The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith's writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton's theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith's general providential account (...) of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis. (shrink)

The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith’s writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton’s theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith’s general providential account (...) of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis. (shrink)

Discovering laws of nature was a way to worship a law-giving God, during the Scientific Revolution. So why should we consider it worthwhile now, in our own more secularized science? For historical perspective, I examine two competing early modern theological traditions that related laws of nature to different divine attributes, and their secular legacy in views ranging from Kant and Nietzsche to Humean and ‘governing’ accounts in recent analytic metaphysics. Tracing these branching offshoots of ethically charged God-concepts sheds light on (...) how our ethical ideals and ideas of natural order can still be valuably integrated. Early modern intellectualists valued the law-governed order of nature as a sign of divine Reason. In turn, Reason traditionally ascribed to God has now been partly reclaimed for humans, reframing the value of natural order anthropocentrically, in terms of the value of our own intelligence. Alternatively, Reason may be reclaimed for nature itself, as in an ‘objective’ idealism or metaphysical rationalism. However, beyond divine Reason, an influential voluntarist tradition in theology stressed a connection between laws of nature and God’s Power or free Will. Tracking how divine Power has been reinvested in human beings provides a broader context for instrumentalism and related lineages of empiricism. But secularization can also transfer Power from God to the impersonal natural world. In this light, current scientific interest in lawlike order may also reflect the inherent value of brute necessity or inhuman causal power in nature: this is a deeper way to reject anthropocentrism and to show our respect for the environment. (shrink)