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.

In this engaging discussion, Glory Liu, a Harvard lecturer and author, delves into the misinterpretation of Adam Smith, often dubbed the 'father of capitalism.' She reveals how Smith's moral philosophy, highlighted in works like 'The Theory of Moral Sentiments,' is frequently overshadowed by his economic theories. Liu emphasizes the need to revisit his ideas on wealth and human welfare, advocating for a holistic understanding of capitalism that integrates moral considerations. The conversation also critiques contemporary interpretations of Smith's 'invisible hand' concept.

Sean Illing talks with Glory Liu, the author of Adam Smith’s America: How a Scottish Philosopher became an Icon of American Capitalism. Smith is most well-known for being the “father of capitalism,” but as Liu points out in her book, his legacy has been misappropriated — especially in America. They discuss his original intentions and what we can take away from his work today.Host: Sean Illing (@seanilling), host, The Gray AreaGuest: Glory Liu (@miss_glory), author; lecturer, Harvard UniversityReferences:  Adam Smith’s America: How a Scottish Philosopher became an Icon of American Capitalism by Glory Liu (Princeton; 2022) Adam Smith: An Enlightened Life by Nicholas Phillipson (Yale; 2012) Free to Choose: A Personal Statement by Milton & Rose Friedman (Harcourt; 1980) “Adam Smith’s ‘History of Astronomy’ and view of science” by Kwangsu Kim (Cambridge Journal of Economics v. 36; 2012) Works by Adam Smith: The Wealth of Nations (1776) Theory of Moral Sentiments (1759) Lectures on Jurisprudence (1763)  Enjoyed this episode? Rate The Gray Area ⭐⭐⭐⭐⭐ and leave a review on Apple Podcasts.Subscribe for free. Be the first to hear the next episode of The Gray Area. Subscribe in your favorite podcast app.Support The Gray Area by making a financial contribution to Vox! bit.ly/givepodcastsThis episode was made by:  Producer: Erikk Geannikis Editor: Amy Drozdowska Engineer: Patrick Boyd Editorial Director, Vox Talk: A.M. Hall Learn more about your ad choices. Visit podcastchoices.com/adchoices