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Customer Reviews (2)

"The Elusive Invisible Hand Comes Alive Again".
This is a great, thoughtful & engaging biography on the elusive Scottish academic & philosopher, Adam Smith, titled "Adam Smith : An Enlightened Life" by professor Nicholas Phillipson. Adam Smith is well known for his description of the market's/capitalism's "invisible hand" that guides the economy, keeping 'everything' under control. But there is more to this elusive philosophical man than meets the eye : he was a private man, a hypochondriac who lived with his widowed mother most of his life. His popular lectures at the University of Glasgow turned Adam Smith into an 'institutional figure of note'. He wrote two great influencial books, "The Wealth Of The Nations" which took him 10 years to write on colonial America & the philosophical, "The Theory Of Moral Sentiments". By drawing from his published works & lecture notes, his thinking on social theory & ethics influenced his theory of economics & human behaviour.

Adam Smith instructed his executors to destroy all his lecture notes, but seven upublished philosophical essays & 193 letters survived to give us a glimpse of this elusive Scottish academic & philosopher, making the market's "invisible hand" come alive again, even if it's only at an intellectual level. This is a highly recommended reading on the 18th century's influential philosopher & academic that is Adam Smith.

The Visable Hand
A solidly written biography of one known by most of us only as the Scottish author of an unread great book. Professor Phillipson's fine effort should lead many to go back and read "The Wealth of Nations."

Adam Smith's thoughts still have direct relevance to today's bucketful of economic problems--and resulting strident political debates--over government's proper role in terms of expenditures, debt, taxation, and business regulations.

While this book concentrates on the scholarship of Adam Smith, the author also intelligently traces the era within which Smith lived and his private life that included such striking people as David Hume, James Boswell, and Voltaire.

In this current age of instant and empty celebrities, Smith still stands, after about 250 years, as a man worth knowing.




... Read more

Product Description
The book has no illustrations or index. Purchasers are entitled to a free trial membership in the General Books Club where they can select from more than a million books without charge. Subjects: Economics; Business ... Read more

Customer Reviews (75)

Worked for my class...
This book, specifically this edition, was required for a class I am taking and I found it to be easy to use. I cannot say enough how nice it was to have the marginal notes. It's like a friendly sparknote fairy is following you along for when you zone out or don't understand.

Don't Try This at Home
The Wealth of Nations is one of the most influential books ever written on any topic.If there's a bible for capitalism and how to achieve a prosperous society, this is it.Many of the concepts that we take for granted today (division of labor, medium of exchange, invisible hand) can be traced directly to this book. That being said, it was written in the 18th century and is very tough going.To really appreciate this book, be prepared to go real sl-o-o-o-w.That's true for most classics.If you think you'll get much from this book while lying on the beach or sitting on the toilet, maybe you should be looking at Grisham or People magazine instead :)

Not at all amusing
Just wondering why this is in the "humor" section, along with "Pride and Prejudice" and other not-at-all hilarious books. Amazon should probably fire the intern they have categorizing the books.

Review of Dickey's Abridgment (Hackett Publishing)
"The Wealth of Nations" is a big book of economics, history, philosophy, and social criticism.It is much more than Adam Smith neckties at GOP conventions, just as it is much than the reverential nod or two it inevitably gets in modern econ textbooks.Econ students need to read it to see where their discipline came from and what it could be again.

Dickey's abridgment reproduces enough of the text (about 25 percent) to convey the depth of Smith's erudition and the amazing diversity of his interests.Unfortunately, the editorial apparatus is weak.The Comments are few in number and incredibly brief, and the short Preface fails to put the book into historical and intellectual context.Dickey does offer four appendices but these deal with specialized topics rather than the big picture.

Bottom line:this edition is inexpensive but is probably not the best one for students.

a classic
Not a light read and you have to wrestle with archaic English grammar but a classic that should be part of everyone's library. ... Read more

Product Description
This is an OCR edition without illustrations or index. It may have numerous typos or missing text. However, purchasers can download a free scanned copy of the original rare book from GeneralBooksClub.com. You can also preview excerpts from the book there. Purchasers are also entitled to a free trial membership in the General Books Club where they can select from more than a million books without charge. Original Published by: Printed for A. Millar, A. Kincaid and J. Bell in Edinburgh; and sold by T. Cadell in 1767 in 501 pages; Subjects: Ethics; Language and languages; Business & Economics / Economics / Theory; Language Arts & Disciplines / Linguistics; Philosophy / General; Philosophy / Ethics & Moral Philosophy; Philosophy / History & Surveys / Modern; ... Read more

Customer Reviews (20)

Smith's Forgotten Classic
Content Summary:Adam Smith's The Theory of Moral Sentiments outlines his belief that our morality comes from our natural sentiments and our sense, not only of self-love, but also of the need of the approval and affection of others.Morality comes, in short, from our emotional need of approval, in tandem with the "Impartial Spectator", a kind of voice of conscience and reason that evaluates our conduct in comparison and contrast with that of our peers.Morality must be rooted primarily in sentiment and in reason for Smith.While human beings have a self-centered capacity, this is not exclusive in its orientation, as our need for other's approval and support forces us to constantly consult our feelings and our "impartial spectators" within our breast. Belief in God or Providence, for Smith, will undoubtedly help in this endeavor.

Analytical Review:Those who think Smith emphasized the Invisible Hand in his works should read this book as a corrective.Smith mentions the "Invisible Hand" just 3 times in all his writings.The "Impartial Spectator', I would guess, is mentioned well over a 100 times in this work, and plays a pervasive part throughout Smith's work.Humans are not inherently self-interested.Although we have a strong capacity to be self-interested, the Impartial Spectator in our mind always watches over our shoulder and that of our social peers, adjusting our conduct.Smith places a high emphasis on Stoic virtues such as self-command (control), and while he does approve of social rank an order and is a conservative here, he also indicates some clear sense of responsibility and giving back to society.

I find aspects of Smith's theory compelling, but parts of his book also overwritten.Amidst some large tracks of tediously written text, however, are a few gems of wisdom for the ages.

A rating and note on the Martino Publishing edition of ToMS
I advise all potential buyers of the ToMS to avoid purchasing the Martino Publishing edition (at least, the 2009 one) for four main reasons:
1) the book is missing the Table of Contents!!! Pretty huge omission and a critical one for the study of the work...
2) it is horribly typeset; too many words per sentence according to standard typography rules - it does make the book difficult to read
3) As the different Parts of the work were joined (from the Word doc file that the text was typeset in?) to form the complete copy of the book, the page numbering was not updated so each of the seven parts resets page numbering to 1.
4) Typos! A problem that arose from an OCR process?
Note also the true book dimensions of about 8'' by 11&3/4''.
A plea to all publishers who reprint books from the public domain... please respect the work as well as the reader.

A book I like
I read this book when I was a grad student working in a boring lab. It helped me pass through those long nights without being bored... and I learned something from it. It makes me think aboyt some issues that I have never thought about. It is not a book for everyone. It is for sme people who want to ask why... about many social issues.

classic
This is an intriguing book with some ideas that are very interesting.He uses reasoning involving human behavior that all economists should be aware of.

The difficult 18th century language is more difficult because the book is a photo copy of the original.The only thing i didn't like about the book is that he does not try to prove many important points and the reader must make some leaps to follow his logic.

The Enobling and Embellishing of Human Life
Like many great thinkers who are scorned by the disciples of collectivism, Adam Smith (1723-1790) displays a depth of understanding that is rather alien to the white noise that too often passes for our intellectual life. Anyone familiar with his work knows that his precision and the organization of his arguments border on perfection.

Another aspect of his writing that stands out is his acknowledgement of reality. This is not to be taken for granted; not long after his death, the flirtation with Socialism began, forever scarring the cultural landscape.

Smith was not interested in fantasies, but rather in improving the lot of real people, via a truly scientific analysis of human society. His legacy was inherited by thinkers such as Tocqueville and Hayek, but unfortunately it did not make deep inroads into the dominant strains of 20th century social science.

Smith is best known for his magnum opus, "The Wealth of Nations." His other writing should not be neglected. This includes, of course, "The Theory of Moral Sentiments." Different in tone, it is thoroughly Smithian in its depth and its approach to reality. Here, his grasp of the entire range of the human condition shines forth in all its brilliance.

Typical is his juxtaposition of "beneficence" (love, kindness, and mercy) with justice. Justice, says Smith, must be ranked as a higher priority. His reasoning is as follows. Man, being the social animal that he is, "can subsist only in society." And that society can survive only if its members extend to one another mutual assistance. The preferable scenario:

"Where the necessary assistance is reciprocally afforded from love, from gratitude, from friendship, and esteem, the society flourishes and is happy. All the different members of it are bound together by the agreeable bands of love and affection, and are, as it were, drawn to one common centre of mutual good offices."

If this should prove impossible, society can still function adequately by recognizing the utility and necessity of mutual assistance:

"Society may subsist among different men, as among different merchants, from a sense of its utility, without any mutual love or affection; and though no man in it should owe any obligation, or be bound in gratitude to any other, it may still be upheld by a mercenary exchange of good offices according to an agreed valuation."

But if this arrangement is eroded, society will find itself in dire straits:

"Society, however, cannot subsist among those who are at all times ready to hurt and injure one another. The moment that injury begins, the moment that mutual resentment and animosity take place, all the bands of it are broken asunder, and the different members of which it consisted are, as it were, dissipated and scattered abroad by the violence and opposition of their discordant affections. If there is any society among robbers and murderers, they must at least, according to the trite observation, abstain from robbing and murdering each other. Beneficence, therefore, is less essential to the existence of society than justice. Society may subsist, though not in the most comfortable state, without beneficence; but the prevalence of injustice must utterly destroy it."

What a chilling premonition of our own flirtation with over-inflated beneficence--such as victim worship--at the expense of justice.

