Adam Smith and his legacy for modern capitalism

Abstract

This is a study of the thought of the 18th-century philosopher Adam Smith, best known for the political economic theory expounded in his book The Wealth of Nations. Smith is widely believed to have advocated the view that all human behaviour is motivated by selfish concerns and that the balance of self-interests in a competitive market will produce eoconomic good for the society as a whole. This book argues that Smith's views were misconstrued. In support of this argument, the author martials evidence not only from The Wealth of Nations, but also from Smith's comparatively neglected other works, especially his Theory of Moral Sentiments and Lectures on Jurisprudence, linking Smith's discussion of motivation with his analysis of political economy, social order, division of labour and jurisprudence.