2001•Journal of Kunming University of Science and TeachnologyRequires access

Morality and State: Two Premises of Modern Market - oriented Economy -New Interpretation of Adam Smith's Thoughts

Wei Chen

Abstract

Adam Smith is the designer of modern market - oriented economy. His theory of morality and state suggests that modern market oriented economy includes two institutional premises: morality and state. One is invisible and soft, the other is visible and hard. Morality, state and economy are interrelated, not isolated. Today we must pay more attention to these hidden points when we reread his theory.

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Key concepts: Morality, Adam smith, Interpretation (philosophy), State (computer science), Moral economy, Economics, Neoclassical economics, Sociology