An Appreciation of Adam Smith’s The Theory Of Moral Sentiments

The capitalists of the world, the so-called free market  proponents ,bases most of their insatiable thirst for wealth  and justifies this thirst even when it  touches the borders of greed, on the theories of self-interest leading to society’s interests through what Smith referred to as the invisible hand in his famous work, Inquiry into the Nature and Cause of  The   Wealth Of Nations, popularly referred to as The Wealth of Nations. Smith’s  arguments were squarely based on certain assumptions and preconditions about the  normative sentiments and feelings  of human beings under different conditions. In fact he wrote about those preconditions  and assumptions  in a preceding book(in fact written in 1759 or 17 years before  Wealth),The Theory of Moral Sentiments, which details about the moral approbation and disapprobation of various aspects of human nature and behavior. According to Smith, man, who is by creation interested in self, forms moral judgments whereby self-interest gets separated because man is capable of putting himself in a position of a third, impartial person and hence can take an objective view of any issue.

Smith describes the human sentiments from a variety of normative and non-normative actions, behaviours, thoughts, nature, customs etc looking from a variety of  factors like propriety, merit, justice, beneficence, benevolence, self-approbation and dis-approbation, prudence, virtue etc. He also talks in detail about the corruption of our moral sentiments which leads to the disposition of men to admire the rich and the great, and to despise or neglect persons of poor and mean condition. While making observations on the corruption of our moral sentiments, he asserts that “we soon find that wisdom band virtue are by no means the sole objects of respect; nor vice and folly, of contempt. We frequently see the respectful attentions of the world more strongly directed towards the rich and the great, than towards  wise and virtuous. We see frequently the vices of follies of the powerful much less despised  than the poverty and weakness of the innocent”. This is precisely the reason why Naveen Jindal and the like get more attention and appreciation than Baba Amte and the like.

It seems that Smith had a definite intention of publishing the theory before Wealth. Wealth talks about individuals pursuing self-interests while the invisible hand may act upon top limit any excesses. But at the same time, he wanted the individuals pursuing self-interest (and those around him)to know how the moral sentiments of people work and influence.

Any proponent of free markets and hence capitalism must read Theory before he/she embarks on any venture that is in pursuit of satisficing self-interests.

Adam Smith the philosopher overrides Adam Smith the proponent of free markets with the Theory.