Wealth and Virtue reassesses the remarkable contribution of the Scottish Enlightenment to the formation of modern economics and to theories of capitalism. Its unique range indicates the scope of the Scottish intellectual achievement of the eighteenth century and explores the process by which the boundaries between economic thought, jurisprudence, moral philosophy and theoretical history came to be established. Dealing not only with major figures like Hume and Smith, there are also studies of lesser known thinkers like Andrew Fletcher, Gershom Carmichael, (...) Lord Kames and John Millar as well as of Locke in the light of eighteenth century social theory, the intellectual culture of the University of Edinburgh in the middle of the eighteenth century and of the performance of the Scottish economy on the eve of the publication of the Wealth of Nations. While the scholarly emphasis is on the rigorous historical reconstruction of both theory and context, Wealth and Virtue directly addresses itself to modern political theorists and economists and throws light on a number of major focal points of controversy in legal and political philosophy. (shrink)

The article provides an analysis of Georg Ludwig Schmid's ‘Reflexions sur l’Agriculture’, which was published as the first essay in the first issue of the publications of the Oeconomical Society of Berne, founded in 1759. Schmid connected the agricultural improvement movement of the time to the logic of international power competition that caused the 7 Years’ War and wished to preserve political economy as agronomy for the cause of peace and virtuous economic progress. In his essay on commerce and luxury, (...) he devised a patriotic political economy based on the notion of a marche naturelle, or a natural progress of opulence, which enabled statesmen and political economists to separate the productive from the pathological features of economic development, healthy and necessary growth from luxury. Adam Smith deployed a similar model in the Wealth of Nations but argued that Europe's retrograde development was so fundamental and comprehensive that it made it impossible to use this kind of natural progress model on its own as a meaningful guide for comprehensive economic and political reform. (shrink)

The article provides an analysis of Georg Ludwig Schmid's ‘Reflexions sur l’Agriculture’, which was published as the first essay in the first issue of the publications of the Oeconomical Society of Berne, founded in 1759. Schmid connected the agricultural improvement movement of the time to the logic of international power competition that caused the 7 Years’ War and wished to preserve political economy as agronomy for the cause of peace and virtuous economic progress. In his essay on commerce and luxury, (...) he devised a patriotic political economy based on the notion of a marche naturelle, or a natural progress of opulence, which enabled statesmen and political economists to separate the productive from the pathological features of economic development, healthy and necessary growth from luxury. Adam Smith deployed a similar model in the Wealth of Nations but argued that Europe's retrograde development was so fundamental and comprehensive that it made it impossible to use this kind of natural progress model on its own as a meaningful guide for comprehensive economic and political reform. (shrink)