It is a measure of his intellectual honesty that Smith can point to the futility, from the standpoint of the individual, of the obsession with wealth and power. In a passage reminiscent of Ecclesiastes, he writes:

"In the langour of disease and the weariness of old age, the pleasures of the vain and empty distinctions of greatness disappear...In this miserable aspect does greatness appear to every man when reduced, either by spleen or disease, to observe with attention his own situation, and to consider what it is that is really wanting to his happiness. Power and riches appear then to be, what they are, enormous and operose machines contrived to produce a few trifling conveniences to the body, consisting of springs the most nice and delicate, which must be kept in order with the most anxious attention, and which, in spite of all our care, are ready every moment to burst into pieces, and to crush in their ruins their unfortunate possessor."

Despite this sober view of human foibles, Smith once again rises to his role as the consummate social scientist, separating personal behavior and motivation from its effect on the whole:

"And it is well that nature imposes upon us in this manner. It is this deception [of wealth and power] which rouses and keeps in continual motion the industry of mankind. It is this which first prompted them to cultivate the ground, to build houses, to found cities and commonwealths, and to invent and improve all the sciences and arts, which ennoble and embellish human life..."

There is much to learn from this genius of Western civilization. ... Read more

Product Description
The foundation for all modern economic thought and political economy, "The Wealth of Nations" is the magnum opus of Scottish economist Adam Smith, who introduces the world to the very idea of economics and capitalism in the modern sense of the words. Smith details his argument in the following five books: Book I. Of the Causes of Improvement in the productive Power of Labour, Book II. Of the Nature, Accumulation, and Employment of Stock Introduction, Book III. Of the Different Progress of Opulence in Different Nations, Book IV. Of Systems of Political Economy, and Book V. Of the Revenue of the Sovereign or Commonwealth; which taken together form a giant leap forward in the field of economics. A product of the "Age of Enlightenment", "The Wealth of Nations" is a must read for all who wish to gain a better understanding of the principles upon which all modern capitalistic economies have been founded and the process of wealth creation that is engendered by those principles. ... Read more

Customer Reviews (47)

For the Bookshelf
I have not actually read this book yet, but this one is great to take up room on your bookshelf and show that you have a valued interest in the basics of capitalism and the success of this great nation. And the pattern on the cover is really great.

I plan on reading this when I get the time.

Timeless and Relevant
This book is surprisingly easy to understand, and Smith's insights apply to current issues of taxation, globalization, and the striving of special interests.Reading the observations of someone who was a contemporary of America's founding fathers, but not one of them, gave me a new perspective on the 1700s.Passing references to the vast, but stagnant wealth of China, as well as to colonial enterprises from South America to Asia, add historical flavor to what could have been a dry summary of economic theory, but is instead a rich and colorful exposition of the world as it was.

Having just spent some time in Manila earlier this year visiting historical sites and museums, I was intrigued to read about Spain's "Acapulco ships" that carried silver and other commodities from Mexico across the vast Pacific to the Philippines.Indeed, over and over I found myself putting my finger between the pages so I could daydream for a few minutes, imagining Spanish galleons loaded with treasure, or European merchants bartering and haggling.I suppose a vivid imagination helps to make any book more interesting, but this book in particular lends itself to such flights of fancy.

The English of the mid- to late 1700s is not exactly the same as ours today, but it's close enough that few people will have any difficulty with the book.There are a lot of references to weights and measures of gold, silver, corn and other commodities, and their relative value to one another.Frankly, after the first few such references, I simply began skipping over them.Readers who enjoy playing with numbers in their heads may prefer to read those items carefully and playfully -- but I suspect most folks will skip across them as quickly as possible just as I did.It's not the specific values and figures that make this book so important (or enjoyable), but it's ideas about how capital flows, accumulates, is put to productive use and so on.

Read this book and gain a new appreciation for the wisdom of the past, and you may also find yourself noting how ideas apply so directly to issues in today's headlines.A masterpiece not only of economics, but of prose as well.

Go to the source...
Alfred North Whitehead famously stated that all of Western philosophy was merely a footnote to Plato. It seems to me one could say the same thing about economics in regard to Adam Smith. There were certainly economists before Adam Smith (just as there were philosophers before Plato); and there are some, I am sure, who will claim that some of the economists writing before Adam Smith were actually superior to Adam Smith in some ways (just as there are philosophers who prefer the pre-Socratics to Plato).

But Adam Smith, like Plato, was able in his work to define a relevant set of problems which to a large degree are the same problems that are still being dealt with, and debated, within economics today; and, like Plato, the work of Adam Smith has been the source for various strands, or schools of economic thought, each of which finds its ground in a different aspect of Adam Smith's work. Adam Smith's analysis of the division of labor (the productive forces of society), his adherence to a labor theory of value (at least in part) and his distinction between productive and unproductive labor have been sources for the tradition of economic thought following Ricardo and Marx; while Adam Smith's analysis of the benefits of laissez-faire economic policies, his analysis of exchange, and determination of price through supply and demand, have been sources for the Neo-classical, marginalist, and free-market strands of economic thought.

Adam Smith sees the wealth of a nation as consisting in its annual produce (what we today would call GDP). This is the central idea behind the whole book and is Adam Smith's major innovation in regard to previous economic thought (as I understand it). Adam Smith will evaluate the harm or the benefit of various economic policies by attempting to determine the over-all effect each policy will have on the annual produce of society as a whole. If a policy increases this annual produce then it is beneficial to society as a whole. If a policy decreases this annual produce then it is harmful to society as a whole. This is still, to a large degree, the measure we use when evaluating the effects of a given economic policy, though we are perhaps beginning to see that the benefit or harm of a given policy cannot be reduced to its effect on annual produce or GDP (environmental effects, for instance, effect society as a whole and have to be measured against effects on GDP in determining the costs and benefits of any economic policy).

With few exceptions Adam Smith believes that laissez-faire policies are the best policies for increasing the over-all wealth of a nation and he bases his argument on his notion of the `invisible hand'. This is another one of Smith's important theoretical innovations; the notion that each individual, by pursuing their own interest, without any thought or conscious plan for society as a whole, does not lead to chaos but tends, as if guided by an invisible hand, towards a maximization of the yearly annual produce of a nation. It is not necessary for society to `plan' for this outcome in a conscious way; in fact, no amount of conscious planning could improve on the outcome produced by simply allowing individuals to pursue their own interests unfettered by government. This has been one of the most influential ideas ever put forward by anyone since the beginning of human history, whether for good or ill.

So there are a number of reasons why anyone who is interested in economics should study The Wealth of Nations. First, Adam Smith defines a common set of problems which to a large degree are problems that economists are still trying to solve to this day (in the same way that Plato determined a common set of problems that still occupy philosophers to this day). Second, some of Adam Smith's ideas have been extremely influential on all subsequent debate and are still used in policy debates to this day. People still use the notion of the invisible hand to argue for the benefits of free-trade for instance. It is important, therefore, to understand how the invisible hand is supposed to work and what the benefits of allowing it to work are supposed to be. And third, Adam Smith is one of the most accessible and readable economists who ever wrote. You do not have to be a trained economist (I am not) to benefit from reading this work.

So I fully recommend this work to anyone interested in economics or social and political philosophy.

-Brian

A must-have must-read book for every capitalist
This is the essence of capitalism. All of it is still absolutely true. Read it and teach it.

Great Condition
When I recieved this book it was in great condition! The binding was not ripped and i could not find a single tear in the whole book. I was pleasantly surprised with how fast it came. ... Read more

Product Description
The Wealth of Nations : Books 1 - 3 written by legendary author Adam Smith is widely considered to be one of the top 100 greatest books of all time. This great classic will surely attract a whole new generation of readers. For many, The Wealth of Nations: Books 1 - 3 is required reading for various courses and curriculums. And for others who simply enjoy reading timeless pieces of classic literature, this gem by Adam Smith is highly recommended. Published by Classic House Books and beautifully produced, The Wealth of Nations: Books 1 -3 would make an ideal gift and it should be a part of everyone's personal library. ... Read more

Customer Reviews (11)

Book to kinda to hard
Im 15 and wanted to read this book. Its okay in some parts, but almost all of it i have to reread a few times to get what its saying...then i would forget.. Ill try reading it when im older. 16 or 17

The violent distortion of Adam Smith's great ideas
The complete, unabridged penguin edition of this book is around 900 pages long and is divided into 2 volumes. The first volume is divided into books I, II and III, the second into books IV and V. These two last books comprise more than half of the bulk of the whole work, more than 500 pages. They also contain the aspects of Economics in which Smith believed personal interests must be balanced by social responsibility. Describing this edition as unabridged is insulting and disingenuous.

Adam Smith is a thinker of the first order. But he was writing in the second half of the eighteenth century. This must always be kept in mind, as the values he held may find themselves appropriated in ways he then did not understand, and if alive today may have disagreed with. He was a moral philosopher before he was an economist, and his works in both fields can only be fully understood in light of one another.

Marc Ellison's Review of The Wealth of Nations
The Wealth of Nations by Adam Smith is the economic principles of freedom.This is the economic principles that our Founding Fathers' followed to make the USA one of the wealthiest nations in the history of the world.Unfortunately, Keynesian economics theories have replaced freedom-loving economic policies that have lead to the USA's economic downfall.The Wealth of Nations will teach the economic principles that need to be reinstated in order to make the USA great again.

Economics
This book is so widely cited and interpreted contrary to the author's original thought, that every economist should read it completely to avoid being misled by such incorrect interpretations.

First, let us take the "invisible hand" metaphor. When I have studied economy in the University, I was taught that almost the entire book is devoted to the "invisible hand" which means "self-corrective markets", "liberalism", "Laissez-faire" and "state non-intervention". After reading this book, I have found out that Adam Smith did use the term "invisible hand" only once in the entire book, in the discussion of domestic versus foreign trade.

