Smith's "Lectures on Jurisprudence, " originally delivered at the
University of Glasgow in 1762-1763, present his "theory of the
rules by which civil government ought to be directed." The chief
purpose of government, according to Smith, is to preserve justice;
and "the object of justice is security from injury." The state must
protect the individual's right to his person, property, reputation,
and social relations.
Building on his "Theory of Moral Sentiments, " Smith argues that
the state must act as an impartial spectator, judging when an
individual has been injured. The state must then design and apply
civil and criminal laws to prevent further injuries and punish
transgressors. Laws are also the means by which the state promotes
public prosperity. Thus, regulations concerning trade, commerce,
and production must be crafted so as to encourage rather than
interfere with our productive capacities.
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