Professional paper
Adam Smith and James Steuart: Opposing imageries of early capitalism
Marko Grdešić
Abstract
This paper analyses two illustrations or visual metaphors used by the eighteenth century Scottish social thinkers (primarily political economists), Adam Smith and James Steuart, in an attempt to illuminate the emerging economic system as well as the political system associated with it. The f irst metaphor is the famous invisible hand, in itself not considered particularly relevant to Smith, although itʼs logic is. This issue imposes several diff iculties in interpretation that are resolved as much as possible. The other is Stuartʼs metaphor of the new social order as a delicate and fine watch that is to be adjusted cautiously, but frequently and by experts only. These two eighteenth century authors can be taken today, though in a somewhat simplif ied manner, as the embodiments of the two opposing ideological orientations the confrontation of which is also of great importance in our contemporary globalised world.
Keywords
capitalism; market; political economy; invisible hand
Hrčak ID:
3826
URI
Publication date:
15.9.2005.
Visits: 4.719 *