Synopses & Reviews
Adam Smith was a philosopher before he ever wrote about economics, yet until now there has never been a philosophical commentary on the Wealth of Nations. Samuel Fleischacker suggests that Smith's vastly influential treatise on economics can be better understood if placed in the light of his epistemology, philosophy of science, and moral theory. He lays out the relevance of these aspects of Smith's thought to specific themes in the Wealth of Nations, arguing, among other things, that Smith regards social science as an extension of common sense rather than as a discipline to be approached mathematically, that he has moral as well as pragmatic reasons for approving of capitalism, and that he has an unusually strong belief in human equality that leads him to anticipate, if not quite endorse, the modern doctrine of distributive justice.
Fleischacker also places Smith's views in relation to the work of his contemporaries, especially his teacher Francis Hutcheson and friend David Hume, and draws out consequences of Smith's thought for present-day political and philosophical debates. The Companion is divided into five general sections, which can be read independently of one another. It contains an index that points to commentary on specific passages in Wealth of Nations. Written in an approachable style befitting Smith's own clear yet finely honed rhetoric, it is intended for professional philosophers and political economists as well as those coming to Smith for the first time.
Review
In my opinion, all readers interested in Adam Smith's project and/or the modern Post-Smithian notion of distributive justice, should have access to this book, so they can study this important, provocative contribution to the understanding of Smith's conception of justice. -- Spencer J. Pack, EH.NET [A]n enlightening guide to the philosophical component of the Wealth of Nations and its relation to Smith's other works. [This] is . . . an exceptionally good book. -- D. D. Raphael, British Journal for the History of Philosophy Fleischacker . . . has a sure philosophical grasp of Smith's ideas. He uses this to great effect, presenting what is the first rigorous philosophical commentary on the Wealth of Nations in English, of which I am aware. -- Duncan Kelly, Political Studies Review There is no question that Fleischacker has produced a landmark study of Adam Smith's works. His handling of philosophical issues is subtle and suggestive; and in probing 'the virtues that lie within and just beyond the frame of Wealth of Nations', Fleischacker provides new philosophical resources for the debate about the fundamental relation between Wealth of Nations and Smith's larger philosophical project. -- Vivienne Brown, Eighteenth Century Scotland Overall, this is a very useful book whether treated as a companion or, better, read straight through. -- John Douglas Bishop, Philosophy in Review
Review
"In my opinion, all readers interested in Adam Smith's project and/or the modern Post-Smithian notion of distributive justice, should have access to this book, so they can study this important, provocative contribution to the understanding of Smith's conception of justice."--Spencer J. Pack, EH.NET
Review
"[A]n enlightening guide to the philosophical component of the Wealth of Nations and its relation to Smith's other works. [This] is . . . an exceptionally good book."--D. D. Raphael, British Journal for the History of Philosophy
Review
"Fleischacker . . . has a sure philosophical grasp of Smith's ideas. He uses this to great effect, presenting what is the first rigorous philosophical commentary on the Wealth of Nations in English, of which I am aware."--Duncan Kelly, Political Studies Review
Review
"There is no question that Fleischacker has produced a landmark study of Adam Smith's works. His handling of philosophical issues is subtle and suggestive; and in probing 'the virtues that lie within and just beyond the frame of Wealth of Nations', Fleischacker provides new philosophical resources for the debate about the fundamental relation between Wealth of Nations and Smith's larger philosophical project."--Vivienne Brown, Eighteenth Century Scotland
Review
"Overall, this is a very useful book whether treated as a companion or, better, read straight through."--John Douglas Bishop, Philosophy in Review
Review
Overall, this is a very useful book whether treated as a companion or, better, read straight through. Vivienne Brown - Eighteenth Century Scotland
Review
Winner of the 2009 Joseph B. Gittler Award, American Philosophical Association
Synopsis
Adam Smith was a philosopher before he ever wrote about economics, yet until now there has never been a philosophical commentary on the
Wealth of Nations. Samuel Fleischacker suggests that Smith's vastly influential treatise on economics can be better understood if placed in the light of his epistemology, philosophy of science, and moral theory. He lays out the relevance of these aspects of Smith's thought to specific themes in the
Wealth of Nations, arguing, among other things, that Smith regards social science as an extension of common sense rather than as a discipline to be approached mathematically, that he has moral as well as pragmatic reasons for approving of capitalism, and that he has an unusually strong belief in human equality that leads him to anticipate, if not quite endorse, the modern doctrine of distributive justice.
Fleischacker also places Smith's views in relation to the work of his contemporaries, especially his teacher Francis Hutcheson and friend David Hume, and draws out consequences of Smith's thought for present-day political and philosophical debates. The Companion is divided into five general sections, which can be read independently of one another. It contains an index that points to commentary on specific passages in Wealth of Nations. Written in an approachable style befitting Smith's own clear yet finely honed rhetoric, it is intended for professional philosophers and political economists as well as those coming to Smith for the first time.
Synopsis
"On Adam Smith's
Wealth of Nations reflects its author's long and reflective engagement with Smith's thought. There is much in the book that readers of Smith will find useful and indeed indispensable. Many of Smith's perspectives are reformulated with exemplary clarity; key puzzles in his oeuvre are puzzled out more successfully than by past commentators; and many a scholarly misinterpretation is set aright. Moreover, Fleischacker's emphasis on Smith's egalitarianism will prove controversial, and should stimulate discussion about what Smith meant in his own day and what he might mean to us."
