ADAM SMITH: ABOUT CAPITALISM AND THE ETHICS THAT MAKES IT POSSIBLE

Abstract

Great Britain has left the European Union, but Europe owes a great deal to the British nation. Among the numerous aspects of this rich legacy, we have inherited a conceptual framework for capitalism and liberalism, the offshoots of the industrial revolution, as well as an extraordinary cultural heritage. In this article we will trace and discuss the conceptual system of the Scottish philosopher Adam Smith, author of The Wealth of Nations, considered by most specialists in the field as the best book on political economy ever written and the “Bible” of capitalism. Furthermore, in the framework established in his work The Theory of Moral Sentiments, capitalism is seen as a moral economic doctrine. Although he is considered the father of modern capitalism, other concepts of his thinking are also very rich and worthy of study. The original thinking envisaged in Adam’s work depicted a system devoid of mercantilism and savage capitalism, as a result of the foundation of his moral philosophy: compassion.