Has Scotland Forgotten Adam Smith? | Interview: Samuel Gregg

Hayek on Hayek provides readers with insight into F. A. Hayek's life and ideas through a detailed chronology of his early life, education, intellectual progress, and the academic and public reception of his work. The volume combines previously unpublished autobiographical sketches with a wide selection of interviews, offering the most comprehensive account of Hayek's remarkable career as an economist, social and political theorist, and intellectual historian who championed individual liberty and opposed state control.

Samuel Gregg examines how Europe's economic culture, marked by high debt, overburdened welfare states, heavy regulation, and resistance to reform, has led to stagnation and 'soft despotism' as described by Tocqueville. He highlights similar trends emerging in the United States and argues that America's recovery depends on preserving its distinct economic culture rooted in liberty, rule of law, and personal responsibility, rather than adopting Europe's model.

This book, based on Quentin Skinner's 1997 Inaugural Lecture as Regius Professor of Modern History at Cambridge, explores the neo-Roman theory of liberty from early modern Britain, contrasting it with liberal notions of negative liberty. It defends the value of intellectual history in understanding how current values reflect historical choices, critiquing modern presuppositions like those in Isaiah Berlin's work by highlighting threats from dependence and inequality rather than mere interference.

Samuel Gregg's book provides a descriptive and critical examination of Wilhelm Röpke's understanding of political economy, highlighting its richness and complexity. It serves as the most illuminating treatment in English of Röpke's ideas, suitable for those interested in economics, and emphasizes the need for moral, political, and institutional frameworks to support market economies.

Guided by the thoughts of Alexis de Tocqueville, Samuel Gregg identifies and explores the key foundational elements that must exist within a society for commercial order to take root and flourish. The book studies challenges that have consistently impeded commercial order, such as corporatist values, and offers a historically-grounded analysis for modern audiences interested in philosophy, ethics, and the history of economics.

Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

In 'Suicide of the West,' Jonah Goldberg argues that the principles of liberal democracy and capitalism, which he terms 'the Miracle,' are under threat from various forms of illiberalism. He contends that the West's prosperity and political stability are not inevitable but rather the result of unique historical and philosophical developments. Goldberg warns that complacency and the erosion of these principles due to partisanship, polarization, and identity politics could lead to democratic decline. He emphasizes the importance of gratitude for the achievements of Western civilization and the need to rediscover and uphold its founding ideals to prevent its downfall.

Published in 1759, 'The Theory of Moral Sentiments' is Adam Smith's first major published work, based on his lectures at Glasgow University. The book argues that morality is driven by humanity's natural sociability and the need for approval from peers, rather than by rational calculation or innate moral sense. Smith introduces key concepts such as sympathy, the impartial spectator, and the invisible hand, which explain how individuals judge the conduct and character of themselves and others. The work delves into the emotional and social aspects of human behavior, highlighting the role of emotions like pity and compassion in shaping moral sentiments and behaviors.