Abstract
The system of natural liberty analyzed in the Wealth of Nations is evaluated by Smith in utilitarian terms, as may be seen by examining his reasons for permitting departures from the principle of laisser-faire. References to justice in the Wealth of Nations are interpreted in the light of the Moral Sentiments which, despite appearances to the contrary, also has a utilitarian value basis. Smith's ‘contemplative utilitarianism’, coupled with his belief that individual moral and political agents do not routinely make conscious utilitarian choices, manifests itself politically in a form of ‘sociological conservatism’ which restricts legal and political reforms to those which are in harmony with the immediate moral feelings of the ordinary citizen. This is demonstrated in his theory of political obligation and related to his natural theology.
Get full access to this article
View all access options for this article.