Adam Smith: His Life, Thought, and Legacy - Hardcover

Hanley, Ryan

 
9780691154053: Adam Smith: His Life, Thought, and Legacy

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Adam Smith (172390) is perhaps best known as one of the first champions of the free market and is widely regarded as the founding father of capitalism. From his ideas about the promise and pitfalls of globalization to his steadfast belief in the preservation of human dignity, his work is as relevant today as it was in the eighteenth century. Here, Ryan Hanley brings together some of the worlds finest scholars from across a variety of disciplines to offer new perspectives on Smiths life, thought, and enduring legacy

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Ryan Patrick Hanley holds the Mellon Distinguished Professorship in Political Science at Marquette University. He is the author of Adam Smith and the Character of Virtue and the editor of the Penguin Classics edition of Adam Smith's The Theory of Moral Sentiments.

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"This brilliantly conceived collection brings together leading scholars from a variety of disciplines and walks of life to reflect on Adam Smith's life, thought, influence, and legacy. There is a great deal of value here to both the novice and seasoned scholar. This volume is now the best companion to reading Adam Smith."--Jerry Z. Muller, author of Adam Smith in His Time and Ours: Designing the Decent Society

"This book provides an up-to-date guide to the entire range and breadth of Adam Smith's work, life, and influence. It weaves across disciplines and genres, providing a compendious account and covering all possible bases."--Duncan Kelly, author of The Propriety of Liberty

"Hanley has assembled a remarkable group of contributors who cover the astonishing range of Smith's interests and writings. There are philosophers, political theorists, economists, theologians, and historians, and some welcome political and ideological diversity as well. There is a great deal of value here for both novices and seasoned scholars across a variety of disciplines."--Jerry Z. Muller, author of Capitalism and the Jews

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Adam Smith

His Life, Thought, and Legacy

By Ryan Patrick Hanley

PRINCETON UNIVERSITY PRESS

Copyright © 2016 Princeton University Press
All rights reserved.
ISBN: 978-0-691-15405-3

Contents

Preface, ix,
Abbreviations, xiii,
Notes on Contributors, xv,
I. INTRODUCTION: TEXTS AND CONTEXT,
1. THE BIOGRAPHY OF ADAM SMITH James Buchan, 3,
2. THE LECTURES ON RHETORIC AND BELLES LETTRES Vivienne Brown, 17,
3. THE THEORY OF MORAL SENTIMENTS Eric Schliesser, 33,
4. THE LECTURES ON JURISPRUDENCE Knud Haakonssen, 48,
5. THE WEALTH OF NATIONS Jerry Evensky, 67,
6. THE ESSAYS ON PHILOSOPHICAL SUBJECTS Craig Smith, 89,
7. SMITH AND THE SCOTTISH ENLIGHTENMENT Nicholas Phillipson, 105,
II. SMITH'S SOCIAL VISION,
8. ADAM SMITH ON LIVING A LIFE Ryan Patrick Hanley, 123,
9. ADAM SMITH: SELF-INTEREST AND THE VIRTUES Leonidas Montes, 138,
10. ADAM SMITH ON EQUALITY Elizabeth Anderson, 157,
11. ADAM SMITH ON JUSTICE AND INJUSTICE Nicholas Wolterstorff, 173,
12. ADAM SMITH AND THE SYMPATHETIC IMAGINATION Remy Debes, 192,
13. ADAM SMITH ON FREEDOM David Schmidtz, 208,
III. SMITH AND ECONOMICS,
14. ADAM SMITH AND MODERN ECONOMICS Agnar Sandmo, 231,
15. ADAM SMITH AND THE HISTORY OF ECONOMIC THOUGHT: THE CASE OF BANKING Maria Pia Paganelli, 247,
16. ADAM SMITH AND EXPERIMENTAL ECONOMICS: SENTIMENTS TO WEALTH Vernon L. Smith, 262,
17. ADAM SMITH AND ECONOMIC DEVELOPMENT Amartya Sen, 281,
IV. SMITH BEYOND ECONOMICS,
18. ADAM SMITH AND RELIGION Gordon Graham, 305,
19. ADAM SMITH AND POLITICAL THEORY Lisa Hill, 321,
20. ADAM SMITH AND MODERN ETHICS Lisa Herzog, 340,
21. ADAM SMITH AND FEMINIST ETHICS: SYMPATHY, RESENTMENT, AND SOLIDARITY Jacqueline Taylor, 354,
22. ADAM SMITH'S JURISPRUDENCE: RESENTMENT, PUNISHMENT, JUSTICE Chad Flanders, 371,
23. ADAM SMITH AND RHETORIC Stephen McKenna, 387,
24. ADAM SMITH'S NARRATIVE LINE Karen Valihora, 405,
25. ADAM SMITH AND THE HISTORY OF PHILOSOPHY Michaël Biziou, 422,
26. ADAM SMITH AND ENLIGHTENMENT STUDIES Fredrik Albritton Jonsson, 443,
V. SMITH BEYOND THE ACADEMY,
27. ADAM SMITH: SOME POPULAR USES AND ABUSES Gavin Kennedy, 461,
28. ADAM SMITH AND THE LEFT Samuel Fleischacker, 478,
29. ADAM SMITH AND THE RIGHT James R. Otteson, 494,
30. ADAM SMITH IN CHINA: FROM IDEOLOGY TO ACADEMIA Luo Wei-Dong, 512,
31. ADAM SMITH AND SHAREHOLDER CAPITALISM John C. Bogle, 525,
32. ADAM SMITH AND FREE TRADE Douglas A. Irwin, 542,
Index, 559,


