in talking in old english bable,and trying to impress readers with his brogue,writting.I would give an example but unfortunatly 95% of the time I had no clue what the author was saying.The main idea I came away with. Adam Smith, was a principled man who thought out of the box on economics to help the common working class laborer.I would recommend, Wealth of Nations by Adam Smith, One thounsand pages, I started the book,well writtan,but to busy to commit to a thousand page read.This book will give you the scoop on Adam
Smith, and his history.

A fine biography of a very fine gentleman
Novelist and critic James Buchan employs his considerable writing skills to sketch out a concise yet intellectually comprehensive profile of one of the leading figures of the Scottish Enlightenment. The person of Adam Smith has long been used as an icon by political conservatives and free marketeers to propagandize their laissez-faire ideology, an anti-Marx effigy paraded before the masses to ward off the evil spirits of social empathy. Doctrinaire stalwarts such as Alan Greenspan --with whom Buchan starts off the book, benignly neglecting the more glaring but superannuated standard-bearers, Margaret Thatcher and Ronald Reagan-- relentlessly enshrine Adam Smith as the prophet of liberty, a liberty largely defined by --and mostly confined to-- private business interests. Unstated but ever present is the doctrinaire's message that here is the apostle of absolute truth, for somehow, we are supposed to believe, Adam Smith was obviously infallible.

Buchan does a great service to the contemporary affluent masses by presenting the real Adam Smith shorn of all mythical overtones. What emerges is an even more admirable personage. One of the first myths to go is that of the Promethean economist. Smith was but one among many thinkers in Europe to study the problem of commerce in the mercantilist societies of the preindustrial age. Smith's renowned work, «An Inquiry into the Nature and Causes of the Wealth of Nations», was not the first to broach the subject although it "more or less defined the field of inquiry known as political economy until the late nineteenth century." Indeed, Buchan points out that Smith borrowed the denominative term from James Steuart's «An Inquiry into the Principles of Political Oeconomy», published nine years before «The Wealth of Nations». Which was the natural thing to do, I might add, since Steuart's choice was the apposite name.

Smith's most celebrated term, the notorious "invisible hand," receives due attention right from the start. "The phrase 'invisible hand' occurs three times in the million-odd words of Adam Smith's that have come down to us, and on not one of those occasions does it have anything to do with free-market capitalism or awesome international transactions." Golly gee whiz, read and learn. The initial occurrence is found in "The History of Astronomy," Smith's first philosophical essay which nevertheless was published posthumously. "In this its first avatar," explains Buchan, "the invisible hand is not a commercial mechanism, but a circumlocution for God." The second appearance comes in «The Theory of Moral Sentiments», considered Smith's magnum opus until "the rise of political economy amid the battles and factory smoke of the Victorian age." Buchan argues that "The Invisible Hand here is like the Great Superintendant, or Superintendant of the Universe, or Great Conductor or Benevolent Nature and all the other deistic codewords that litter the «Theory»." God by this time has become the more distant and impersonal Providence. The Hand's third apparition is the only one to show up in the «Wealth». Discussing how a merchant would rather invest at home than abroad in order to keep an eye on his capital, thus rendering the greatest possible revenue to his own society, Smith states that "he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." A fitting observation, yes, but not exactly a passionate defense of raw, unfettered capitalism. Buchan gives us a glimpse of what Smith really thought of these merchants:" 'The proposal of any new law or regulation of commerce' that arises from the merchant class, therefore, 'ought always to be listened to with great precaution.' "In all likelihood, Smith would have included their modern ideological apologists in the warning as well. Later on in the book the Hand just disappears, substituted by the more rational if less poetic (and rhetorically worthless) "private interests and passions of individuals."

As with the name for the field of economics and even with the title of his first masterwork (due to his knowledge of L.J. Levesque de Pouilly's «Théorie des sentiments agréables»), Smith was in some debt to yet another thinker for the basic notion of the invisible hand: Bernard de Mandeville, author of the controversial «The Grumbling Hive», expanded and republished as «The Fable of the Bees: or, Private Vices, Publick Virtues», which stirred up in England a veritable hornets' nest. Mandeville's point was "that all public benefits arose from vices," vices being, in essence, self-interest. But "Mandeville wrote like a pimp," Buchan assures us, "and his blend of moral anarchy and gutter utilitarianism" did not go down well in proper English circles. The brazen satirist had it coming, and Smith dutifully joined in to denounce Mandeville in the «Theory», though he did well absorb a clever point or two. This second clever Mandevillean point was none other than the «Wealth's» fundamental concept of the division of labor, yet another instance of strategic Smithian borrowing.

