Adam Smith's moral economy

Abstract

This paper has the following four-part structure. In the first part, I quickly rehearse the classical disparagement of commercial or economic life (in deliberate contrast to the more highly valued life of politics or active citizenship). In part 2, I outline Smith's defence of commerce— his vindication of what he calls opulence and freedom. In the third part, I correct that interpretation of Smith that reads this defence as unleashing asocial or selfish behaviour and thus as freeing the 'economy' from moral norms (as a 'de-moralisation'). Rather, I argue that Smith’s own moral philosophy, with its roots in social interaction, is based on a criticism of self-love that does, moreover, permit a wider critique of aspects of his contemporary commercial society, while steadfastly adopting a view of 'liberty' that is thoroughly moralised. I conclude in part 4 with a brief summary.