CHAPTER 1

THE BIOGRAPHY OF ADAM SMITH

James Buchan


The life of the philosopher Adam Smith offers small incident to the biographer. Smith passed much of his life in masculine institutions, such as Glasgow and Oxford Universities and the Scottish Customs Board. He came to London first in his late thirties, traveled abroad just once, to France and Geneva, and did not marry. His chief attachment was to his mother, whose death at a great age prostrated him. Yet this existence, which Smith once called "extremely uniform," has come to fascinate our age. A trickle of biographical studies began to flow at the beginning of the twentieth century and in the past fifty years has become a river.

Smith stands at the point where history changes direction. During his lifetime, between 1723 and 1790, the failed kingdom of drink, the Bible, and the dagger that was old Scotland became a pioneer of the new sciences. God was dismissed from the lecture hall and the drawing room. The old medieval departments of learning disintegrated. Psychology became a study not of the soul but of the passions. Political economy was separated out of moral philosophy and began its progress to respectability and then hegemony. Smith was at the heart of those changes.

Because Smith did his thinking before the French Revolution of 1789 and the division of the political house into left and right, he appeals to both sides: on the left, to Tom Paine, Karl Marx, and Mary Wollstonecraft, on the right to Margaret Thatcher and every business club from Boston to Shanghai. The left Smithians like their hero's devotion to the laboring poor and his contempt for colonialism, the right Smithians his scorn of big government. In the course of the twentieth century, as new biographical materials turned up in the attics of Scottish country houses, each side looked for ammunition to launch at their political rivals.

From this battle, the economists held themselves aloof. Because, in the words of J. S. Mill, modern political economy concerns itself not with the whole of human nature but "only such phenomena of the social state as take place in consequence of the pursuit of wealth," Smith's adventures and exploits were to most economists as uninteresting as the events of any other single life. Even J. M. Keynes, who had a taste for biography, showed little curiosity about Smith's life and times. The revolution in Smith's biography since the publication of his lectures on jurisprudence in 1896 has proceeded without troubling the great mass of economists.

Above all, Smith's life is intertwined with modern biography itself, as inaugurated by James Boswell in his Life of Samuel Johnson, LL.D (1791). Boswell had been Smith's pupil at Glasgow University and was entranced one day by a remark of Smith's in lecture that, in the life of a great man, even the smallest detail is of interest. Yet efforts by some authors (including this one) to Boswellize Smith have, for dearth of evidence, been unsuccessful.

These are the facts of Smith's life. Adam Smith was born in the early summer of 1723 in Kirkcaldy, a small port across the estuary or firth of the River Forth from Edinburgh, the ancient capital of Scotland. He was the son of Adam Smith, a commissioner of customs (who had died), and of Margaret Douglas. He was baptized on June 5, 1723. His birth date places him at the heart of a circle of Scotsmen known (since the early twentieth century) as the Scottish Enlightenment. A protégé of the philosophers Henry Home (b. 1696) and David Hume (1711), he was friend and colleague to the literary critic Hugh Blair (1718), the historian William Robertson (1721), the social philosopher Adam Ferguson (1723), and the natural scientists James Hutton (1726) and Joseph Black (1728).

Smith never knew his father, who had practiced as an attorney, supported the Union of the Scottish and English Parliaments in 1707, and was appointed comptroller of customs at Kirkcaldy in 1714. The family thus belonged to the "Whig" interest, supporters of the Protestant faith, a constitutional or limited monarchy under the House of Hanover, and political Union with England and Wales. During Smith's lifetime, the Whigs triumphed over their principal rivals, the "Jacobites," adherents of the Roman Catholic House of Stuart and old notions of absolute or divine-right monarchy. Much of Scotland fell to a Jacobite insurrection in 1745 before the rebellion was broken up the following year.

From the age of seven, Adam attended the two-room Burgh School in the town (which survives as Kirkcaldy High School) and passed, in 1737, to the University of Glasgow as a stage on the way to Oxford. He was fourteen years old, an age then thought more than ripe for university. At that time, the merchants of Glasgow were beginning to prosper from trade with the British colonies across the Atlantic, including the tobacco states of Virginia and Maryland. At the college, Smith was exposed to...

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