To illustrate the point, let me quote the text where term "invisible hand" is used: "First, every individual endeavours to employ his capital as near home as he can, and consequently as much as he can in the support of domestic industry, provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock. Thus, upon equal, or nearly equal profits, every wholesale merchant naturally prefers the home trade to the foreign trade of consumption, and the foreign trade of consumption to the carrying trade. In the home trade, his capital is never so long out of his sight as it frequently is in the foreign trade of consumption. [...]Secondly, every individual who employs his capital in the support of domestic industry, necessarily endeavours so to direct that industry, that its produce may be of the greatest possible value. [...]As every individual, therefore, endeavours as much as he can, both to employ his capital in the support of domestic industry, and so to direct that industry that its produce maybe of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain; and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it."

After reading this book, I have found out that Adam Smith was influenced by French Physiocrats. The Physiocrats saw the true wealth of a nation as determined by the surplus of agricultural production over and above that needed to support agriculture (by feeding farm labourers and so forth). Other forms of economic activity, such as manufacturing, were viewed as taking this surplus agricultural production and transforming it into new products, by using the surplus agricultural production to feed the workers who produced the extra goods. While these manufacturers and other non agricultural workers may be useful, they were seen as 'sterile' in that their income derives ultimately not from their own work, but from the surplus production of the agricultural sector.

I have found out that this book is not about "invisible hand" or "Laissez-faire". It is quite a complete study that covers almost every basic aspect of the economy, and remains an effective introduction to economics to this day.

This book is so often mischaracterized and politicized that I suggest you to read it completely by yourself. This is a must read for every economist. You can get an audio version of this book to avoid lengthy read.

Excellent synopsis of wealth of nations
The first three "books" (the term for "chapters" in Smith's age) of the Wealth of Nations are the most important of the book. The introductory essay by the Smithologist Skinner also provides great insight into the book per se, Adam Smith and how Wealth of Nations fits into Smith's other works. This is despite the fact that it is only about 70 pages long. THis essay is much more enlightening than many books on either Smith or the Wealth of Nations. The price of the book is worth that essay alone. ... Read more

Product Description
Few writings are more often cited as a cornerstone of modern economic thought than those of Adam Smith. Few are less read.

The sheer strength of his great work, The Wealth of Nations, discourages many from attempting to explore its rich and lucid arguments. In this brilliantly crafted volume, one of the most eminent economists of our day provides a generous selection from the entire body of Smith's work, ranging from his fascinating psychological observations on human nature to his famous treatise on what Smith called a "society of natural liberty," The Wealth of Nations.

Among the works represented in this volume in addition to The Wealth of Nations are The History of Astronomy, Lectures on Jurisprudence, The Theory of Moral Sentiments, and Smith's correspondence with David Hume.

Before each of Smith's writings Robert Heilbroner presents a clear and lively discussion that will interest the scholar as much as it will clarify the work for the non-specialist. Adam Smith emerges from this collection of his writings, as he does from his portrait in Professor Heilbroner's well-known book, as the first economist to deserve the title of "worldly philosopher."

Customer Reviews (5)

A good, concise summary of Smith
Content Summary: Adam Smith wrote two major works in his life - "The Theory of Moral Sentiments", which is lesser known, and his master work "The Wealth of Nations."Smith is remembered as one of the founding fathers of classical economic theory, known to us today as free market capitalism.In this concise summary, Heilbroner successfully gives us the essence of Smith's moral and economic theory Smith accomplished in both books.

Analytical Review:Heilbroner says that many people quote Adam Smith for their ideas, without actually having read Smith.This short work should help correct that, and I would recommend it (especially for the second half on The Wealth of Nations) as a concise introduction to Smith's thought.Both books would be over three times the length of this volume, so Heilbroner has slimmed the work down considerably, without sacrificing too much of its important meaning.Reading Smith, one is surprised how much his labor theory of value initially correspond to that of Marx, but Smith is much more comfortable with the use of money, and shifts away from the labor theory to market and exchange as the center of value.Like Marx's Capital, there may be parts to agree with, parts to dissent from here.Smith clearly would not give "carte blanche" to the capitalist, as many later thinkers would maintain.In fact Smith quite succinctly says that we should very skeptical of any legislation that is heavily sponsored by the commercial sector, as their interests are often contrary to the public interest.While Smith champions the free market, he has also some consideration for the poor.What he lacks, however, is the crystal clear solidarity with the working poor that is demonstrated in Marx's Capital.Smith's theory makes it seem as if capitalism results in a tide of wealth where all boats rise.This indeed may be true, but it also results in very gross and considerable inequalities.If people would read both works before they may hasty judgments about capitalism or socialism, it would certainly be beneficial.

Nice to have the author's help
Adam Smith obviously is not the easiest read but this book does a great job of pointing out the important chapters and sections of Smith's two books. In fact, this book introduced me to "Theory of Moral Sentiments" which seems like a very interesting book too. I have enjoyed Robert Heilbroner's other books and this is right up with them. You can see that he is very passionate about Adam Smith's work and we all benefit from Heilbroner's guidance.

good - but now new
I ordered a new book and I received a very good condition used book. The pen marks on pages were the obvious tip off.Not a big deal but it was not as represented

Condensed Capitalism
To understand capitalism, read the Wealth of Nations. But, to really understand it, as well as the other ideas of Adam Smith, read his essential works. This book allows the reader to fully grasp the concepts of capitalism and get a clear picture of how and why it works. Thankfully, Heilbronner did not dilute the works of Smith, he just condensed them for the modern day reader. With this book you can cut through the jargon and see the real points that Smith was trying to get across.

A Great Introduction to Adam Smith's Ideas
After reading Heilbroner's The Worldly Philosophers, I decided to read Smith's Wealth of Nations, but found myself daunted by the length and language of the book.Then I discovered Heilbroner's Essential Adam Smithand was hooked.The book offers the essential parts of Wealth of Nations, as well as a good sampling of some of his other works.As a result, I havenot only read the entire Wealth several times, but have also readeverything by and about Smith that I can find.Heilbroner's book is a goodway to get to the heart of Smith's thinking, but, like me, you willprobably find yourself wanting to learn more about the man, his ideas, andhis life.Enjoy! ... Read more

Product Description
Celebrated author James Buchan on thewidelyknown—but oftenmisread—Scottish philosopherAdam Smith.Adam Smith (1723-1790) has been adopted byneoconservatives as the ideological father ofunregulated business and small government. His"invisible hand" has become acommanding shorthand for politicians promotinglaissez-faire economics, but Smith never used it in reference to free-market capitalism. Smith was a deeply moral man who considered himself aphilosopher, not an economist. Drawing on twenty-fiveyears of research, James Buchan renders an AdamSmith untainted by political and economicinterests. This compelling narrative uncoversSmith's passionate commitment to develop anethical theory essential to his vision of a just commercial society. ... Read more

Customer Reviews (13)

Basic to Adam Smith
If you are going to cite Adam Smith for anything, you should, first, read The Wealth of Nations, and, second, read about him.Philosophy never sits comfortably in the abstract; one should know about the man to judge his words. This book is a short and accessible pathway to that end. A similar example is found in references to, for example, JRR Tolkien.Behind his wonderful stories, there is strong and enlightening evidence that the Professor actually believed in the independent existence of the creatures he was, as he put it, "discovering."For an exploration of this, see 'MIRKWOOD: A Novel About JRR Tolkien" (available through Amazon in May, 2010).

Provocative, short, but dishonest
Well written, short (198 pages) but does not do the Wealth of Nations (WON) justice.It discusses Smith's Theory of Moral Sentiments more.And it's dishonest because on p. 2 it states that the phrase 'invisible hand' does not "have anything to do with free-market capitalism or awesome international transactions" yet on p. 110 the author quotes from WON directly as Smith says "[about a merchant's use of money inside his country] 'he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention'".This directly contradicts the previous statement by Buchan.It leads me to think that Buchan is trying to downplay the WON, for his own political goals.This is the ideological goal of Buchan, who seems to lean left of the political spectrum. In fact, the reader has no idea WON was so successful until later in the book, indirectly, when the author mentions republication.

A dishonest, partisan book, that cannot be trusted. Plus the hardcover is a bit too expensive for such a short book.Two stars.

A Horrible read.
The author, of this book was more interested in talking in old english bable,and trying to impress readers with his brogue,writting.I would give an example but unfortunatly 95% of the time I had no clue what the author was saying.The main idea I came away with. Adam Smith, was a principled man who thought out of the box on economics to help the common working class laborer.I would recommend, Wealth of Nations by Adam Smith, One thounsand pages, I started the book,well writtan,but to busy to commit to a thousand page read.This book will give you the scoop on Adam
Smith, and his history.

A fine biography of a very fine gentleman
Novelist and critic James Buchan employs his considerable writing skills to sketch out a concise yet intellectually comprehensive profile of one of the leading figures of the Scottish Enlightenment. The person of Adam Smith has long been used as an icon by political conservatives and free marketeers to propagandize their laissez-faire ideology, an anti-Marx effigy paraded before the masses to ward off the evil spirits of social empathy. Doctrinaire stalwarts such as Alan Greenspan --with whom Buchan starts off the book, benignly neglecting the more glaring but superannuated standard-bearers, Margaret Thatcher and Ronald Reagan-- relentlessly enshrine Adam Smith as the prophet of liberty, a liberty largely defined by --and mostly confined to-- private business interests. Unstated but ever present is the doctrinaire's message that here is the apostle of absolute truth, for somehow, we are supposed to believe, Adam Smith was obviously infallible.

