What Adam Smith Knew: Moral Lessons on Capitalism from Its Greatest Champions and Fiercest Opponents

by James R. Otteson

What exactly is capitalism, and why do its advocates support it? What are the main objections to capitalism that have been raised by its critics? Are there moral reasons to support capitalism, or to oppose it? In this time of globalization and economic turbulence, these questions could not be more timely or more important.This book provides some answers through seminal readings on the nature, purpose, and effects of capitalism as understood by its most influential expositors, both historical and contemporary. In addition to Adam Smith himself, the selections gathered here include essays and excerpts by thinkers ranging from Locke and Rousseau to Hayek and Cass Sunstein. All are chosen and arranged to highlight the ways that capitalism bears on a set of fundamental human liberty, equality, social order, virtue and motivation.If you want to develop an informed judgment about whether markets and morality mix, this anthology is a good place to begin.

Genres: Economics, Philosophy

290 pages, Kindle Edition

First published October 21, 2014

About the author

James R. Otteson is an American philosopher and political economist. He is the Thomas W. Smith Presidential Chair in Business Ethics, Professor of Economics, and executive director of the BB&T Center for the Study of Capitalism at Wake Forest University.

Reviews

[Angie Boyter · Rating 3 out of 5]

Definitely a 3+, almost a 4. I really enjoyed the collection of short pieces on various aspects of capitalism from different perspectives. I think I had a slightly harder time reading the older pieces like Adam Smith and Locke and Hume than I did when I first read them over 50 years ago, but they were ultimately understandable. Karl Marx, though, was pure gobbledegook in a number of places no matter how many times I read the passage. Maybe you gotta read Marx's whole book, but, given what these excerpts are like, I am not inclined to!
It should make for good discussion in the Sunday Philosophers.

[Hannah · Rating 2 out of 5]

This was essentially a compilation of old works by theorists and philosophers during the period of time exploring capitalism vs socialism/communism. It really had nothing to do with Adam Smith being right about anything (though the author seems to assert his opinion on pro capitalism in the preface and intro). The title of the book was misleading. The included essays were good to read though.