It is a commonplace that the writers of eighteenth century Scotland played a key role in shaping the early practice of social science. This paper examines how this ‘Scottish’ contribution to the Enlightenment generation of social science was shaped by the fascination with unintended consequences. From Adam Smith's invisible hand to Hume's analysis of convention, through Ferguson's sociology, and Millar's discussion of rank, by way of Robertson's View of Progress, the concept of unintended consequences pervades the writing of the period. (...) The paper argues that the idea of unintended order shapes the understanding of the purpose of theoretical social science that emerges from the Scottish Enlightenment. (shrink)

The article shows that in Foucault’s late 1970s and early 1980s analyses of pastoral, conductive power—most essentially in early and medieval Christianity—the issue of sight and visual perception recurs and occupies a crucial status. In Foucault’s discussion, these Christian relations of power, knowledge, and truth are attached with a surveying gaze that is both totalizing as well as individualizing, one that is mobilized by the thrust towards perfect visibility, transparency, and illumination of the subject turned into an object. The intention (...) is also to develop Foucault’s analysis further, by demonstrating how Christian, providential government can be and actually has been detached from the totalizing modality of optics, and instead become articulated with a very different sort of sight and seeing, one that is non-totalizing and affirms its own limits. The article maintains that from this angle, Foucault’s conception of modern, economic-liberal governmentality has essential convergences with the Christian form of providential government, even though Foucault himself leaves these convergences partly inarticulate. (shrink)

Recent studies have investigated connections between Adam Smith’s economic and philosophical ideas and Catholic Social Teaching (CST). Scholars argue that their common background lies in their respective anthropologies, both endorsing a relational view of human beings. I raise one main concern regarding these analyses. I suggest that the relationality endorsed by Smith lacks a central element present in CST—the other-oriented perspective which is the intentional concern for promoting the good of others. Some key elements of CST, such as love, gift, (...) gratuitousness, and fraternity, find a very different space in Smith’s social view and very little space in his economic view. Moreover, I show how CST relationality is more in accordance with a civil economy view of the market as a place of fraternity and mutual assistance. (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)

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)

Friedrich Hayek’s defense of neoliberal free market capitalism hinges on the distinction between economies and catallaxies. The former are orders instituted via planning, whereas the latter are spontaneous competitive orders resulting from human action without human design. I argue that this distinction is based on an incomplete semantic history of “economy.” By looking at the meaning of “oikonomia” in medieval providential theology as explained by Giorgio Agamben and Joseph Vogl, I argue how Hayek’s science of catallactics is itself a secularization (...) of providential theology. This exposes Hayek to three criticisms: he unjustifiably neglects the possibility of tendencies toward spontaneous disorder in free markets, he condemns the “losers” of neoliberal competition to being providential waste on the road to general prosperity, and he imposes on people the duty to consent to a neoliberal order that hinders them from cultivating their inoperativity. (shrink)

Jacob Viner introduced the term ‘sub-rational’ to characterize the faculties – human instinct, sentiment and intuition – that fall between animal instinct and full-blown reason. The Scots considered sympathy both an affective and a physiological link between mind and body, and by natural history, they traced the most foundational societal institutions – language and law, money and property – to a sub-rational origin. Their ‘social evolutionism’ anticipated Darwin's ‘dangerous idea’ that humans differ from the lower animals only in degree, not (...) in kind. Darwin had the ability to ‘trade places in the imagination’, as Adam Smith would say, with plants and animals, and ‘think’ as they do. The trend today is to ‘positivize,’ ‘behaviorize’ and otherwise reduce the sub-rational to the purely biological. My suggestion is that we trade places in the imagination with the Scottish moral scientists and Darwin, and try thinking as they did. (shrink)

Folk-economic beliefs may be regarded as “evidential fictions” that exploit the natural tendency of human cognition to organize itself in narrative form. Narrative counter-arguments are likely more effective than logical debunking. The challenge is to convey sound economic reasoning in narratively conspicuous forms – an opportunity for economics to rethink its role and agency in public discourse, in the spirit of its old classics.

: This study is an analysis of the theological and ethical dimensions inthe writings of Adam Smith. It deals with aspects of philosophy and intellectualhistory. By revealing the theological and ethical roots of Smith’s writings in theformation of modern economics, arguments for an economics that is based onIslamic foundations become stronger. The study will therefore lay out the basicmoral project of Smith and then contextualize it in the Western Enlightenmenttradition. It shows how religious discourses were instrumental in shaping thethoughts and (...) ideas of Enlightenment in general, and economics in particular.The study will then give a brief overview of traditional Islamic theology andethics in order to give directions for future research. (shrink)