Buchan does a great service to the contemporary affluent masses by presenting the real Adam Smith shorn of all mythical overtones. What emerges is an even more admirable personage. One of the first myths to go is that of the Promethean economist. Smith was but one among many thinkers in Europe to study the problem of commerce in the mercantilist societies of the preindustrial age. Smith's renowned work, «An Inquiry into the Nature and Causes of the Wealth of Nations», was not the first to broach the subject although it "more or less defined the field of inquiry known as political economy until the late nineteenth century." Indeed, Buchan points out that Smith borrowed the denominative term from James Steuart's «An Inquiry into the Principles of Political Oeconomy», published nine years before «The Wealth of Nations». Which was the natural thing to do, I might add, since Steuart's choice was the apposite name.

Smith's most celebrated term, the notorious "invisible hand," receives due attention right from the start. "The phrase 'invisible hand' occurs three times in the million-odd words of Adam Smith's that have come down to us, and on not one of those occasions does it have anything to do with free-market capitalism or awesome international transactions." Golly gee whiz, read and learn. The initial occurrence is found in "The History of Astronomy," Smith's first philosophical essay which nevertheless was published posthumously. "In this its first avatar," explains Buchan, "the invisible hand is not a commercial mechanism, but a circumlocution for God." The second appearance comes in «The Theory of Moral Sentiments», considered Smith's magnum opus until "the rise of political economy amid the battles and factory smoke of the Victorian age." Buchan argues that "The Invisible Hand here is like the Great Superintendant, or Superintendant of the Universe, or Great Conductor or Benevolent Nature and all the other deistic codewords that litter the «Theory»." God by this time has become the more distant and impersonal Providence. The Hand's third apparition is the only one to show up in the «Wealth». Discussing how a merchant would rather invest at home than abroad in order to keep an eye on his capital, thus rendering the greatest possible revenue to his own society, Smith states that "he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." A fitting observation, yes, but not exactly a passionate defense of raw, unfettered capitalism. Buchan gives us a glimpse of what Smith really thought of these merchants:" 'The proposal of any new law or regulation of commerce' that arises from the merchant class, therefore, 'ought always to be listened to with great precaution.' "In all likelihood, Smith would have included their modern ideological apologists in the warning as well. Later on in the book the Hand just disappears, substituted by the more rational if less poetic (and rhetorically worthless) "private interests and passions of individuals."

As with the name for the field of economics and even with the title of his first masterwork (due to his knowledge of L.J. Levesque de Pouilly's «Théorie des sentiments agréables»), Smith was in some debt to yet another thinker for the basic notion of the invisible hand: Bernard de Mandeville, author of the controversial «The Grumbling Hive», expanded and republished as «The Fable of the Bees: or, Private Vices, Publick Virtues», which stirred up in England a veritable hornets' nest. Mandeville's point was "that all public benefits arose from vices," vices being, in essence, self-interest. But "Mandeville wrote like a pimp," Buchan assures us, "and his blend of moral anarchy and gutter utilitarianism" did not go down well in proper English circles. The brazen satirist had it coming, and Smith dutifully joined in to denounce Mandeville in the «Theory», though he did well absorb a clever point or two. This second clever Mandevillean point was none other than the «Wealth's» fundamental concept of the division of labor, yet another instance of strategic Smithian borrowing.

Still, Smith was no plagiarist. Ideas do not arise in a vacuum but are always the product of the times, and Smith did develop and refine those ideas legitimately. It was his good fortune that his times were rich in world-class thinkers, beginning with his best friend, David Hume, a giant of modern philosophy who is always at hand in the narrative. (Incidentally, Hume also had already discussed the "partition of employments" in «A Treatise of Human Nature», in accordance with the spirit of the times -- which in this particular regard stretch all the way back to Plato.) This I found to be marvelous of this book, that Buchan takes the reader on a grand tour of the thinkers and doers of the period in their historical context. All presented in a most elegant literary prose. What more can one ask for? A detailed index? It's there, one of the best to be consulted. «The Authentic Adam Smith» is a pleasure to read. I would suggest you savor the feast at your earliest convenience.

Placing the great thinker in social and historic context
James Buchan offers us a concise review of the works of Adam Smith, making an effort to reveal the strengths of his thought as well as those aspects of the work that are less strong due to hind-sight. Buchan does this by first grounding Smith firmly in the midst of the Scottish Enlightenment and revealing the influences of David Hume and Francis Hutchinson as well as the ancient philosophers. Then Buchan offers us multiple quotations from Smith to make his points.

Neither economics nor capitalism existed as mental entities in the time in which Smith was writing. Smith took on a formless mass of commercial thinking and made a system of it. Smith is often referred to by conservatives for support of their economic philosophy; however the phrase `invisible hand' occurs only three times in the works of Adam Smith and not once does it refer to free-market capitalism.

Buchan places Smith and his writing within the context of the Scottish Enlightenment, where David Hume was a major influence. Smith retreated from advanced philosophical positions for reasons of prudence since in that time some thought that the doctrine of Free Trade represented revolution.

Smith was influenced by his teacher Hutcheson, a British moralist, who sought to discover principles of human nature from which we form our notions of good and evil. Hutcheson believed there was a faculty in human beings that responded to virtue as to beauty.

Smith was influenced by the Stoics, Cicero, and Marcus Aurelius. For Stoics, the world is organized in such a way that all activities and propensities, selfish and unselfish, combine for the benefit of the whole.

Smith's work on commercial society was modified in the work of John Stuart Mill. Adam Smith sought to organize experience of the world into a series of interlocking systems. Mill states "Political economy does not treat the whole of man's nature as modified by the social state, nor of the whole conduct of man in society.It is concerned with him solely as a being who desires to possess wealth, and who is capable of judging of the comparative efficacy or means for obtaining that end. It predicts only such of the phenomena of the social state as take place in consequence of the pursuit of wealth.It makes entire abstraction of every other human passion or motive. "It is of interest that the fields of Anthropology and Sociology now indicate that context, social networks and other structural factors do indeed appear to influence opinions and behaviors, thus supporting Adam Smith's original observations.

Smith was working at a theory of innovation.Smith contends that industrial innovation mostly arises in the field or on the factory floor; but that revolutionary processes are the work of contemplative minds.

Smith thought that the rich are obliged by the very operation of money and free commerce to share some of their riches with the poor. I am not certain that this portion that the rich are suppose to share with the poor during the acts of consumption are sufficient for the actual well-being of the poor.Buchan states: This is optimism run wild. The landed and merchant interests that dominated Parliament insisted that exports be encouraged and imports discouraged. But as Smith was to argue, this is a mere reflex to stifle competition and preserve the social hierarchy for their own convenience.

David Hume identified the partition of employments as one of the three great benefits delivered to the individual by living in society. Smith argued that specialization would not deliver improvements if the artisans were slaves whose labor and innovations belonged to the masters. What was needed was freedom of occupation.

Smith thought that the role of government could be summarized as: the protection of society from invasion from abroad; the establishment and exact administration of justice; and certain public works and institutions that would be unprofitable for private citizens, either individually or in small groups. Public investments to facilitate commerce should be provided only where private individuals have failed.

David Hume thought independence was as natural to a colony as to a growing child. In matters of trade, Smith was on the side of the American colonists. Smith saw what was to become the United States far eclipsing the mother country in trade and power. Smith urged Britain to wake from her `golden dream' of empire.

The division of labor however created specialized idiots. Public education, even if it brought the state no advantage, makes the people less open to the political contagion of faction and sedition, fanaticism and superstition.

Smith recognized that public service could not be maintained without some general taxation and its anticipation through borrowing. Tax for Smith was a badge not of slavery but of liberty, but only if it was collected on principles of equality. Taxation should be progressive in that the rich should pay a higher proportion of their income. As for public borrowing, it is a diversion of productive capital.

Smith and Hume believed that men could be good without much or indeed any religious belief.For that to be demonstrated, it was necessary not only to live without fault but also to die without fear.The account of Hume's last illness was one of the very finest pieces Smith wrote.

I end this review with nine quotations by Adam Smith taken from Buchan's book:

The respect of our equals...of becoming the proper objects of this respect, of deserving and obtaining this credit and rank among our equals, is perhaps the strongest of all our desires. - Adam Smith


The obvious and simple system of natural liberty establishes itself of its own accord.Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men. - Adam Smith

To prohibit a great people, however, from making all that they can of every part of their own produce, or from employing their stock and industry in the way that they judge most advantageous to themselves, is a manifest violation of the most sacred right of mankind. - Adam Smith

The proposal of any new law or regulation of commerce that arises from the merchant class ought always to be listened to with great precaution. - Adam Smith

Men love to reap where they never sowed. - Adam Smith

Political economy considered as a branch of the science of a statesman or legislator proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public services. - Adam Smith

The whole magic of a well-ordered society is that each man works for others, while believing that he is working for himself. - Adam Smith

...Civil government...is in reality instituted for the defense of the rich against the poor. - Adam Smith

Little else is requisite to carry a state to the highest degree...but peace, easy taxes, and a tolerable administration of justice...all governments that thwart this natural course, which force things into another channel, or which endeavor to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical. - Adam Smith

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Product Description
Counter to the popular impression that Adam Smith was a champion of selfishness and greed, Jerry Muller shows that the Inquiry into the Nature and Causes of the Wealth of Nations maintained that markets served to promote the well-being of the populace and that government must intervene to counteract the negative effects of the pursuit of self-interest. Smith's analysis went beyond economics to embrace a larger "civilizing project" designed to create a more decent society. ... Read more

Customer Reviews (6)

Puts Smith in Context
Muller puts Smith in historical context and integrates his major works (Wealth of Nations, Theory of Moral Sentiments, and Lectures on Jurisprudence, the latter surviving only in the form of student notes) to paint a complete picture of Smith as moral philosopher. Smith's philosophy is often mischaracterized as one in which "greed is good" and the market alone is sufficient to attain a civil and productive society. Muller goes far beyond this cartoonish version of Smith to place his appreciation for the market in its proper context and distinguish Smith from contemporaries such as Mandeville and Bentham.