--Jerry Z. Muller, Catholic University of America"Until now, nobody has published a truly philosophical, let alone comprehensive and philosophical, commentary on Smith's great work of political economy. This beautifully written book fills this important niche. Samuel Fleischacker is a gifted writer; he often finds just the right turn of phrase, and the right combination of technical prose and informal tone, to communicate his point with maximum effectiveness."--Charles L. Griswold, Jr., Professor of Philosophy at Boston University and author of Adam Smith and the Virtues of the Enlightenment
Synopsis
"On Adam Smith's Wealth of Nations reflects its author's long and reflective engagement with Smith's thought. There is much in the book that readers of Smith will find useful and indeed indispensable. Many of Smith's perspectives are reformulated with exemplary clarity; key puzzles in his oeuvre are puzzled out more successfully than by past commentators; and many a scholarly misinterpretation is set aright. Moreover, Fleischacker's emphasis on Smith's egalitarianism will prove controversial, and should stimulate discussion about what Smith meant in his own day and what he might mean to us."--Jerry Z. Muller, Catholic University of America
"Until now, nobody has published a truly philosophical, let alone comprehensive and philosophical, commentary on Smith's great work of political economy. This beautifully written book fills this important niche. Samuel Fleischacker is a gifted writer; he often finds just the right turn of phrase, and the right combination of technical prose and informal tone, to communicate his point with maximum effectiveness."--Charles L. Griswold, Jr., Professor of Philosophy at Boston University and author of Adam Smith and the Virtues of the Enlightenment
Table of Contents
Acknowledgments xi
Abbreviations xiii
Introduction xv
PART I: Methodology
CHAPTER ONE: Literary Method 3
1. Obstacles to Reading Smith 4
2. Rhetoric 12
3. Genre 15
4. Style and Philosophical Method 19
CHAPTER TWO: Epistemology and Philosophy of Science 27
5. Epistemology 27
6. Philosophy of Science 31
7. Philosophy of Social Science 34
8. Types of Evidence 36
9. Providentialism 44
CHAPTER THREE: Moral Philosophy 46
10. Moral Sentimentalism 46
11. The Wealth of Nations and Moral Philosophy 48
12. A Moral Assessment of Capitalism? 55
PART II: Human Nature
CHAPTER FOUR: Overview 61
13. Philosophy and the Theory of Human Nature 61
14. Smith's Picture of Human Nature 66
15. Religious Sentiments 70
16. Impartiality and Equality 72
17. Culture and History 80
18. From Homo Moralis to Homo Economicus 82
CHAPTER FIVE: Self-Interest 84
19. WN in Context 84
20. "Bettering One's Condition" in WN II. 87
21. Self-love in WN I.ii 90
22. Self-interest versus "General Benevolence" 95
23. Self-interest as an Assumption in WN 97
24. Smith and Hobbes: A Response to Cropsey 100
CHAPTER SIX: Vanity 104
25. Vanity in TMS IV.i 105
26. TMS IV.I in the Light of WN 108
27. TMS IV.I and the 1790 Edition of TMS 112
28. The Importance of Vanity 115
29. From Homo Moralis to Homo Economicus (Reprise) 118
PART III: Foundations of Economics
CHAPTER SEVEN: Foundations of Economics 123
30. Natural Price/Market Price 123
31. Real Price/Nominal Price; Labor Theory of Value 124
32. The Long Term versus the Short; Growth versus Allocation; Definition of Wealth 131
33. Productive and Unproductive Labor 134
34. The Invisible Hand 138
PART IV: Justice
CHAPTER EIGHT: A Theory of Justice? 145
35. Some Puzzles about Smith's Treatment of Justice 145
36. Smith's Different Accounts of Justice 148
37. A First Argument for the Precision of Rules of Justice 153
38. Critical Jurisprudence and the Problems in Defining "Harm" 158
39. A Second Argument for the Precision of Rules of Justice 161
40. Reconstructing Smith's Theory of Natural Justice 166
41. Smith's Critical Jurisprudence in LJ and WN 169
CHAPTER NINE: Property Rights 174
42. Property as Central to Justice 174
43. Utilitarian Accounts of Property 178
44. Locke, Hutcheson, and Hume on "Original" Ownership 180
45. Smith on "Original" Ownership 185
46. Property in WN 192
47. Taxation and Property Rights 193
48. Inheritance and Property Rights 197
49. Redistribution and Property Rights 200
CHAPTER TEN: Distributive Justice 203
50. Two Meanings for "Distributive Justice" 203
51. Smith's Contribution to the Politics of Poverty 205
52. A Brief History of Distributive Justice 209
53. The Right of Necessity 215
54. Smith and Natural Law Views of Property 221
PART V: Politics
CHAPTER ELEVEN: Politics 229
55. Moral Vices of Politicians 229
56. Cognitive Vices of Politicians 233
57. Problems with the "Private Sector" 236
58. Law over Policy; Well-designed Institutions 242
59. Republics versus Monarchies; Civic Republicanism 246
60. National Glory; War 250
61. Conclusion 257
Epilogue
CHAPTER TWELVE: Learning from Smith Today 261
Notes 283
Index Locorum 313
General Index 321