Justice and Political Economy in Commercial Society: Adam Smith's "Science of a Legislator"

Abstract

The problem of Adam Smith's assessment of is inextricably linked to the nature of the unity of his moral philosophy. In this article, I offer an interpretation of Smith's Science of a Legislator that locates its unity and meaning in the application of a certain method of analysis in his theory of justice and political economy. In Smith's Science, commercial society is constituted by a set of principles, or mechanisms, the two most important being moral sentiments and competitive markets. These mechanisms transform the pursuit of self-love toward the public good and are based upon the faculty of sympathy. When properly guided by the legislator, they yield both justice and opulence. The effects of commerce on the character of the laboring classes, however, threaten to undermine moral sentiments and, thus, the basis of justice and social cohesion. The advancement of justice in commercial society, then, will depend upon the legislator's ability to ensure the proper functioning of these ...