Still, Smith was no plagiarist. Ideas do not arise in a vacuum but are always the product of the times, and Smith did develop and refine those ideas legitimately. It was his good fortune that his times were rich in world-class thinkers, beginning with his best friend, David Hume, a giant of modern philosophy who is always at hand in the narrative. (Incidentally, Hume also had already discussed the "partition of employments" in «A Treatise of Human Nature», in accordance with the spirit of the times -- which in this particular regard stretch all the way back to Plato.) This I found to be marvelous of this book, that Buchan takes the reader on a grand tour of the thinkers and doers of the period in their historical context. All presented in a most elegant literary prose. What more can one ask for? A detailed index? It's there, one of the best to be consulted. «The Authentic Adam Smith» is a pleasure to read. I would suggest you savor the feast at your earliest convenience.

Placing the great thinker in social and historic context
James Buchan offers us a concise review of the works of Adam Smith, making an effort to reveal the strengths of his thought as well as those aspects of the work that are less strong due to hind-sight. Buchan does this by first grounding Smith firmly in the midst of the Scottish Enlightenment and revealing the influences of David Hume and Francis Hutchinson as well as the ancient philosophers. Then Buchan offers us multiple quotations from Smith to make his points.

Neither economics nor capitalism existed as mental entities in the time in which Smith was writing. Smith took on a formless mass of commercial thinking and made a system of it. Smith is often referred to by conservatives for support of their economic philosophy; however the phrase `invisible hand' occurs only three times in the works of Adam Smith and not once does it refer to free-market capitalism.

Buchan places Smith and his writing within the context of the Scottish Enlightenment, where David Hume was a major influence. Smith retreated from advanced philosophical positions for reasons of prudence since in that time some thought that the doctrine of Free Trade represented revolution.

Smith was influenced by his teacher Hutcheson, a British moralist, who sought to discover principles of human nature from which we form our notions of good and evil. Hutcheson believed there was a faculty in human beings that responded to virtue as to beauty.

Smith was influenced by the Stoics, Cicero, and Marcus Aurelius. For Stoics, the world is organized in such a way that all activities and propensities, selfish and unselfish, combine for the benefit of the whole.

Smith's work on commercial society was modified in the work of John Stuart Mill. Adam Smith sought to organize experience of the world into a series of interlocking systems. Mill states "Political economy does not treat the whole of man's nature as modified by the social state, nor of the whole conduct of man in society.It is concerned with him solely as a being who desires to possess wealth, and who is capable of judging of the comparative efficacy or means for obtaining that end. It predicts only such of the phenomena of the social state as take place in consequence of the pursuit of wealth.It makes entire abstraction of every other human passion or motive. "It is of interest that the fields of Anthropology and Sociology now indicate that context, social networks and other structural factors do indeed appear to influence opinions and behaviors, thus supporting Adam Smith's original observations.

Smith was working at a theory of innovation.Smith contends that industrial innovation mostly arises in the field or on the factory floor; but that revolutionary processes are the work of contemplative minds.

Smith thought that the rich are obliged by the very operation of money and free commerce to share some of their riches with the poor. I am not certain that this portion that the rich are suppose to share with the poor during the acts of consumption are sufficient for the actual well-being of the poor.Buchan states: This is optimism run wild. The landed and merchant interests that dominated Parliament insisted that exports be encouraged and imports discouraged. But as Smith was to argue, this is a mere reflex to stifle competition and preserve the social hierarchy for their own convenience.

David Hume identified the partition of employments as one of the three great benefits delivered to the individual by living in society. Smith argued that specialization would not deliver improvements if the artisans were slaves whose labor and innovations belonged to the masters. What was needed was freedom of occupation.

Smith thought that the role of government could be summarized as: the protection of society from invasion from abroad; the establishment and exact administration of justice; and certain public works and institutions that would be unprofitable for private citizens, either individually or in small groups. Public investments to facilitate commerce should be provided only where private individuals have failed.

David Hume thought independence was as natural to a colony as to a growing child. In matters of trade, Smith was on the side of the American colonists. Smith saw what was to become the United States far eclipsing the mother country in trade and power. Smith urged Britain to wake from her `golden dream' of empire.

The division of labor however created specialized idiots. Public education, even if it brought the state no advantage, makes the people less open to the political contagion of faction and sedition, fanaticism and superstition.

Smith recognized that public service could not be maintained without some general taxation and its anticipation through borrowing. Tax for Smith was a badge not of slavery but of liberty, but only if it was collected on principles of equality. Taxation should be progressive in that the rich should pay a higher proportion of their income. As for public borrowing, it is a diversion of productive capital.

