SLAVERY, ADAM SMITH'S ECONOMIC VISION AND THE INVISIBLE HAND

Smith was against slavery on moral and economic grounds. The "invisible hand" in societies which allow slavery, operates in such a way that increases in the wealth of the rich, leads to increased misery for the poor free citizens as well as for the slaves themselves. It seems that the bene...

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Bibliographic Details
Published in:History of economic ideas 1996-01, Vol.4 (1/2), p.253-269
Main Authors: Pack, Spencer J., Dimand, Robert W.
Format: Article
Language:English
Subjects:
Capitalism
Freedom
Invisible hand theorem
Manumission
Pessimism
Quakers
Slave ownership
Slavery
Slaves
Wealth
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Summary:Smith was against slavery on moral and economic grounds. The "invisible hand" in societies which allow slavery, operates in such a way that increases in the wealth of the rich, leads to increased misery for the poor free citizens as well as for the slaves themselves. It seems that the beneficial workings of the "invisible hand" are dependent upon commercial societies which are not based upon the institution of slavery. The appendix demonstrates that Smith in the Wealth of Nations was responding to a false report of the supposed manumission of the slaves by the Quakers of Pennsylvania.
ISSN:1122-8792
1724-2169