Adam Smith and the ethics of contemporary capitalism

  title={Adam Smith and the ethics of contemporary capitalism},
  author={G. R. Bassiry and M. Jones},
  journal={Journal of Business Ethics},
  • G. R. Bassiry, M. Jones
  • Published 1993
  • Economics
  • Journal of Business Ethics
  • This paper presents a theoretical elaboration of the ethical framework of classical capitalism as formulated by Adam Smith in reaction to the dominant mercantilism of his day. It is seen that Smith's project was profoundly ethical and designed to emancipate the consumer from a producer and state dominated economy. Over time, however, the various dysfunctions of a capitalist economy — e.g., concentration of wealth, market power — became manifest and the utilitarian ethical basis of the system… CONTINUE READING
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