Stephen B. Young ed., "Adam Smith and Modern Economics: Reclaiming the Moral High Ground" (de Gruyter, 2026)

This edited volume, assembled by Stephen B. Young for Adam Smith's 250th Wealth of Nations anniversary, brings contributors from economics, law, theology, and business to argue that Smith’s Wealth of Nations must be read alongside The Theory of Moral Sentiments. The book contends modern readings that separate Smith’s economic thought from his ethics have mischaracterized capitalism, and it proposes a morally serious capitalism grounded in sympathy, the impartial spectator, and decentralized market processes. Contributors discuss historical context, critiques of Marxist interpretations, institutional design, and contemporary policy implications for education, corporate governance, and globalization. The volume aims to show how markets function best when guided by moral sentiments and to offer practical ideas for restoring public trust in capitalism.

In this book, Max Weber argues that the Protestant work ethic, especially as influenced by Calvinism, played a significant role in the development of modern capitalism. Weber posits that the concept of a 'calling' and the this-worldly asceticism of Protestantism fostered a culture of hard work, thrift, and the accumulation of wealth, which were crucial for the emergence of capitalist culture. He contrasts this with the traditional economic attitudes and the medieval monastic ideal of other-worldly asceticism. The book also explores how these religious ideas influenced the development of a rational and disciplined approach to economic activity, which became a hallmark of modern capitalism.

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.

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.