Muller's analysis is well-developed, but his exposition is at times repetitive. The final chapter, in which he attempts to relate Smith's philosophy to contemporary society, is a bit of a throwaway; and Muller is on shakier ground discussing economics than ethics. On balance, though, this is a fascinating and useful book that any student of Adam Smith should own. Despite the book's age, even the twenty-page Guide to Further Reading remains valuable.

There is more to Adam Smith Than I Thought
Before reading this book I believed that I was aware of the essence of what Adam Smith offered, but I was wrong, and I suspect many others would learn from this book that there is a complexity to Adam Smith's philosophy of which most have not been informed.

Smith has much to say about the role of government, and the negatives of market capitalism, opinions for which he is little known.He also presents a less than sanguine view of the motives and morals of the merchant class.Many of us who think we possess a clear understand of what Adam Smith advocated might find this book enlightening.

To gain such understanding we could simply read the Wealth of Nations in its entirety, but reading Adam Smith in the original can be difficult and tedious.Professor Muller does all the heavy lifting for us, adds his own very substantial erudition, and presents an entertaining and valuable survey of Smith's writings and wisdom along with interesting biographical information.

Excellant primer on the thought of Adam Smith
I couldn't disagree more with the review of Max Hayes. It would and does shock people to learn that Adam Smith wasn't primarily an economist as we think of the term. The fact that his work was centered around moral philosophy and making people "decent" is widely unknown and most people have never even heard of The Theory of Moral Sentiments. Robert Heilbroner said it best when he called Smith "the most quoted and least read of the worldly philophers."

This book is not a biography of Smith, which would probably be pretty boring. It is an examination of his ideas. Muller starts by placing the book in its intellectual context of earlier traditions. Than he turns to an examination of Smith's work as a whole. This is important because to often Smith is limited to The Wealth of Nations, which is only one element of his thought. Muller examines The Theory of Moral Sentiments and the Lectures on Jurisprudence to form a more complete picture of Smith as a moral philisopher.

The most important element of this book is the demonstration that Smith was not a defender of unrestrained greed. Smith sought to defend and construct institutions that would channel individual self-interest into benefical results for the whole of society. Nor was he an enemy of government. While it is true that he thought government often proved a danger to the market because of the influence of what we call special interests, Smith did not reject government regulation totally. In fact he argued for regulation of banking and interest rates and advocated using the government to try and correct the negative effects capitalism had on the intellect of the people through public financed education.

Muller writes a compelling book demonstrating that Smith is not the proto-libertarian so many people claim. That in fact Smith would probably be quite dismayed at the uses to which his thoughts have been applied.

Another Book on Smith
This book is an uninspiring analysis of Smith's work.Nobody who has even a cursory knowledge of Smith's writings would be surprised by what Muller has to say.The basic point that Smith was not a philosopher of unbridled greed is unsurprising.It is not that the thesis of the book is wrong, but it is simply something that could have been said in an article or less.Obviously a lot of hard work went into the book, but it is the product of a mediocre mind.

a very informative book
a very good description of everything ... Read more

Product Description
The Wealth of Nations: Books 4-5 written by legendary author Adam Smith is widely considered to be one of the top 100 greatest books of all time. This great classic will surely attract a whole new generation of readers. For many, The Wealth of Nations: Books 4-5 is required reading for various courses and curriculums. And for others who simply enjoy reading timeless pieces of classic literature, this gem by Adam Smith is highly recommended. Published by Classic House Books and beautifully produced, The Wealth of Nations: Books 4-5 would make an ideal gift and it should be a part of everyone's personal library. ... Read more

Customer Reviews (4)

Warning for buyers of the Kindle version
I don't need to point out that "The Wealth of Nations" (TWON) is a landmark work in economics.However, if you're looking for a Kindle version of TWON, be aware that this book (the Penguin edition on Kindle) contains ONLY Books IV and V of TWON.Penguin published Books I-III separately, and for some reason that volume is not yet available in a Kindle format. (At least, I couldn't find it as of Jan. 11, 2009.)I would therefore suggest trying another publisher until Penguin makes all of TWON available in Kindle format.

Don't be misled by the invisible hand
This book is so widely cited and interpreted contrary to the author's original thought, that every economist should read it completely to avoid being misled by such incorrect interpretations.

First, let us take the "invisible hand" metaphor. When I have studied economy in the University, I was taught that almost the entire book is devoted to the "invisible hand" which means "self-corrective markets", "liberalism", "Laissez-faire" and "state non-intervention". After reading this book, I have found out that Adam Smith did use the term "invisible hand" only once in the entire book, in the discussion of domestic versus foreign trade.

To illustrate the point, let me quote the text where term "invisible hand" is used: "First, every individual endeavours to employ his capital as near home as he can, and consequently as much as he can in the support of domestic industry, provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock. Thus, upon equal, or nearly equal profits, every wholesale merchant naturally prefers the home trade to the foreign trade of consumption, and the foreign trade of consumption to the carrying trade. In the home trade, his capital is never so long out of his sight as it frequently is in the foreign trade of consumption. [...]Secondly, every individual who employs his capital in the support of domestic industry, necessarily endeavours so to direct that industry, that its produce may be of the greatest possible value. [...]As every individual, therefore, endeavours as much as he can, both to employ his capital in the support of domestic industry, and so to direct that industry that its produce maybe of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain; and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it."

After reading this book, I have found out that Adam Smith was influenced by French Physiocrats. The Physiocrats saw the true wealth of a nation as determined by the surplus of agricultural production over and above that needed to support agriculture (by feeding farm labourers and so forth). Other forms of economic activity, such as manufacturing, were viewed as taking this surplus agricultural production and transforming it into new products, by using the surplus agricultural production to feed the workers who produced the extra goods. While these manufacturers and other non agricultural workers may be useful, they were seen as 'sterile' in that their income derives ultimately not from their own work, but from the surplus production of the agricultural sector.

I have found out that this book is not about "invisible hand" or "Laissez-faire". It is quite a complete study that covers almost every basic aspect of the economy, and remains an effective introduction to economics to this day.

This book is so often mischaracterized and politicized that I suggest you to read it completely by yourself. This is a must read for every economist. You can get an audio version of this book to avoid lengthy read.

Prosperity or poverty. Smith vs Marx
Adam Smith like Marx sees changes in the economic system as a logical, inevitable sequence of events. For example the power of the landed aristocracy declined as a consequence of the increasing importance of the towns. Good government was a result of this decline as people that had worked on the estates in conditions close to slavery moved to cities where they had considerable freedom. The difference between Marx and Smith is that Smith considered all of these changes leading to steady improvements whereas Marx considered the results of capitalism and industrialisation and urbanisation disastrous. Marx living about one hundred years later than Smith. The system had not produced wealth for all as Smith foresaw. Smith believed that if governments would refrain from interfering in the economy prosperity would increase for all. Marx considered that a revolution whereby the capitalist class would be eliminated and private property is abolished a necessary consequence of the exploitation of the workers. Smith believed the opposite in that private property was the main driving force for progress. Their analysis of the historical development looking at it now shows many serious mistakes. However many more of the ideas of Adam Smith are still valid in hindsight than those of Marx. Somewhat surprising both being persons with interest in morality do not ascribe any importance to that subject. Both are imprisoned by the concept that "mechanical" or systemic changes in society can explain changes in the economic system. Many economists to day still fall in the same trap. They do not believe that moral standards can play an important role in the development of economic system. They therefore typically reject new developments such as "socially responsible investing ". Like "Capital" of Marx, the "Wealth of Nations" presents many interesting facts about for example the near slavery conditions in the large agricultural estates throughout Europe. This information is a good antidote to the romantics that believe conditions in the countryside in the past were very pleasant. The Wealth of Nations is lucidly written and shows quite clearly the dependence of wealthy creation on essential but minimal government.

A Winner!
This book is a classic of economic thought! ... Read more

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Customer Reviews (3)

True economics and not currency
The Wealth of Nations is a financial and economics text which is one of the foundations of proper and diciplined economic thought which was then later modernized by Meis of the Austrian School but then perverted by Keynes. Very long in the fashion of the day but can be scanned if one does not want to delve into every detail.

The only hardcover binding available?
This review is for the Harriman House hardcover edition of Adam Smith's "The Wealth of Nations".I was shopping specifically for a nice, inclusive, cloth edition of the classic text.The book is black cloth with a white and blue dust jacket and is between 9" and 10" tall.The text includes all five books of The Wealth of Nations, not splitting them up like some other editions do. Penguin splits it up into two physical books; the Bantam edition is only 7" tall and over 1200 pages long - not made to hold up to multiple reads.Not that I will be reading and re-reading the book right away, but a sturdy durable binding is well appreciated.Finally, Harriman House is a British publisher of business and financial titles; Americans will be unlikely to find this edition without special ordering through a venue like Amazon.So as of January 2009, this is the only quality hardcover edition I could find on Amazon.If others turn up in the future, please comment below.

Don't be Misled by The Invisible Hand
This book is so widely cited and interpreted contrary to the author's original thought, that every economist should read it completely to avoid being misled by such incorrect interpretations.

First, let us take the "invisible hand" metaphor. When I have studied economy in the University, I was taught that almost the entire book is devoted to the "invisible hand" which means "self-corrective markets", "liberalism", "Laissez-faire" and "state non-intervention". After reading this book, I have found out that Adam Smith did use the term "invisible hand" only once in the entire book, in the discussion of domestic versus foreign trade.

