The fertility of Adam Smith’s work stems from a paradoxical structure where the pursuit of economic self-interest and wealth accumulation serve wider social objectives. The incentive for this wealth accumulation comes from a desire for social recognition or "sympathy" – the need to recognise ourselves in our peers – which is the primary incentive for moderating and transforming our violent and egotistical passions. Adam Smith thus examines in detail the subliminal emotional structure underlying market behaviour. This new book by Professor Jan Horst Keppler presents an Adam Smith for the 21st century, more sceptical, searching and daring than he has ever been portrayed before. Without disputing its benefits, Professor Keppler’s original contribution explores the anarchic passions constantly threatening to destroy all social bounds, and how the overarching "desire for love" and social recognition provides the Smithian individual with the incentive to transform his unsocial passions into a desire for social advancement and economic wealth with the view to gaining the vital approbation of his peers. One of the most striking results of this new reading of Adam Smith is the latter’s insistence on the primacy of exchange value over use value. In other words, the quest for wealth is exclusively driven by the value it represents in the eyes of others rather than by any value in individual use. At a moment of crisis, where the link between "true" economic values and "virtual" financial values is more fragile than ever, Adam Smith’s work is a profoundly contemporary reminder that in the absence of personal, ethical groundings our economic actions are only grounded in the game of mirrors we play with our peers. This book will be of interest to postgraduate students and researchers in the History of Economics, or indeed any reader with an interest in the psychological foundations of a market economy and its theoretical representations as developed by Adam Smith.

In this volume, Albert Hirschman reconstructs the intellectual climate of the seventeenth and eighteenth centuries to illuminate the intricate ideological transformation that occurred, wherein the pursuit of material interests--so long condemned as the deadly sin of avarice--was assigned the role of containing the unruly and destructive passions of man. Hirschman here offers a new interpretation for the rise of capitalism, one that emphasizes the continuities between old and new, in contrast to the assumption of a sharp break that is a common feature of both Marxian and Weberian thinking. Among the insights presented here is the ironical finding that capitalism was originally supposed to accomplish exactly what was soon denounced as its worst feature: the repression of the passions in favor of the "harmless," if one-dimensional, interests of commercial life. To portray this lengthy ideological change as an endogenous process, Hirschman draws on the writings of a large number of thinkers, including Montesquieu, Sir James Steuart, and Adam Smith. Featuring a new afterword by Jeremy Adelman and a foreword by Amartya Sen, this Princeton Classics edition of The Passions and the Interests sheds light on the intricate ideological transformation from which capitalism emerged triumphant, and reaffirms Hirschman's stature as one of our most influential and provocative thinkers. Some images inside the book are unavailable due to digital copyright restrictions.

The essential guide to the life, thought, and legacy of Adam Smith Adam Smith (1723–90) is perhaps best known as one of the first champions of the free market and is widely regarded as the founding father of capitalism. From his ideas about the promise and pitfalls of globalization to his steadfast belief in the preservation of human dignity, his work is as relevant today as it was in the eighteenth century. Here, Ryan Hanley brings together some of the world's finest scholars from across a variety of disciplines to offer new perspectives on Smith's life, thought, and enduring legacy. Contributors provide succinct and accessible discussions of Smith's landmark works and the historical context in which he wrote them, the core concepts of Smith's social vision, and the lasting impact of Smith's ideas in both academia and the broader world. They reveal other sides of Smith beyond the familiar portrayal of him as the author of the invisible hand, emphasizing his deep interests in such fields as rhetoric, ethics, and jurisprudence. Smith emerges not just as a champion of free markets but also as a thinker whose unique perspective encompasses broader commitments to virtue, justice, equality, and freedom. An essential introduction to Adam Smith's life and work, this incisive and thought-provoking book features contributions from leading figures such as Nicholas Phillipson, Amartya Sen, and John C. Bogle. It demonstrates how Smith's timeless insights speak to contemporary concerns such as growth in the developing world and the future of free trade, and how his influence extends to fields ranging from literature and philosophy to religion and law.

This book links economic theory, information theory and several psychoanalytic notions to show how Adam Smith provides the psychological determinants of human behaviour from which market economics arises as an imperfect but inevitable consequence.

How and why do economies and societies develop? How can America maintain competitiveness in the global marketplace? What should be the balance between economic and political goals in the conduct of foreign policy? Questions concerning relations between politics and economics are not new. Stepping back from current controversies, McNamara shows how the debates between Smith and Hamilton on the foundation of the commercial republic point to an important juncture in the history of political thought. While remaining scrupulously fair to Smith's sophisticated account of politics and economics, McNamara brings out its limitations through a comparison with the stateman Hamilton's words and deeds. He stresses that Hamilton's reservations about Smithian political economy illustrate critical practical questions regarding the nature of capitalist economic development and call into question the relationship between political theory and political practice as it was conceived by Smith. Political Economy and Statesmanship has a number of practical implications for contemporary debate. The author points toward a kind of constitutional economics distinct from that of the public choice school. McNamara suggests the need to revive the idea of an "American System" that matches economic policy with the political culture of the nation. Finally, the author affirms the idea that the United States, as the first "new nation," can serve as a model for developing nations.