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Adam Smith's Moral Thought : Focusing on The Theory of Moral Sentiments

  • 중앙사론
  • 2014, (39), pp.287-320
  • Publisher : Institute for Historical Studies at Chung-Ang University
  • Research Area : Humanities > History

Wooryong Park 1

1중앙대학교

Accredited

ABSTRACT

It is frequently believed that the great eighteenth-century Scottish moral philosopher Adam Smith was an Extreme dogmatic defender of laissez-faire capitalism. It is also frequently held that Smith was totally in favour of the system of capitalism. Both of these common, popular interpretation of Smith are actually erroneous. He was not a dogmatic propenent of laissez-faire capitalism. In the US(as well as in several other areas of the world) the 1980s saw attempts to promote a regressive, ideologically reactionary form of capitalism. The US wittnessed attempts to redistribute income from the poorer to the economically more advantaged members of society, rhetoric in favour of a dogmatic laissez-faire form of capitalism, as well as increases in government defence spending and the government deficit. Often, many of these policies were advocated in the name of Adam Smith's vision. In fact, these economic programmes fragrantly misused Smith's authoruty. Smith was not for deficit spending, increases in military spending, income redistribution schemes in favour of the rich, or dogmatic laissez-faire forms of capitalism. Moreover, Smith himself was not an equivocal supporter of the system of capitalism. This paper wil be an attempt to testify that these arguments are proper. Focusing on The Theory of Moral Sentiments, the only other book Smith published in his lifetime first book(1759). A careful exposition of the book will show that Smith actually had severe misgivings about the moral desirability of the system of capitalism. This book is based on a single and familiar principle, that of sympathy. This book stresses interpersonal empathy, as well as the development of an impartial spectator within the moral adult, as the foundation of Adam Smith's attempt to develop a science of morals.

Citation status

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This paper was written with support from the National Research Foundation of Korea.