Who's Afraid of Adam Smith? : How the Market Got Its Soul

Praise for Who's Afraid of Adam Smith? ''For over two decades as a book editor, Peter Dougherty has brought to the marketplace superb books on economics. Now he has written one of his own. He starts off with the insights of Adam Smith–not just the Adam Smith of The Wealth of Nations with his praise of the free market, but also the Adam Smith of A Theory of Moral Sentiments–who understood that free markets could only flourish in societies with generous amounts of social capital and strong institutions of civil society. Drawing on the work of contemporary economists, Dougherty shows how countries developed and undeveloped can create the moral climate and public institutions in which markets can thrive.'' —Michael Barone, Senior Writer, U.S. News & World Report, McLaughlin Group panelist, and author of The New Americans ''In WhoвЂTMs Afraid of Adam Smith? Peter Dougherty has written a fascinating book that not only shows that economics is as much about society and values as money and self-interest, but also takes noneconomists on a highly readable tour of the discipline as it has evolved in recent decades.'' —Francis Fukuyama, author of The End of History and the Last Man and Trust: The Social Virtues and the Creation of Prosperity ''Peter Dougherty does the near-impossible in this brilliant book. He humanizes Adam Smith, rediscovers the kinder, gentler soul of SmithвЂTMs philosophy, and–wonder of wonders–makes economics engaging and accessible. Students of all ages will love this new interpretation of the proper relationship of economics to politics and civil society.'' —Larry J. Sabato, Professor and Director, Center for Politics University of Virginia ''In The Wealth of Nations, bible of capitalism, Adam Smith taught us to be better consumers and producers–how to do well. With wit and insight, Peter Dougherty shows why we now must learn from SmithвЂTMs more obscure A Theory of Moral Sentiments to be better neighbors–how to do good. If you believe the world has more silicon than soul, read this book. YouвЂTMll learn how, in PeterвЂTMs words, ‘economics can transform the culture for the better.вЂTM'' —Shlomo Maital, Academic Director, Technion Institute of Management, and author of Executive Economics Economic thinkers and policymakers have long regarded Adam Smith's great work, The Wealth of Nations, as a guide to the mysteries of the market. Now, in this spirited and timely book, Peter Dougherty shows how economists are drawing on the Scotsman's civic writings, most notably A Theory of Moral Sentiments, to illuminate how the market creates not only fiscal capital but "social capital." Although the social dimension of economic thinking begun by Smith some two centuries ago has waxed and waned through the years, Dougherty demonstrates how Smith's ideas are currently experiencing a renaissance in a host of cutting-edge policy directions. The book emphasizes this newly revived aspect of Smith's "Enlightenment" thought to underscore the oft-challenged contention that the market is not simply a shortcut to an economic end; quite the opposite: a healthy capitalism is itself a means -- arguably the most effective and enduring means -- toward a more civil, urbane, neighborly society.Dougherty explores several impressive initiatives to demonstrate what today's theoretical and practicing economists are accomplishing in the spirit of Adam Smith's moral sentiments: the institutional reform of transitional and developing economies; the financing of new technological, medical, and educational initiatives; the expansion of home ownership and savings in impoverished communities; and the economic revival of cities. Incentives are integrated into these undertakings to make them not only beneficial for the people they are fashioned to help but attractive to investors, businesses, and the broader economic interests of society.In the course of his argument, Dougherty follows Adam Smith's ideas through several generations of economic thought, from nineteenth-century economic philosophers such as Alfred Marshall, who maintained a focus on moral sentiments while extending the field's technical reach, to twentieth-century giants such as John Maynard Keynes, Paul Samuelson, and Milton Friedman, whose analytical economics have served to defend and expand market democracy.A longtime economics publisher, Dougherty also debunks the popular myth of economists as gray-garbed number crunchers practicing a merely "dismal science." On the contrary, he emphasizes their deeper identity as intellectual