Exploring the Complexity of Adam Smith's Philosophy

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Delving beyond the 'invisible hand' persona, this chapter examines Adam Smith's viewpoints on laissez-faire, mutual self-interest, and commercial societies. It also discusses his criticisms of monopolies, tariffs, and the ownership class, advocating for fair markets and government intervention to support workers. The chapter highlights the misinterpretations of Smith's ideas, contrasts his beliefs with popular misconceptions, and explores the philosophies of Spinoza alongside Smith's influence on modern Western society and capitalism.

Economic change happens in a cultural context. We trace the tectonic shifts in the Western mind that made capitalism thinkable – in part through a look at two Enlightenment thinkers: Baruch Spinoza and Adam Smith. (The real Smith, not the one held up as the patron saint of unfettered capitalism.).

By John Biewen, with co-host Ellen McGirt. Interviews with Kate Rigby, Glory Liu, Steven Nadler, and Wendy Carlin. Story editor: Loretta Williams. Music by Michelle Osis, Lilli Haydn, Chris Westlake, Alex Symcox, and Goodnight, Lucas. Music consulting by Joe Augustine of Narrative Music. "Capitalism” is a production of the Kenan Institute for Ethics at Duke University, in partnership with Imperative 21.