Adam Smith's Lost Legacy

In this accessible book, Gavin Kennedy takes a fresh look at Adam Smith's moral philosophy and its links to his political economy and his lectures on jurisprudence. The book provides a new analysis of Wealth of Nations , and argues that Adam Smith's intellectual legacy was coopted in the nineteenth and twentieth centuries by economists pursuing agendas that Smith did not advocate. It also provides a new explanation for the main mysteries about Smith's later life.

Gavin Kennedy is Professor and Director of Contracts at Edinburgh Business School, Herio-Watt University.

Preface

ix

Acknowledgements

xi

Bibliographical Note

xiii

General Introduction

xiv

Part I The Man

Introduction

2

(36)

1 Smith's Family Background

3

(3)

2 Disease of the Learned

6

(6)

3 His 'Juvenile Work'

12

(7)

4 Bad Days at Balliol

19

(4)

5 A Game of Great Skill

23

(5)

6 His Strategic Allegiance

28

(4)

7 Professor Smith!

32

(6)

Part II Impartial Spectators

Introduction

38

(10)

8 The Religious Climate

39

(4)

9 On Benevolence

43

(5)

10 A Poem about a Louse

48

(4)

11 The Impartial Spectator

52

(5)

12 The Looking Glass

57

(4)

13 Social Cohesion

61

(5)

14 The Ends of Nature

66

(6)

Part III Impartial Jurists

Introduction

72

(2)

15 Justice as a Negative Virtue

74

(4)

16 Constitutional Monarchy

78

(3)

17 Foundations of Liberty

81

(3)

18 History as Imagination

84

(5)

19 The Four Stages

89

(4)

20 Was He Aware of a Fifth Stage?

93

(3)

Part IV Impartial Competition

Introduction

96

(1)

21 A Linguistic Osmosis

97

(4)

22 Insufficiency of Self-love

101

(3)

23 Self-love and Conditionality

104

(4)

24 Of the Process of Negotiation

108

(4)

25 Of Distracting and Dismal Confusions

112

(3)

26 Of Pins and Things

115

(4)

27 Of Common Coats and Opulence

119

(4)

28 Alienation: Rhetoric or Substance

123

(4)

29 What Industrial Revolution?

127

(5)

30 Significance of Smith's 'Unawareness'

132

(4)

31 Why Smith 'Retired'

136

(5)

32 On Laissez Faire

141

(5)

33 The Wonderful World of Adam Smith?

146

(3)

34 In the Absence of Perfect Liberty

149

(3)

35 Monopolists in Product Markets

152

(3)

36 Against the Public Interest

155

(3)

37 The Impartial Competitor

158

(4)

38 The Mercantile System

162

(3)

39 The 'Invisible Hand'

165

(4)

40 The Ends of Monopoly?

169

(2)

41 Smithian Markets

171

(2)

42 Commercial Revival

173

(5)

43 On the Virtues of Frugality

178

(3)

44 On Market Interference

181

(4)

45 Famous Exceptions to Free Trade

185

(3)

46 Of Strawberries and Buttons

188

(6)

47 Cheerful and Hearty Economics

194

(3)

48 Accumulation and Employment of Stock

197

(3)

49 On Doing More Harm Than Good

200

(5)

50 Doom and Gloom?

205

(5)

51 Of Grandchildren and Grandparents

210

(5)

52 A 'Night Watchman' State?

215

(4)

53 Smith's Immodest Proposals for Public Expenditures

219

(5)

54 Education and Health Expenditures

224

(5)

55 Public Revenues

229

(3)

56 Government Failure

232

(3)

57 Reclaiming Smith's Legacy

235

(6)

Appendix Smith's '1755 Paper'

241

(8)

Notes

249

(21)

Select Bibliography

270

(10)

Index

280

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Adam Smith's Lost Legacy

Summary

Author Biography

Table of Contents

Supplemental Materials