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Adam Smith and the Founding of Market Economics (Paperback)
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Adam Smith and the Founding of Market Economics (Paperback)
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Business is a necessary evil that the moral leaders of mankind have
tolerated but never condoned. At no time did they view with favor
the pursuit of material gain. The Old Testament prophets proclaimed
against the rapacity of the rich. Jesus scorned the money lenders.
Luther had no kind words to say to the wealthy, nor did Calvin
indulge the new bourgeoisie." Thus begins this first book-length
study of social philosopher and political economist Adam Smith's
"The Wealth of Nations."
Adam Smith (1723-1790) was a Scottish-born thinker who served as
both professor of logic and professor of moral philosophy at
Glasgow University. While the publication of his philosophic
treatise "The Theory of Moral Sentiments" at age thirty-six gave
Smith fame, "The Wealth of Nations," published in 1776, has
established his lasting reputation. Recognized in its own day as an
important and compassionate examination of economics, the book was
praised by Thomas Jefferson for its contribution to the field of
economics. Smith wrote "The Wealth of Nations" for several reasons.
He was disgusted with the business methods practiced by merchants
and manufacturers, and he was concerned with improving the
well-being of society.
Reflecting his own concerns about the contribution economics could
make to the betterment of society, Eli Ginzberg published this
study of Smith's humanitarian views on commerce, industrialism, and
labor. Written for his doctoral degree at Columbia University, and
published as "The House of Adam Smith," the book is divided into
two parts. The first part reconstructs and interprets Smith's
classic "The Wealth of Nations," while the second part examines
Smith as the patron saint and prophet of the successes of
nineteenth-century capitalism.
"Adam Smith and the Founding of Market of Economics" is a
fascinating study, and contributes significantly to our
understanding of capitalism, free trade, the division of management
and labor, and the history of world economics in the nineteenth
century. It republication, with a new introduction by the author,
will be valued by economists, political historians, students of
philosophy, and policymakers.
Eli Ginzberg is A. Barton Hepburn Professor Emeritus at the
Graduate School of Business and director of the Eisenhower Center
for the Conservation of Human Resources at Columbia University. His
work in social policy, health care, human resources, and the
special needs of the poor, young and aged place Ginzberg in a
special category: activist scholar rather than
academic-turned-activist. He has been the subject of several
"festschriften," most recently "Eli Ginzberg: The Economist as a
Public Intellectual," and he is the author of numerous books,
including several from the same period as this book, "New Deal
Days: 1933-1934" and "A World Without Work: The Study of the Welsh
Miners," both published by Transaction.
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