The conciliation between virtue and commerce in Adam Smith
DOI:
https://doi.org/10.46553/cecon.39.101.2021.p85-103Keywords:
ADAM SMITH, UNINTENDED CONSEQUENCES, VIRTUE, TRADEAbstract
In this article we will show that according to Adam Smith, virtue and commerce stimulate each other mechanically and accumulatively. Although we might think that they are opposing questions because commercial activity pursues profit and not virtue, we will see that Smith not only reconciles both question, but also shows that they are complementary, that one requires the other and reinforces it. To demonstrate this, we will begin by treating the own nature of this mechanism that links virtue and commerce, differentiating them from other mechanisms. To show this, we will work on the notion of unintended consequences proposed by Merton and the contributions of his co-workers. Then, applying this mertonian conception, we will reconstruct the economic mechanism according to which Adam Smith links virtue and commerce. Finally, we will conclude by doing a detailed analysis of prudence as a virtue it promotes and the same time is promoted by trade.Downloads
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