Adam Smith wrote in a Scotland where Calvinism, Continental natural law theory, Stoic philosophy, and the Newtonian tradition of scientific natural theology were key to the intellectual lives of his contemporaries. But what impact did these ideas have on Smith's system? What was Smith's understanding of nature, divine providence, and theodicy? How was the new discourse of political economy positioned in relation to moral philosophy and theology? In this volume a team of distinguished contributors consider Smith's work in relation to (...) its Scottish Enlightenment religious background, and offer stimulating theological interpretations of his account of fallible human nature, his providential account of markets, and his invisible hand metaphor. Adam Smith as Theologian it is a pioneering study which will alter our view of Smith and open up new lines of thinking about contemporary economics. (shrink)

Many of the contemporary global challenges we face involve economics, and theologians serving the contemporary church cannot escape an engagement with economics. This paper explores the place of future hope in economics through an examination of Adam Smith’s treatment of the topic. It begins by outlining the eighteenth-century theological background of Smith’s work, including Stoicism, the Newtonian tradition of natural theology, and the Calvinism of the Scottish Enlightenment moderates. It argues that the future hope plays an important (and neglected) role (...) in Smith’s system. Future rewards and punishments are never invoked in a utilitarian manner; instead judgment and future life operate as a court of appeal where wrongs on this world are righted. The justice of this divine court of appeal is continuous with and reinforces the natural sense of justice we have in this present life. There can be no conflict between the two because, as Smith affirms, the same ‘great Director of nature’ is at work in both. For Smith the future state also operates as imaginative space where morality can be considered and renegotiated. Moving from the eighteenth to the twenty-first century, some comments are offered on hope and contemporary economics, particularly how they might be brought together again to more fruitfully engage with the global challenges we face. (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)

In recent decades, Alasdair MacIntyre has developed a style of moral philosophy and an argument for Neo-Aristotelian virtue ethics that has deeply influenced business ethics. Most of the work inspired by MacIntyre has dealt with individual and organisational dimensions of business ethics rather than the market economic environment in which individuals and organisations operate. MacIntyre has been a fierce critic of capitalism and economics. He has read Adam Smith an advocate of selfish individualism, rule-based ethics and the banishment of teleology. (...) This reading is seriously defective, and Smith in fact offers much of what MacIntyre calls for in economics. MacIntyre's ethical framework can be made more powerful and useful to business ethicists by incorporating Smithian insights, especially Smith's account of market virtues and teleological account of markets as extended cooperation directed towards the common good of wealth creation. Aside from issues of the interpretation of MacIntyre and Smith, this analysis opens new pathways for dialogue between business ethicists and economists. (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)