To illustrate the point, let me quote the text where term "invisible hand" is used: "First, every individual endeavours to employ his capital as near home as he can, and consequently as much as he can in the support of domestic industry, provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock. Thus, upon equal, or nearly equal profits, every wholesale merchant naturally prefers the home trade to the foreign trade of consumption, and the foreign trade of consumption to the carrying trade. In the home trade, his capital is never so long out of his sight as it frequently is in the foreign trade of consumption. [...]Secondly, every individual who employs his capital in the support of domestic industry, necessarily endeavours so to direct that industry, that its produce may be of the greatest possible value. [...]As every individual, therefore, endeavours as much as he can, both to employ his capital in the support of domestic industry, and so to direct that industry that its produce maybe of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain; and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it."

After reading this book, I have found out that Adam Smith was influenced by French Physiocrats. The Physiocrats saw the true wealth of a nation as determined by the surplus of agricultural production over and above that needed to support agriculture (by feeding farm labourers and so forth). Other forms of economic activity, such as manufacturing, were viewed as taking this surplus agricultural production and transforming it into new products, by using the surplus agricultural production to feed the workers who produced the extra goods. While these manufacturers and other non agricultural workers may be useful, they were seen as 'sterile' in that their income derives ultimately not from their own work, but from the surplus production of the agricultural sector.

I have found out that this book is not about "invisible hand" or "Laissez-faire". It is quite a complete study that covers almost every basic aspect of the economy, and remains an effective introduction to economics to this day.

This book is so often mischaracterized and politicized that I suggest you to read it completely by yourself. This is a must read for every economist. You can get an audio version of this book to avoid lengthy read.
... Read more

Product Description
Acclaimed exploration of China’s emergence as the most dynamic center of current economic expansion.

In the late eighteenth century, the political economist Adam Smith predicted an eventual equalization of power between the West and the territories it had conquered. In this magisterial new work, Giovanni Arrighi shows how China's extraordinary rise invites us to reassess radically the conventional reading of The Wealth of Nations. He examines how recent US attempts to create the first truly global empire were conceived to counter China's spectacular economic success Now America’s disastrous failure in Iraq has made the People’s Republic of China the true winner in the US War on Terror.

China may soon become again the kind of noncapitalist market economy that Smith described, an event that will reconfigure world trade and the global balance of power.

Customer Reviews (3)

In depth & informative description of China's rise
This book is very well researched and clearly explains why China is in the strong position it is in today.I highly recommend this book for anyone interested in understanding China beyond its apparent sudden rise.

21st Century Conversation Anchor,for some time to come...


The book begins with an analysis of the differences between free markets and capitalism, and evolution scenarios of capitalism.For the first hundred-some pages, Arrighi is SLOWLY building the theoretical foundation of his argument and draws from several sources ranging from Adam Smith and Marx to Hannah Arendt andSchumpeter, from countless (non-)academic citations to his own observations.

Historically, capitalism occurs in the later stages, and at the expense, of free markets, and requires ever expansive institutions and policies.According to Arrighi, the evolution of the USA, being the latest and most expansive capitalist power, has taken the capitalist logic to its earthly limits.Indeed, the US has continued on the trajectory set by the earlier capitalist powers--the Italian Republics, Dutch Empire and British Empire--by creating more powerful capitalist frameworks, alas all this has already come to a too high of a price for itself and the planet.

And, while the above arguments go back and forth, with factual illustrations and theoretical considerations, China is being analyzed in historical, comparative and Asian contexts.With the exception of some 150 years, at least for the past 5-600 years, China has been not only different from the West (and its capitalist models), but also very affluent.The differences come in many ways: military outlook and projection of power, trade, state institutions, relationships between the state and its citizens/other states, productivity, innovation and on and on.In fact, Arrighi seems to infer that, for the most part of that time interval, the Chinese have been as much closer to a free market system as far away from the capitalist system.

Close to the end of the book, one sees that Arrighi does not necessarily advance a comprehensive thesis to explain even the next 50 years, but leaves the reader better equipped to continue the inferential process he started.To summarize, this process consists of the study of theoretical frameworks, historical analogies between/among capitalist powers, comparative perspectives on China and the reduction of capitalist alternatives, by elimination, for the USA.Also by limiting the range of the capitalist alternative(s) in their current and historical forms, we are left to witness for ourselves the evolution, the tradeoffs, and ultimately the future of China itself.

This is a book that will most probably anchor the conversation about the 21st Century for some time to come.The wide spectrum for Arrighi's analysis provides for an integrated approach across several fields, which so far have been studied in isolation at best.

How can the reader benefit more?By tightening the argument and the text itself--maybe Arrighi needs to decide who his readers are.For the public at large, a Foreign Affairs article may do it.For the more academically inclined, it is not clear how/why the events of the last 10-15 years in the US fit Arrighi's framework.Indeed, Arrighi belongs to the school of thought dating the end of the US capitalist supremacy in the 1970s.So, if the US decline started in the '70s, how was it possible for the economical revival of the '90s?In other words, was the economic revival of the '90s in contradiction with Arrighi's earlier thesis?According to the author, Britain had also gone through a similar period of economic boom at the end of the 19th century--decline, sudden prosperity followed by decline and two world wars.Reconciling current events with-in a longue durée approach may look artificial/arbitrary/a posteriori.For example, was the Project for the New American Century historically immanent, or the result of voting accidents in Florida?On the other hand, a lot of the last 8 year events seem to follow the path indicated by Arrighi.After this book was published, even the paragons of capitalism, aka the US financial system, have entered a deep structural crisis.Moreover, if we are to consider the volume of inputs alone, the US has no place to grow unless the Chinese stumble at their own (Adam Smithian-) game. At a different level, I suspect there will be some to quarrel with Arrighi's implicit higher valuation of free markets relative to capitalism. They'll probably be quick to say that the "old" left may be redefining itself in terms of opposing capitalism with free markets instead of socialism...

All in all, the reader will be well rewarded by reading this book and perhaps follow its author all the way into the pages of the New Left Review magazine.

This book helped me crystallize a whole number of ideas, which I could well summon up into an Open Letter, for O8:

Small is Beautiful!

Small(er) enterprise is better than (quasi-)monopolies;
Universal healthcare is both good and necessary;
Let wages converge lower;
Put money into the following infrastructures: education, energy efficiency, internet, transportation;
Encourage innovation and exports;
Encourage quality;
Bring smart people in, our universities should be the Ellis Island of the 21 Century!

Historical perspective on China's ascent
"Adam Smith in Beijing" by Giovanni Arrighi delivers a sophisticated history and analysis of the rise of the Asian economy. Displaying a deep knowledge of world history including novel insights into the works of Adam Smith and Karl Marx, Mr. Arrighi helps us understand why China's ascent has arrived at the moment when the dream of a single world capitalist state as conceived and championed by the U.S. has failed. Impeccably researched and cogently written, this accessible book succeeds in providing historical perspective on how China has come to be a key player on the world stage.

Mr. Arrighi discusses how China's mixed economy of today conforms to Adam Smith's vision of a large market economy managed by an active government that ensures improved living standards for all; in fact, Smith reasoned that Asia might one day grow to assume parity with Europe. We learn that China's Industrious Revolution leveraged its large internal market and abundant labor supply to develop a diverse economy where wealth was widely dispersed among the population. In contrast, the West's Industrial Revolution conformed more or less to Karl Marx's analysis inasmuch as it allowed a relatively small class to own the means of production, secure power and finance a succession of military/industrial states whose imperialistic adventures were intended to guarantee an endless expansion of the capitalist system.

Mr. Arrighi tracks the global turbulences that have been wrought as a consequence of the Western development path; the process of creative destruction inherent in the capitalist model has grown ever larger beginning with the small Italian city-states to the Dutch, British and, finally, the American empire. The author shows how each successive wave of accumulation collapsed as a consequence of escalating administrative costs including the funding of ever larger armed forces; of course, the strategy did succeed during much of the 19th and 20th centuries as China fell under domination as a consequence of the West's advantages in military technology. However, the book describes how the failures of the George W. Bush administration's economic and foreign policies are but the culmination of an ill-conceived, decades-long neoliberal project of world domination that bears striking similarity to previous fallen empires. Ironically, as U.S. hegemony has unraveled in the wake of the Iraq War, the author contends that widespread economic prosperity has allowed the Asian nations to emerge as the true victors of the U.S. War on Terror.

Against this backdrop, Mr. Arrighi contemplates three different foreign policy approaches that the U.S. might consider as the Asian Age unfolds. The interconnectedness of the U.S. and Asian economies suggests to us why the differing proposals made by Robert Kaplan, Henry Kissinger and James Pinkerton have all been pursued to varying degrees simultaneously, amounting to a confused and conflicted U.S. Asian policy. Interestingly, Mr. Arrighi posits that China simply does not need to pursue a militaristic path to attain preeminence as long as the U.S. seems bent on self-destruction through its strident diplomacy and economic indebtedness; indeed, the U.S. is rapidly becoming irrelevant as more and more investment decisions are being made in Asia with less and less input and participation from U.S. business partners.

Unfortunately, for a book that is subtitled "Lineages of the Twenty-First Century" the author provides scant attention addressing three major challenges that lay ahead for China: environmental deterioration, the lack of democracy and growing income inequality. Readers interested in these issues might refer to Elizabeth C. Economy's The River Runs Black: The Environmental Challenge To China's Future (Council on Foreign Relations Book), which argues that continued neglect of China's burgeoning environmental crisis will seriously curtail and constrain its future economic growth; and James Mann's The China Fantasy: How Our Leaders Explain Away Chinese Repression, which advances some of the reasons why democracy remains unlikely in China for many years to come. Whereas Mr. Arrighi is practically silent on these issues, both of these books suggest that serious internal conflict between a repressed Chinese working class and a privileged political class will become all but inevitable. In my view, Ms. Economy's and Mr. Mann's books serve as necessarily sobering counterweights to Mr. Arrighi's decidedly more ebullient narrative.