architects in the ongoing civilizing enterprise of Adam Smith and his fellow worldly philosophers. Recounting with humor and verve his own improbable twenty-year editorial odyssey among the "academic scribblers" of economics, Dougherty makes a vigorous case that economists have a far greater impact on the culture than is usually recognized, and that this impact is likely to have welcome consequences in the revival of civil society. Capitalism pervades all aspects of our daily life. Peter Dougherty now offers a fascinating peek at its hidden soul. Economic Thinkers And Policymakers Have Long Regarded Adam Smith's Great Work, The Wealth Of Nations, As A Guide To The Mysteries Of The Market. Now In This Spirited And Timely Book, Peter Dougherty Shows How Economists Are Drawing On The Scotsman's Civic Writings, Most Notably A Theory Of Moral Sentiments, To Illuminate How The Market Creates Not Only Fiscal Capital But Social Capital. Although The Social Dimension Of Economic Thinking Begun By Smith Some Two Centuries Ago Has Waxed And Waned Through The Years, Dougherty Demonstrates How Smith's Ideas Are Currently Experiencing A Renaissance In A Host Of Cutting-edge Policy Directions. The Book Emphasizes This Newly Revived Aspect Of Smith's Enlightenment Thought To Underscore The Oft-challenged Contention That The Market Is Not Simply A Shortcut To An Economic End; Quite The Opposite: A Healthy Capitalism Is Itself A Means - Arguably The Most Effective And Enduring Means - Toward A More Civil, Urbane Neighborly Society.--jacket. Letter Man -- The Instructions -- The Warning -- Little Platoons -- Enlightenment Wonk -- Soul Survivors -- Dragon Slayers -- Comeback Kid -- Kitchen Chemists -- Egg Men -- Urban Outfitters -- Epilogue: Go With The Flow. Peter J. Dougherty. Includes Bibliographical References (p. 210-213) And Index. "Economic thinkers and policymakers have long regarded Adam Smith's great work, The Wealth of Nations, as a guide to the mysteries of the market. Now in this spirited and timely book, Peter Dougherty shows how economists are drawing on the Scotsman's civic writings, most notably A Theory of Moral Sentiments, to illuminate how the market creates not only fiscal capital but "social capital." Although the social dimension of economic thinking begun by Smith some two centuries ago has waxed and waned through the years, Dougherty demonstrates how Smith's ideas are currently experiencing a renaissance in a host of cutting-edge policy directions. The book emphasizes this newly revived aspect of Smith's "Enlightenment" thought to underscore the oft-challenged contention that the market is not simply a shortcut to an economic end; quite the opposite: a healthy capitalism is itself a means - arguably the most effective and enduring means - toward a more civil, urbane neighborly society."--BOOK JACKET. 'Peter Dougherty does the near-impossible in this brilliant book... [he] makes economics engaging and accessible.'--Professor Larry J. Sabato, University of Virginia In this spirited and timely book, Peter Dougherty shows how economists are drawing on Adam Smith's civic writings to illuminate how the market creates not only fiscal capital, but'social capital.'Dougherty demonstrates how Smith's ideas are currently experiencing a renaissance. He then explores several impressive initiatives to demonstrate what today's theoretical and practicing economists are accomplishing in the spirit of Adam Smith's moral sentiments: the institutional reform of transitional and developing economies; the financing of new technological, medical, and educational initiatives; and the economic revival of cities. Capitalism pervades every aspect of our daily life. Peter Dougherty now offers a fascinating peek at its hidden soul. "In this spirited and timely book, Peter Dougherty shows how economists are drawing on Adam Smith's civic writings to illuminate how the market creates not only fiscal capital, but "social capital." Dougherty demonstrates how Smith's ideas are currently experiencing a renaissance. He then explores several impressive initiatives to demonstrate what today's theoretical and practicing economists are accomplishing in the spirit of Adam Smith's moral sentiments: the institutional reform of transitional and developing economies; the financing of new technological, medical, and educational initiatives; and the economic revival of cities. Capitalism pervades every aspect of our daily life. Peter Dougherty now offers a fascinating peek at its hidden soul."--Publisher's website sample.pdf -1 sterling.com -1 Welcome to Sterling Software -1