Smith and Hume believed that men could be good without much or indeed any religious belief.For that to be demonstrated, it was necessary not only to live without fault but also to die without fear.The account of Hume's last illness was one of the very finest pieces Smith wrote.

I end this review with nine quotations by Adam Smith taken from Buchan's book:

The respect of our equals...of becoming the proper objects of this respect, of deserving and obtaining this credit and rank among our equals, is perhaps the strongest of all our desires. - Adam Smith


The obvious and simple system of natural liberty establishes itself of its own accord.Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men. - Adam Smith

To prohibit a great people, however, from making all that they can of every part of their own produce, or from employing their stock and industry in the way that they judge most advantageous to themselves, is a manifest violation of the most sacred right of mankind. - Adam Smith

The proposal of any new law or regulation of commerce that arises from the merchant class ought always to be listened to with great precaution. - Adam Smith

Men love to reap where they never sowed. - Adam Smith

Political economy considered as a branch of the science of a statesman or legislator proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public services. - Adam Smith

The whole magic of a well-ordered society is that each man works for others, while believing that he is working for himself. - Adam Smith

...Civil government...is in reality instituted for the defense of the rich against the poor. - Adam Smith

Little else is requisite to carry a state to the highest degree...but peace, easy taxes, and a tolerable administration of justice...all governments that thwart this natural course, which force things into another channel, or which endeavor to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical. - Adam Smith

... Read more

Customer Reviews (13)

Basic to Adam Smith
If you are going to cite Adam Smith for anything, you should, first, read The Wealth of Nations, and, second, read about him.Philosophy never sits comfortably in the abstract; one should know about the man to judge his words. This book is a short and accessible pathway to that end. A similar example is found in references to, for example, JRR Tolkien.Behind his wonderful stories, there is strong and enlightening evidence that the Professor actually believed in the independent existence of the creatures he was, as he put it, "discovering."For an exploration of this, see 'MIRKWOOD: A Novel About JRR Tolkien" (available through Amazon in May, 2010).

Provocative, short, but dishonest
Well written, short (198 pages) but does not do the Wealth of Nations (WON) justice.It discusses Smith's Theory of Moral Sentiments more.And it's dishonest because on p. 2 it states that the phrase 'invisible hand' does not "have anything to do with free-market capitalism or awesome international transactions" yet on p. 110 the author quotes from WON directly as Smith says "[about a merchant's use of money inside his country] 'he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention'".This directly contradicts the previous statement by Buchan.It leads me to think that Buchan is trying to downplay the WON, for his own political goals.This is the ideological goal of Buchan, who seems to lean left of the political spectrum. In fact, the reader has no idea WON was so successful until later in the book, indirectly, when the author mentions republication.

A dishonest, partisan book, that cannot be trusted. Plus the hardcover is a bit too expensive for such a short book.Two stars.

A Horrible read.
The author, of this book was more interested in talking in old english bable,and trying to impress readers with his brogue,writting.I would give an example but unfortunatly 95% of the time I had no clue what the author was saying.The main idea I came away with. Adam Smith, was a principled man who thought out of the box on economics to help the common working class laborer.I would recommend, Wealth of Nations by Adam Smith, One thounsand pages, I started the book,well writtan,but to busy to commit to a thousand page read.This book will give you the scoop on Adam
Smith, and his history.

A fine biography of a very fine gentleman
Novelist and critic James Buchan employs his considerable writing skills to sketch out a concise yet intellectually comprehensive profile of one of the leading figures of the Scottish Enlightenment. The person of Adam Smith has long been used as an icon by political conservatives and free marketeers to propagandize their laissez-faire ideology, an anti-Marx effigy paraded before the masses to ward off the evil spirits of social empathy. Doctrinaire stalwarts such as Alan Greenspan --with whom Buchan starts off the book, benignly neglecting the more glaring but superannuated standard-bearers, Margaret Thatcher and Ronald Reagan-- relentlessly enshrine Adam Smith as the prophet of liberty, a liberty largely defined by --and mostly confined to-- private business interests. Unstated but ever present is the doctrinaire's message that here is the apostle of absolute truth, for somehow, we are supposed to believe, Adam Smith was obviously infallible.