The above minor reservations notwithstanding, I highly recommend this brilliant, timely and informative book to everyone.









... Read more

Product Description
The Big Three in Economics reveals the battle of ideas among the three most influential economists in world history: Adam Smith, representing laissez faire; Karl Marx, reflecting the radical socialist model; and John Maynard Keynes, symbolizing big government and the welfare state. History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. In the twenty-first century, Adam Smith's 'invisible hand' model has gained the upper hand, and capitalism has ultimately won the ideological battle over socialism and interventionism. But even in the era of globalization and privatization, Keynesian and Marxist ideas continue to play a significant role in economic policy in the public and private sectors. ... Read more

Customer Reviews (14)

Misleading
This book is well written, easy to follow and presents the ideas of many economists with simplicity. Yet I only gave it two stars, and this is due to several reasons. First, the content of the book is not faithful to its title. This book should have been called "The Big One in Economics (Adam Smith)". I bought the book hoping to read about the main economic principles put forth by each of Smith, Marx and Keynes. Instead, the book turned out to be a description of how Smith's ideas triumphed over all others despite the numerous attacks that were launched on them. My problem is not the fact that the author thinks that Smith's ideas have triumphed, although I don't agree with that. Smith after all is the father of modern economics and he was an excellent thinker. His book should be read by all. My problem is with the author using such a misleading title. Second, I was amazed at the ease with which the author wrote off Marx as an economic thinker. The author actually goes as far as to wonder how anyone can believe in Marx's economic theory. The answer, again according to the author, was that Marx was more of a prophet and hence the effect that he had on his followers need not be rational. The author mentions Paul Sweezy's book "The theory of Capital Development" in a small paragraph and does not even bother himself to address any of the issues raised by it. Instead, like many authors before him he spends a considerable amount of time talking about Marx's life. I would have rather read a critique of some of the Marxian ideas put forth by Sweezy than read how Marx had an illegitimate child. When it came to discussing the ideas of Keynes, the author manages to give Keynes credit for being a great economist, yet makes his ideas seem as good enough for specific circumstances, and not good enough to be an all-encompassing theory. Keynes, according to the author was right in a specific circumstance, nothing more. All in all, the book started out as being very promising and ended as a narrow version of the history of economic theory.

Reads like a college essay.
I didn't make it very far into this book before putting it down. It was not what I expected. I did not care for the writing style at all. It was too dry and academic for me to continue reading. I am interested in learning more about these three figures, but this read like a thesis paper.

An excellent book
The book takes an open-minded and balanced view of the philisophies and economics of those titled.If you're looking for an explanation of how the modern economy evolved, this book by Dr. Skousen, a brilliant author and speaker, is an excellent choice.

Opinionated
The author's predilection for Smith is obvious from the early chapters.It would be a more satisfying book if he substantiated this with real-world examples.His sniping at fellow academics is trying at best.

excellent history of economics
For a while I have been wanting to delve into economics. With the current crisis, I thought it imperative to start learning what was going on so I could at least understand the news if nothing else. This book is fantastic for the novice who wants to understand economics. Though it is a history, learning the history may be the best way to learn the subject.

Those sympathetic to free-market economics will probably enjoy more than others since Skousen is critical of Marx and Keynes. But he also submits evidence as to why Marx and Keynes have been wrong much of the time. While it is called The Big Three (Smith, Marx, and Keynes), I'd say that they take up only about half of the book.A fair amount of space is given to the background and influences of these big players.A brief biographical sketch is given of the Big Three. Then he covers their economic beliefs. He discusses their successes and shortcomings. Skousen does an excellent job of painting a coherent image of economic history.

In case you are wondering, I would guess that Skousen is most sympathetic to the Austrian School (and rightly so!).
Unfortunately this book came out just a bit before the current economic crisis took off so it isn't covered. But Skousen does correctly point out that much of what you see in the news media (and the governing politic) is Keynesian ecomonics (consume, consume, consume your way out of the recession). And this is very evident watching the TV today. Too bad they're wrong. ... Read more

Product Description
This book is divided into "an examination of the several ways of communicating our thoughts by speech" and "an attention to the principles of those literary compositions which contribute to persuasion or entertainment". The species of communication discussed include descriptive and narrative (or historical) composition, poetry, demonstrative oratory, panegyric, didactic or scientific language, deliberative oratory, and judicial or forensic oratory. The subjects addressed in his teachings include the style and genius of some of the best of the ancient writers and poets, especially the historians and the English classics. ... Read more

Customer Reviews (1)

Book to Read
This is a great book to ponder through.Great for University students tobroaden their horizon. ... Read more

Product Description
Although Adam Smith is best known as the founder of scientific economics and an early proponent of the modern market economy, political economy is only one part of his comprehensive intellectual system. Consisting of a theory of mind and its functions in language, arts, science and social intercourse, Smith's system was a towering contribution to the Scottish Enlightenment.This Companion provides an up-to-date examination of all aspects of Smith's thought. Collectively, the essays take into account his multiple contexts--Scottish, British, European, Atlantic, biographical, institutional, political and philosophical. ... Read more

Customer Reviews (1)

4.5 Stars-The authors correctly emphasize the fundamental importance of the Theory of Moral Sentiments
This book is a collection of essays onAdam Smith.All of the essays ,either explicitly or implicitly,emphasize the fundamental importance of the Theory of Moral Sentiments(TMS,1959;6th edition,1790) in Smith's thought.The Wealth of Nations is an application of the TMS in the same way that Keynes's General Theory (GT;1936) is an application of the A Treatise on Probability (1921;TP).

The following general conclusions are arrived at .First,Smith never intended to break ethics and moral philosophy away from political economy and form economics asa separate field.There is no normative versus positive economics question for Smith.It is Jeremy Bentham whoattempted,successfully, to remove ethics and morals from political economy and base economics on Benthamite Utilitarianism alone.Modern (Benthamite Utilitarian) economics is exactly the opposite of what Smith intended.Second,there is no Adam Smith problem at all.The alleged conflict between the Wealth of Nations and the Theory of Moral Sentiments is due strictly to an attempt by the economics profession to try to read into Smith their own biased Benthamite Utilitarian decision making calculus which Smith completely rejected.Finally,Smith's concepts of sympathy,an impartial spectator asa stand in for one's conscience,the importance of rules,and last, but not least,the emphasis on virtue,shows that the claims, that Smith meant by self interest greed,avarice,or selfishness have no foundation in any thing written by Smith in his life time.Self interest represents the virtue of self love.Before you can help others you must first help yourself so that you can attain a position of wealth to help others.The story of the Good Samaritan ,with his bag of gold coins,horse,and sword,would fit exactly into Smith's view of the nexus between moral and economic decision making.The Good Samaritan can help because he first helped himself attain success.This is not the story modern economics wants to hear told.

I recommend the book for purchase. ... Read more

Product Description
What can he added to the happiness of the man who is in health, who is out of debt, and has a clear conscience? To one in this situation, all accessions of fortune may properly be said to be superfluous; and if he is much elevated upon account of them, it must be the effect of the most frivolous levity. This situation, however, may very well be called the natural and ordinary state of mankind. ... Read more

Customer Reviews (5)

shortchanged
I thought I was buying a complete reprint of this classic work. I was disappointed to learn that only an excerpt was reproduced. I was able to buy a complete addition for only a few dollars more.

Junk Edition
Great book but this is an incomplete edition at only 60 pages.The full version is several hundred pages long, varying depending on the edition.There's no indication that this is not the full version in the description, so if buyers aren't careful and read the page total and realize it's too short they could be out of luck.But hopefully the 1-star ratings will scare them off until it's fixed, but I don't know why someone would want this even if they knew what it was.

Take it from me
Granted, the Theory of Moral Sentiments embraces Smith's ideas during the Enlightenment, but this SPECIFIC EDITION, (THE YELLOW COVER BY KESSINGER PUBLISHING)is a mere PAMPHLET, A SAMPLE of a complete version of the real Theory of Moral Sentiments. I had a class today, and all the TA's were asking why I got a "children's book"... no seriously it looks like one.

For all of you interested in Smith or looking for the textbook for class, get OTHER editions of this book.

HEED this WARNING. MUST.

CP.

Incomplete ripoff. Only consists of a tenth of the the full length book
This is not the complete book. It's only 60 pages, when the full book is 600 pages. Do not buy this edition.

Incomplete
I guess it says so somewhere in the fine print, perhaps even in the medium sized print.But I just wanted a copy of TMS and this one seemed reasonably cheap.So I bought it.It's a pamphlet consisting of the first 'book' or chapter.In other words, sold as TMS it's a hoax - probably about a third to a fifth of the actual book.

And I'm in Australia so I doubt there's any mileage in returning it.

TMS is a great book.This is not. ... Read more

Product Description
"A powerful and original reconsideration of the thinking of Smith and Condorcet. This is a reinterpretation of Enlightenment political economy. Delightfully fresh, sensitive, sensible, and wide-ranging."

Keith Baker, Stanford University In a brilliant recreation of the epoch between the 1770s and the 1820s, Emma Rothschild reinterprets the ideas of the great revolutionary political economists to show us the true landscape of economic and political thought in their day, with important consequences for our own. Her work alters the readings of Adam Smith and Condorcet--and of ideas of Enlightenment--that underlie much contemporary political thought.Economic Sentiments takes up late-eighteenth-century disputes over the political economy of an enlightened, commercial society to show us how the "political" and the "economic" were intricately related to each other and to philosophical reflection. Rothschild examines theories of economic and political sentiments, and the reflection of these theories in the politics of enlightenment. A landmark in the history of economics and of political ideas, her book shows us the origins of laissez-faire economic thought and its relation to political conservatism in an unquiet world. In doing so, it casts a new light on our own times. ... Read more

Customer Reviews (5)

Invisible sleights of hand
This is a nicely done zoom level retrieval of the real Adam Smith (or one of them) before conservative ideologists appropriated his name and theories, resulting in amnesiac palpitations and the fulminations of Karl Marx. Adam Smith is an historically ambiguated figure whose reputation fluctuated very quickly between the era leading up and throughout the French Revolution and the era thereafter. We blame Rousseau for wicked deeds, in a snort at the Revolution, but similar 'misgivings' attended the radical Smith. This is a well done account, with a good critical history of the 'invisible hand' scenario, and a reminder of the dangers of historical hallucination curable only by hard labor at the historical record.

