US EditionBeyond Adam Smith: Why is the world rethinking capitalism?
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3 Articles
Beyond Adam Smith: Why is the world rethinking capitalism?
This year marks the 250th anniversary of the publication of The Wealth of Nations—the book that built the intellectual foundation of free-market capitalism. Smith’s argument was elegant: when individuals pursue their own interests within competitive markets—governed by rules and institutions—it leads to economic prosperity for the entire society, guided by what he called the “invisible hand” that steers resources toward broad prosperity. What S…
Series on the 250th Anniversary of The Wealth of Nations. In this column the governor and economist specializing in economic thought history tells the scope of Adam Smith's work and why his work is relevant today.
Last week it was 250 years since the publication of Adam Smith's Riches of Nations, one of the most influential books in the history of economic thought. He is often remembered as the author who would have defended selfishness as the engine of economic life, largely because of his famous observation that we do not expect our dinner from the benevolence of the butcher, the brewer or the baker, but from his own economic interest. From that phrase,…
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