Buchan does a great service to the contemporary affluent masses by presenting the real Adam Smith shorn of all mythical overtones. What emerges is an even more admirable personage. One of the first myths to go is that of the Promethean economist. Smith was but one among many thinkers in Europe to study the problem of commerce in the mercantilist societies of the preindustrial age. Smith's renowned work, «An Inquiry into the Nature and Causes of the Wealth of Nations», was not the first to broach the subject although it "more or less defined the field of inquiry known as political economy until the late nineteenth century." Indeed, Buchan points out that Smith borrowed the denominative term from James Steuart's «An Inquiry into the Principles of Political Oeconomy», published nine years before «The Wealth of Nations». Which was the natural thing to do, I might add, since Steuart's choice was the apposite name.

Smith's most celebrated term, the notorious "invisible hand," receives due attention right from the start. "The phrase 'invisible hand' occurs three times in the million-odd words of Adam Smith's that have come down to us, and on not one of those occasions does it have anything to do with free-market capitalism or awesome international transactions." Golly gee whiz, read and learn. The initial occurrence is found in "The History of Astronomy," Smith's first philosophical essay which nevertheless was published posthumously. "In this its first avatar," explains Buchan, "the invisible hand is not a commercial mechanism, but a circumlocution for God." The second appearance comes in «The Theory of Moral Sentiments», considered Smith's magnum opus until "the rise of political economy amid the battles and factory smoke of the Victorian age." Buchan argues that "The Invisible Hand here is like the Great Superintendant, or Superintendant of the Universe, or Great Conductor or Benevolent Nature and all the other deistic codewords that litter the «Theory»." God by this time has become the more distant and impersonal Providence. The Hand's third apparition is the only one to show up in the «Wealth». Discussing how a merchant would rather invest at home than abroad in order to keep an eye on his capital, thus rendering the greatest possible revenue to his own society, Smith states that "he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." A fitting observation, yes, but not exactly a passionate defense of raw, unfettered capitalism. Buchan gives us a glimpse of what Smith really thought of these merchants:" 'The proposal of any new law or regulation of commerce' that arises from the merchant class, therefore, 'ought always to be listened to with great precaution.' "In all likelihood, Smith would have included their modern ideological apologists in the warning as well. Later on in the book the Hand just disappears, substituted by the more rational if less poetic (and rhetorically worthless) "private interests and passions of individuals."

As with the name for the field of economics and even with the title of his first masterwork (due to his knowledge of L.J. Levesque de Pouilly's «Théorie des sentiments agréables»), Smith was in some debt to yet another thinker for the basic notion of the invisible hand: Bernard de Mandeville, author of the controversial «The Grumbling Hive», expanded and republished as «The Fable of the Bees: or, Private Vices, Publick Virtues», which stirred up in England a veritable hornets' nest. Mandeville's point was "that all public benefits arose from vices," vices being, in essence, self-interest. But "Mandeville wrote like a pimp," Buchan assures us, "and his blend of moral anarchy and gutter utilitarianism" did not go down well in proper English circles. The brazen satirist had it coming, and Smith dutifully joined in to denounce Mandeville in the «Theory», though he did well absorb a clever point or two. This second clever Mandevillean point was none other than the «Wealth's» fundamental concept of the division of labor, yet another instance of strategic Smithian borrowing.

Still, Smith was no plagiarist. Ideas do not arise in a vacuum but are always the product of the times, and Smith did develop and refine those ideas legitimately. It was his good fortune that his times were rich in world-class thinkers, beginning with his best friend, David Hume, a giant of modern philosophy who is always at hand in the narrative. (Incidentally, Hume also had already discussed the "partition of employments" in «A Treatise of Human Nature», in accordance with the spirit of the times -- which in this particular regard stretch all the way back to Plato.) This I found to be marvelous of this book, that Buchan takes the reader on a grand tour of the thinkers and doers of the period in their historical context. All presented in a most elegant literary prose. What more can one ask for? A detailed index? It's there, one of the best to be consulted. «The Authentic Adam Smith» is a pleasure to read. I would suggest you savor the feast at your earliest convenience.

Placing the great thinker in social and historic context
James Buchan offers us a concise review of the works of Adam Smith, making an effort to reveal the strengths of his thought as well as those aspects of the work that are less strong due to hind-sight. Buchan does this by first grounding Smith firmly in the midst of the Scottish Enlightenment and revealing the influences of David Hume and Francis Hutchinson as well as the ancient philosophers. Then Buchan offers us multiple quotations from Smith to make his points.

Neither economics nor capitalism existed as mental entities in the time in which Smith was writing. Smith took on a formless mass of commercial thinking and made a system of it. Smith is often referred to by conservatives for support of their economic philosophy; however the phrase `invisible hand' occurs only three times in the works of Adam Smith and not once does it refer to free-market capitalism.

