For Smith, moral philosophy is the study of virtue and the faculty of mind that allows us to determine what is praise- or blameworthy conduct. When we understand the project of the moral sentiments, we can see that Smith adopts the same logic in his analysis of politica...

"Much of Book 3 is dedicated to a historical account of how and why the feudal order that prevailed throughout Europe for many centuries eventually gave way to a liberal, commercial order—that is, how a world dominated by hierarchy, dependence, and intrastate conflict...

The lesson is thus clear: Welcome multiple banks of issue and make sure there is always full convertibility, and bankers will be prudent and the economy will be stable and prosperous. Today we do not have banks of issue and notes cannot be converted into gold and silver...

"Smith is a friend of competitive markets and the division of labor and the institutions that secure these. But within the division of labor and the governance of these institutions, the population needs to be not just prudent, but also to become educated in skill, dext...