Review of Adam Smith as theologian , edited by Paul Oslington. London: Routledge, 2011, 146 pp.
Johan J. Graafland
Abstract
Johan J. Graafland
Abstract
This book is the outcome of a conference in 2009 initiated by Paul Oslington and is a very welcome contribution to a highly interesting subject: how Adam Smith’s economic analysis and moral philosophy is embedded in his theological world view. The various papers bundled in this book deepen our understanding of Smith’s theories and well known concepts he employs, like the invisible hand and impartial spectator. Anyone interested in the philosophy and economics of Adam Smith will find it very illuminating. THE RELEVANCE OF THIS BOOK Deepening our understanding of Smith’s moral philosophy is especially relevant today because, in the aftermath of the economic crisis, many economists and policy makers are again reflecting on the moral basis of the free market. This has revived interest in Adam Smith because he is not only known for being the father of economics, but also for embedding economics in a broader framework of moral philosophy. As a moral philosopher, Adam Smith developed important theories about how commercial society could develop while maintaining and simultaneously developing a moral framework that could assure harmony. Given the dramatic collapse of the market economy in the last few years, putting the welfare and peace of Western society in danger, it is highly relevant to analyse where the current economic system (including the practices of bankers) may have gone off track and how this may be related to a lack of balance in economic and ethical values. However, in order to understand how and to what extent Smith’s moral philosophy might help us understand the shortcomings of the current economic system and identify opportunities for enhancing both its moral basis and economic functioning, one cannot disregard the overall world view of Adam Smith and, consequently, his theology. For this purpose, this book is very timely and helpful.
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This book is the outcome of a conference in 2009 initiated by Paul Oslington and is a very welcome contribution to a highly interesting subject: how Adam Smith’s economic analysis and moral philosophy is embedded in his theological world view. The various papers bundled in this book deepen our understanding of Smith’s theories and well known concepts he employs, like the invisible hand and impartial spectator. Anyone interested in the philosophy and economics of Adam Smith will find it very illuminating. THE RELEVANCE OF THIS BOOK Deepening our understanding of Smith’s moral philosophy is especially relevant today because, in the aftermath of the economic crisis, many economists and policy makers are again reflecting on the moral basis of the free market. This has revived interest in Adam Smith because he is not only known for being the father of economics, but also for embedding economics in a broader framework of moral philosophy. As a moral philosopher, Adam Smith developed important theories about how commercial society could develop while maintaining and simultaneously developing a moral framework that could assure harmony. Given the dramatic collapse of the market economy in the last few years, putting the welfare and peace of Western society in danger, it is highly relevant to analyse where the current economic system (including the practices of bankers) may have gone off track and how this may be related to a lack of balance in economic and ethical values. However, in order to understand how and to what extent Smith’s moral philosophy might help us understand the shortcomings of the current economic system and identify opportunities for enhancing both its moral basis and economic functioning, one cannot disregard the overall world view of Adam Smith and, consequently, his theology. For this purpose, this book is very timely and helpful.
Key concepts: Adam smith, Moral philosophy, Invisible hand, Law and economics, Environmental ethics, Philosophy, Sociology, Economics