A new look at some old whipping boys
First, a romantic note - Rothschild dedicates this book to her husband Amartya Sen, and Sen dedicated his last book ('Development as Freedom') to her. So these books will lie side by side on my shelf. Both are well worth reading.

There is more than just a familial connection. Sen clearly used his wife's research on Smith and Condorcet in the writing of 'Development as Freedom' since the Adam Smith that appears in his book is not the cold and callous economist of myth. One suspects that Rothschild's perception of Smith and Condorcet had been coloured by Sen as she presents them as more than just economists as we understand the term, but concerned with a far wider range of phenomena in politics and sociology. In fact they were exactly as much an 'economist' as Sen himself is. As any reader of Sen knows, he covers an extremely broad range of factors in his work, not just GDP and income.

Rothschild argues that Smith's example of the 'invisible hand' that regulates free markets would have as easily been meant as a malign as a benign regulator. Traders who influence markets by bribery or trickery are as much an 'invisible hand' as an imagined self-regulating mechanism. In fact, the beneficient invisible hand was very much a product of later economists. Smith was not as negative on government regulation as he was made out to be by later writers, though strongly against price-fixing by government fiat, guilds which prevented fair competition, and over-zealous regulation of trade and commerce by insiders, profiteers and parasites.

Condorcet comes across as a very attractive human being, passionate and commited to his beliefs. Accused of Utopianism, he struggled with his conviction that he had no right to dictate opinion to others. Yet he believed that his liberal philosophy was best.He was concerned with the 'ordinary man in the street', and rejected any idea that he/ she should be indoctrinated with the 'right' ideas by a state-supported educational system. He wrote for the rights of women, believing that all humanity were entitled to equal rights.

I have to say the book is dense and quite difficult at times. However, it is the ideas that are difficult, not the presentation. It will probably repay a second reading.But I feel after reading this that I have had an excellent introduction to two first-class and important (in a world-historical sense) intellects.

In defence of the Enlightenment
To their enemies the Marquis de Condorcet was the epitome of the worst elements of the French Enlightenment, fatuously optimistic, subtly intolerant and dangerous utopian with his emphasis on the "perfectability" of man, while the notoriously absent-minded Adam Smith was the architect of a notoriously callous and philistine economic theory.Aside from that, the enthusiastic and idealistic Condorcet does not appear to have much in common with the quiet and discreet Smith.Emma Rothschild is the husband of the nobel prize winning economist A. Sen, whose most famous work shows the devastating effect dogmatically applied free market rules can have on worsening famines.Yet this book is a defense of the two from the critics of the Enlightenment.

To a surprising extent she succeeds.Conservatives will be unpleasantly surprised to read that in the decade after his death, mentioning your support of Smith did not prevent Scottish democrats from being transported to Australia by reactionary Scottish judges.For many years Tories did not view Smith as the great economist or philosopher.Instead Smith was the man whose account of his friend, the atheist philosopher David Hume on his deathbed, enraged the pious for showing Hume's complete calm, class and lack of fear of eternal damnation.Rothschild notes how the great economist Carl Menger noted how prominent socialists quoted Smith against their enemies.(Oddly enough she does not quote the passage in CAPITAL where Marx cites an enraged prelate angry at Smith for classifying priests as "unproductive labor.)Smith was an opponent of militarism, a supporter of high wages, and a supporter of French philosophy (and not unsympathetic to the French Revolution,either).Reading of his relations with Turgot and Condorcet, it will be much harder to defend the view of a sharp distinction between a good sensible Protestant Enlightenment, and a bad, Nasty, atheist one on the continent.

In discussing Turgot and Condorcet's support for the free trade in grain, which Smith also supported, Rothschild helps remind us that laissez faire did not simply mean watching while people starved.Confronted with the threat of famine in Limousin in 1770, Turgot preserved the freedom of the corn trade.But he also provided workshops for the poor, increased grain imports from other regions, reduced taxes for the poor, and protected poor tenants from eviction.Condorcet and Smith were both sympathetic to these policies.Rothschild also devotes a whole chapter to Smith's metaphor of the "invisible hand."She points out how rarely it was used in Smith's work, and how on the centennial of the publication of the Wealth of Nation almost no-one mentioned it, even at a special celebration organized by William Gladstone.She then goes into how the concept is used in Smith's works.The concept is complex, and in my view not entirely convincing.But she is successful in pointing out how Smith did not follow Hayek in viewing pre-existing structures as the product of an infallible "organic" wisdom.In contrast to the cant of a Calhoun or a Kendall, Smith realized that the most tyrannical acts of government are those that are local and unofficial.

One should point out the defense of Condorcet as well.In an age where Francois Furet, Keith Michael Baker, Mona Ozouf and others have castigated the French Revolutionary tradition as inherently totalitarian, it is good to be reminded that Condorcet is firmly in the liberal tradition.Like Smith, Condorcet was a great supporter of public education, in contrast to the conservative critics of both.Rothschild discusses his views as an economist, and as a theorist of proportional representation.Surprisingly she does not discuss what were Condorcet's most admirable views, his support for female emancipation and suffrage.But she is excellent in pointing out how Condorcet opposed the crassness of the utilitarians.She notes how Condorcet had a view of the limits of truth and scientific inquiry that would have been approved by Karl Popper himself.She notes that he did not believe that voting could or should create a General Will, in the Rousseauean Sense. He did not believe in using education as a form of propoaganda in civic studies, while his opinions were closer to the reservations of a Herder, a Holderin or a Kant than previously believed.

The book is not perfect.Although studiously documented, most of the quotes are from Smith and Condorcet themselves.More historical context could have been provided.There should have been more about actual historical studies of famines, and more on the political and social context of modern Scotland would have been very informative.And her defense of Condorcet would have been stronger if Rothschild had confronted the well-deserved reputation of Condorcet's colleagues in the Gironde for hypocrisy and demagoguery. But this is an important work, and it helps link one of the most familiar of "english" minds into a full international context.That in itself is praise enough.

Interesting but Frustrating
The subject is interesting. Putting Adam Smith in a historical context can reveal much about what he really wanted to say. But Emma Rothschild's writing style is frustrating. Time and again I would read a sentence and then ask "what did she just say?" and realize that it was a banal generality or that she could have expressed herself more directly. I studied history when in college and have read many well written books on intellectual history. Rothchild's book isn't one of them.

Where globalization began
This is an admirably lucid exposition of the beginnings (at the end of the 18th century) of thinking about economics and globalization.It offers a revision of received ideas about Adam Smith and, for me (not an economist, nor a student of same) it's an introduction to a fascinating figure, the Marquis de Condorcet.Some of it is a real revelation.

The biggest revelation is that the non-specialist can really follow it!

It's an important book. ... Read more

Product Description
E G West brings to life Adam Smith's first years in the bustling Scottish seaport of Kirkcaldy (and recounts Smith's brief kidnapping, as a baby, by gypsies). We follow young Smith as a student, watch his thought develop as Professor of Moral Philosophy at Glasgow, and enjoy with him the hospitality of David Hume, the Parisian literary salons, Johnson, Burke, Gibbon, and other giants of the era. West gives us a masterful summary of "The Wealth of Nations". Even more significant, West restores to eminence an earlier work of Smith's, "The Theory of Moral Sentiments". "If "The Wealth of Nations" had never been written," he asserts, "this previous work would have earned for him a prominent place in intellectual history." West takes particular delight in using "The Theory of Moral Sentiments" to rebut Marx's assumptions about laissez-faire capitalism. ... Read more

Customer Reviews (1)

Pleasant Required Reading
It always amazes me when I read a book on economics or political science that has relevance today but was written a century or two ago.For some reason it seems like we must have come so far but we really haven't.Some of the best books on economics 200 years ago are some of the best books today.Although many read this because it is required reading, it leaves you feeling a sense of accomplishment when you are done. ... Read more

Product Description
This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words.This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. ... Read more

Product Description
"Adam Smith: The Wealth of Nations" by Adam Smith lays the foundations of modern economics without the formalization which would come later. Adam Smith starts by exploring the need for specialization of labor once societies advance beyond the hunter gatherer phase, making the natural assumption that each individual pursues their best interests. Smith then foreshadows the concepts of marginal utility and scarcity in determining the shapes of demand curves for commodities. Similarly, he describes the three factors determining supply prices for commodities (rent of land, wages and capital costs ) and the various factors which influence them (the equivalent of modern supply/demand curves for each factor ). Smith then puts these together under ideal circumstances to show how supply and demand meet to clear markets (equilibrium in modern language).Adam Smith's "Adam Smith: The Wealth of Nations" covers macroeconomics, laying the foundations for GDP and showing how capital can be distributed to unproductive and productive labor. "Adam Smith: The Wealth of Nations" also explores the consequences of various distribution of each from both the micro and macroeconomic perspective. Adam Smith concludes by emphasizing the importance of government in providing international and domestic security as well as providing public works and institutions especially education. Naturally this requires state revenue and he devotes almost one entire "book" to taxes. Smith also delves briefly into political economy especially mercantilism and its detrimental effects to society at large. "Adam Smith: The Wealth of Nations" is a great introduction to modern economics which explains the motivation for many modern economic concepts which are too often lost today. ... Read more