Eamon Butler, Director of the Adam Smith Institute, shares insights on free-market ideologies, while Glory Liu, a scholar on Adam Smith, highlights his influence on American capitalism. Russ Roberts dives into the moral implications of Smith's theories, questioning the balance between market efficiency and ethics. The discussion tackles Smith's complex legacy, including his interpretations on colonialism and the misreading of his 'invisible hand' by modern economists. Together, they unravel the tensions in today's political climate, linking historical concepts to contemporary issues.

Discover the historical roots of capitalism through Enlightenment thinkers like Spinoza and Smith. Explore the shift in mindset towards wealth accumulation, liberalism, and democracy. Unveil Adam Smith's complex philosophy beyond the 'invisible hand,' advocating for fair markets and government intervention. Dive into the evolution of capitalism through firms and the dual nature of innovation and inequality.

Glory Liu, a Harvard lecturer and author of "Adam Smith’s America," dives deep into the legacy of Adam Smith, often mischaracterized as solely the father of capitalism. Liu reveals Smith's original intentions, emphasizing moral philosophy and the human-centered aspects of economics. Their discussion critiques the one-dimensional interpretations of Smith’s work, particularly the 'invisible hand,' illustrating how empathy intertwines with self-interest in economic behavior. Tune in for a rich exploration of how Smith's ideas apply to today's social and economic challenges.