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Plumbing Problems

The Morality Imperative of Capitalism

Adam Smith’s vital message about comity, cooperation, generosity, prudence, self-command and benevolence is overshadowed by the theory of capitalism elaborated in his monumental work The Wealth of Nations (1776). But the moral philosophy he elaborated in The Theory of Moral Sentiments (1759) is just as important as his better known and more widely read treatise on capitalism because it compelling and convincingly establishes the philosophical and ethical underpinnings of the capitalist system.   The Theory of Moral Sentiments elaborates why a free market system is the optimal arrangement to motivate people to interact in moral and civilized ways to produce the goods and services necessary for human life to flourish.

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