The Inexorable Sociality of Commerce: The Individual and Others in Adam Smith

In this paper we reconsider Adam Smith’s ethics, what he means by self-interest and the role this plays in the famous “invisible hand.” Our efforts focus in part on the misreading of “the invisible hand” by certain economists with a view to legitimizing their neoclassical economic paradigm. Through...

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Bibliographic Details
Authors: Bevan, David (Author) ; Werhane, Patricia (Author)
Format: Electronic Article
Language:English
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Published: Springer Science + Business Media B. V 2015
In: Journal of business ethics
Year: 2015, Volume: 127, Issue: 2, Pages: 327-335
Further subjects:B Adam Smith
B Self-interest
B The invisible hand fallacy
B The sociality of commerce
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Summary:In this paper we reconsider Adam Smith’s ethics, what he means by self-interest and the role this plays in the famous “invisible hand.” Our efforts focus in part on the misreading of “the invisible hand” by certain economists with a view to legitimizing their neoclassical economic paradigm. Through exegesis and by reference to notions that are developed in Smith’s two major works, we deconstruct Smith’s ideas of conscience, justice, self-interest, and the invisible hand. We amplify Smith’s insistence, through his notions of the virtues, that as human beings, and by analogy, organizations, we are intrinsically social, rather than selfish and or egoistically self-centered. Thus, we have responsibilities to and because of others. We conclude that such a managerialist preoccupation with shareholder value is challenged, if not completely refuted, by taking seriously the social character of Smith’s complex vision of commerce.
ISSN:1573-0697
Contains:Enthalten in: Journal of business ethics
Persistent identifiers:DOI: 10.1007/s10551-013-2042-2