Adam Smith: Wealth and Freedom

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Questions and Answers

What was Hobbes' primary concern that led him to believe in the necessity of an absolute sovereign?

The chaos and disorder that came with the fall of the government

What was the main idea presented by James Harrington in his work 'Commonwealth of Oceana'?

A republican government in a capitalist society as the most stable political system

What are the three natural rights, according to John Locke's 'Two Treatises of Civil Government'?

Life, freedom, and right to private property

What is the main condition for a government to be legitimate, according to Locke?

Consent of the people Signup and view all the answers

What is the product of the Enlightenment according to the chapter?

Modern conservatism Signup and view all the answers

What is the main idea behind the separation of powers, according to Montesquieu?

To guarantee the liberties of the subject Signup and view all the answers

What type of government did Montesquieu believe could best balance the powers of government?

An aristocratic government Signup and view all the answers

Who defended constitutional government in his book 'Politics'?

Aristotle Signup and view all the answers

What was the title of Montesquieu's influential work?

The Spirit of Laws Signup and view all the answers

What error do historians make according to the chapter?

Assuming ideas have a history of their own and that one idea creates another Signup and view all the answers

What is the title of Richard Weaver's book that challenges the idea that ideas arise from other ideas?

Ideas Have Consequences Signup and view all the answers

Who was an influence on John Locke's ideas about government and natural law?

Hooker Signup and view all the answers

What are the three aspects of human existence that ideas must be grounded in, according to the chapter?

Biological, social, and political conditions Signup and view all the answers

What are the consequences of undermining essential human functions, such as family, peace, and biological needs?

Instability and conflict Signup and view all the answers

What is a common characteristic of modern utopias, according to the chapter?

They ignore the limits of human biology and needs Signup and view all the answers

What kind of people are unlikely to be persuaded by conservative ideas, according to the chapter?

Those who cannot perceive reality Signup and view all the answers

What was the main argument for not imposing the Constitution on future generations?

The idea that generations have rights and therefore the Constitution should be revised to accommodate future generations, rather than being imposed on them. Signup and view all the answers

How did Jefferson's influence from Locke, Harrison, and Montesquieu shape his views on the Constitution?

He believed that social membership was a part of liberty, and that customs and traditions were necessary to build a constitution, while also warning against the centralization of power. Signup and view all the answers

What is an example of Jefferson's conservative views in practice?

The architecture and curriculum of the University of Virginia, which emphasized traditional values and continuity with older Europe. Signup and view all the answers

What was the dominant theme in Jefferson's conservative ideology?

The emphasis on land and the agrarian way of life. Signup and view all the answers

What was the significance of the Encyclopedia of d'Alembert and Diderot in the Enlightenment era?

It was a work of Enlightenment scepticism that paved the way for the French Revolution by questioning religion, tradition, and aristocracy. Signup and view all the answers

What is the main difference between liberal and conservative ideologies in the context of American history?

Liberals support market economics, manufacture, and trade, while conservatives prioritize community, land, and family, with a focus on preserving traditional values. Signup and view all the answers

What is the significance of The Federalist Papers in American history?

The 85 articles written by Hamilton, Madison, and Jay supported the ratification of the US Constitution and applied the liberal doctrine of Locke, Hamilton, and Montesquieu. Signup and view all the answers

What is the main argument of Adam Smith's 'The Theory of Moral Sentiments'?

Human communities seek to unite with others based on approval, and we are conscious of judgement, seeking to evaluate our actions and decisions through the imagination of an impartial spectator. Signup and view all the answers

How did The Federalist Papers contribute to conservatism?

By questioning the safeguard of liberty against the growth of centralized government and making a campaign on behalf of state rights. Signup and view all the answers

According to Adam Smith, what is the foundation of a society of free individuals?

Sympathetic feelings, not reason. Signup and view all the answers

What is the main distinction between the Constitution and a philosophical statement?

The Constitution is a legal document, while a philosophical statement is a theoretical or abstract declaration of principles. Signup and view all the answers

What is justice, according to Adam Smith's 'Lectures on Jurisprudence'?

A negative virtue, refraining from injuring others, essential for society's order, but too weak, requiring law to support it. Signup and view all the answers

What is the role of institutions in Adam Smith's idea of civil society?

