Recent years have witnessed a renewed debate over the costs at which the benefits of free markets have been bought. This book revisits the moral and political philosophy of Adam Smith, capitalism's founding father, to recover his understanding of the morals of the market age. In so doing it illuminates a crucial albeit overlooked side of Smith's project: his diagnosis of the ethical ills of commercial societies and the remedy he advanced to cure them. Focusing on Smith's analysis of the psychological and social ills endemic to commercial society - anxiety and restlessness, inauthenticity and mediocrity, alienation and individualism - it argues that Smith sought to combat corruption by cultivating the virtues of prudence, magnanimity, and beneficence. The result constitutes a new morality for modernity, at once a synthesis of commercial, classical, and Christian virtues and a normative response to one of the most pressing political problems of Smith's day and ours.
Abbreviations
Introduction 1
1 The Problem: Commerce and Corruption 15
Smith's Defense of Commercial Society 15
What Is Corruption? Political and Psychological Perspectives 24
Smith on Corruption: From the Citizen to the Human Being 36
2 The Solution: Moral Philosophy 53
Liberal Individualism and Virtue Ethics 53
Social Science versus Moral Philosophy 57
Two Types of Moral Philosophy: Natural Jurisprudence versus Ethics 62
Three Types of Ethics: Utilitarianism, Deontology, and Virtue Ethics 68
Virtue Ethics: Modern, Ancient, and Smithean 78
3 Interlude: The What and the How of TMS VI 82
The What: Smith's "Practical System of Morality" 82
The How: Rhetoric, Audience, and the Methods of Practical Ethics 86
The How: The Ascent of Self-Love in Three Stages 92
4 Prudence, or Commercial Virtue 100
The Challenge: From Praise to Prudence 100
Educating the Vain: Fathers and Sons 104
Self-Interest Rightly Understood 109
The Advantages and Disadvantages of Prudence 123
5 Magnanimity, or Classical Virtue 132
The Problems of Prudence and the Therapy of Magnanimity 132
Up from Individualism: Desert, Praiseworthiness, Conscience 135
Modernity, Antiquity, and Magnanimity 151
The Dangers of Magnanimity 162