Buchan places Smith and his writing within the context of the Scottish Enlightenment, where David Hume was a major influence. Smith retreated from advanced philosophical positions for reasons of prudence since in that time some thought that the doctrine of Free Trade represented revolution.

Smith was influenced by his teacher Hutcheson, a British moralist, who sought to discover principles of human nature from which we form our notions of good and evil. Hutcheson believed there was a faculty in human beings that responded to virtue as to beauty.

Smith was influenced by the Stoics, Cicero, and Marcus Aurelius. For Stoics, the world is organized in such a way that all activities and propensities, selfish and unselfish, combine for the benefit of the whole.

Smith's work on commercial society was modified in the work of John Stuart Mill. Adam Smith sought to organize experience of the world into a series of interlocking systems. Mill states "Political economy does not treat the whole of man's nature as modified by the social state, nor of the whole conduct of man in society.It is concerned with him solely as a being who desires to possess wealth, and who is capable of judging of the comparative efficacy or means for obtaining that end. It predicts only such of the phenomena of the social state as take place in consequence of the pursuit of wealth.It makes entire abstraction of every other human passion or motive. "It is of interest that the fields of Anthropology and Sociology now indicate that context, social networks and other structural factors do indeed appear to influence opinions and behaviors, thus supporting Adam Smith's original observations.

Smith was working at a theory of innovation.Smith contends that industrial innovation mostly arises in the field or on the factory floor; but that revolutionary processes are the work of contemplative minds.

Smith thought that the rich are obliged by the very operation of money and free commerce to share some of their riches with the poor. I am not certain that this portion that the rich are suppose to share with the poor during the acts of consumption are sufficient for the actual well-being of the poor.Buchan states: This is optimism run wild. The landed and merchant interests that dominated Parliament insisted that exports be encouraged and imports discouraged. But as Smith was to argue, this is a mere reflex to stifle competition and preserve the social hierarchy for their own convenience.

David Hume identified the partition of employments as one of the three great benefits delivered to the individual by living in society. Smith argued that specialization would not deliver improvements if the artisans were slaves whose labor and innovations belonged to the masters. What was needed was freedom of occupation.

Smith thought that the role of government could be summarized as: the protection of society from invasion from abroad; the establishment and exact administration of justice; and certain public works and institutions that would be unprofitable for private citizens, either individually or in small groups. Public investments to facilitate commerce should be provided only where private individuals have failed.

David Hume thought independence was as natural to a colony as to a growing child. In matters of trade, Smith was on the side of the American colonists. Smith saw what was to become the United States far eclipsing the mother country in trade and power. Smith urged Britain to wake from her `golden dream' of empire.

The division of labor however created specialized idiots. Public education, even if it brought the state no advantage, makes the people less open to the political contagion of faction and sedition, fanaticism and superstition.

Smith recognized that public service could not be maintained without some general taxation and its anticipation through borrowing. Tax for Smith was a badge not of slavery but of liberty, but only if it was collected on principles of equality. Taxation should be progressive in that the rich should pay a higher proportion of their income. As for public borrowing, it is a diversion of productive capital.

Smith and Hume believed that men could be good without much or indeed any religious belief.For that to be demonstrated, it was necessary not only to live without fault but also to die without fear.The account of Hume's last illness was one of the very finest pieces Smith wrote.

I end this review with nine quotations by Adam Smith taken from Buchan's book:

The respect of our equals...of becoming the proper objects of this respect, of deserving and obtaining this credit and rank among our equals, is perhaps the strongest of all our desires. - Adam Smith


The obvious and simple system of natural liberty establishes itself of its own accord.Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men. - Adam Smith

To prohibit a great people, however, from making all that they can of every part of their own produce, or from employing their stock and industry in the way that they judge most advantageous to themselves, is a manifest violation of the most sacred right of mankind. - Adam Smith

The proposal of any new law or regulation of commerce that arises from the merchant class ought always to be listened to with great precaution. - Adam Smith

Men love to reap where they never sowed. - Adam Smith

Political economy considered as a branch of the science of a statesman or legislator proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public services. - Adam Smith

The whole magic of a well-ordered society is that each man works for others, while believing that he is working for himself. - Adam Smith

...Civil government...is in reality instituted for the defense of the rich against the poor. - Adam Smith

Little else is requisite to carry a state to the highest degree...but peace, easy taxes, and a tolerable administration of justice...all governments that thwart this natural course, which force things into another channel, or which endeavor to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical. - Adam Smith

... Read more