Institutions exist to ensure that responsibilities are not evaded or abused, shaping the responsible citizen and benefiting society as a whole. Signup and view all the answers

What is the significance of the 'impartial spectator' in Adam Smith's Theory of Moral Sentiments?

It is a practice of evaluating actions and decisions by imagining how a fair or unbiased observer would view them. Signup and view all the answers

What is the main focus of Adam Smith's 'Lectures on Jurisprudence'?

Justice, particularly the negative idea of justice, and its relationship to common law rights. Signup and view all the answers

What is the core idea of conservatism, according to Adam Smith's philosophy?

Conservatism is about freedom, but also about the institutions and attitudes that shape the responsible citizen and benefit society as a whole, founded in sympathy. Signup and view all the answers

What is the main conflict between liberalism and the concept of limits of freedom?

The refusal to set limits to freedom Signup and view all the answers

What is the main argument of Adam Smith's 'Inquiry into the Nature and Causes of the Wealth of Nations'?

Defense of the market economy from philosophical principles Signup and view all the answers

What does Adam Smith believe is the foundation of economic development?

Labor Signup and view all the answers

What is the concept of the 'invisible hand'?

The idea that collective solutions can be most effective when not intended, and that self-interested individuals can promote outcomes that benefit everyone Signup and view all the answers

What is the conservative modern message that emerges from Smith's ideas?

Civil society is the solution to problems, and individual liberty and market solutions are needed for success, rather than state control Signup and view all the answers

What is the potential limitation of the market, according to critics?

The market can produce inequalities and destroy equilibrium Signup and view all the answers

What is the relationship between the market and human freedom, according to Smith?

The market economy tends to promote economic coordination and protect human freedom, while planning and state control can destroy it Signup and view all the answers

What is the connection between Adam Smith's economic theories and his theory of moral sentiments?

The theory of moral sentiments recognizes that people respond sympathetically to each other's actions, and this is reflected in the market's ability to respond to needs Signup and view all the answers

Study Notes

Pre-History of Conservatism

Conservatism is a product of the Enlightenment, but it has aspects from every civilization throughout history.
Aristotle's ideas in "Politics" defended constitutional government and influenced modern conservatives, who adapted his ideas to suit the modern state, loss of religion, and the concept of a "great society".

Understanding Ideas

Ideas have influence in human affairs, but do not arise from other ideas.
Ideas have roots in biological, social, and political conditions that go deeper than rationality.
Humans live in communities bound by mutual trust, and need peace with neighbors, love with family, and the ability to call on others in times of need.

Early Thinkers

Hobbes believed that a sovereign with absolute power was necessary to prevent chaos and disorder.
Harrington proposed an ideal secular state with a written constitution, secret ballots, and a bicameral government, and influenced the founding fathers of the USA.
Locke believed that government needs consent to be legitimate, and that individuals have natural rights, including life, freedom, and the right to private property.
Montesquieu advocated for the separation of powers to guarantee individual liberties.

Conservatism vs. Liberalism

Conservatives believe in a balance between market forces and agrarian civilization, with an emphasis on land, family, and community.
Liberals prioritize market economics, manufacture, and trade, with a focus on cities and production.
The Federalist Papers, written by Hamilton, Madison, and Jay, supported the ratification of the US constitution and questioned the safeguard of liberty against centralized government.

The Enlightenment marked the birth of social sciences, with schools of economists emerging in France.
Adam Smith's philosophical insights contributed to the development of intellectual conservatism.
Smith's "The Theory of Moral Sentiments" emphasized the importance of mutual sympathy and approval in human communities.
His "Lectures on Jurisprudence" defined justice as a negative virtue, essential for social order, but too weak to be relied upon alone.

Adam Smith's Ideas

Smith believed that institutions exist to ensure that responsibilities are not evaded or abused.
He defended the market economy from philosophical principles, arguing that economic values depend on the circulation of goods through trade and labor.
Labor is the foundation of economic development, and the market economy tends towards equilibrium.
The "invisible hand" theory suggests that self-interested individuals will promote outcomes that benefit everyone, without intending to do so.

Conservative Message

Civil society is the solution to problems, and individual liberty, not state control, is necessary for success.
Market solutions are not always available, and the market may erode, allowing cheats to sell everything, but individual liberty is still preferred.

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Description

Explore the ideas of Adam Smith, a prominent philosopher who defended market economy and introduced labor as a key economic concept, discussing the limits of freedom and the nature of wealth.