Ideas

The famously polarizing father of capitalism

Jun 5, 2025
Matthew Lazin-Ryder, a CBC producer and IDEAS contributor, discusses the misuse of Adam Smith's name in economic debates. Dennis Rasmussen, a political science professor, explores Smith's philosophical origins and moral questions. Ryan Hanley, also a professor, highlights Smith's teachings on living a better life. Glory Liu, a research fellow, examines the evolution of Smith’s interpretations over time. Together, they dissect the complexities of Smith’s legacy as both a champion and critic of capitalism, emphasizing the need to understand his ideas historically.
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INSIGHT

Smith’s Moral Philosophy Identity

  • Adam Smith primarily identified as a moral philosopher, concerned with morality's origins, not as an economist.
  • He wanted to be remembered for exploring good and evil, right and wrong, and morality's genesis.
ANECDOTE

Misrepresented Adam Smith Scene

  • The film "A Beautiful Mind" shows a misinterpretation of Adam Smith's ideas applying individual ambition.
  • Smith never actually stated that individual ambition serves the common good explicitly in his writings.
ANECDOTE

Smith’s Kidnapping & Upbringing

  • As a child, Smith was supposedly kidnapped by vagrants and rescued by his uncle’s posse.
  • Growing up in Kirkcaldy, a busy small town, gave him a unique view of economic life and labor division.
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