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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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Published in:History of economic ideas 1996-01, Vol.4 (1/2), p.253-269
Main Authors: Pack, Spencer J., Dimand, Robert W.
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description 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.
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identifier ISSN: 1122-8792
ispartof History of economic ideas, 1996-01, Vol.4 (1/2), p.253-269
issn 1122-8792
1724-2169
language eng
recordid cdi_proquest_journals_1877135257
source JSTOR Archival Journals and Primary Sources Collection
subjects Capitalism
Freedom
Invisible hand theorem
Manumission
Pessimism
Quakers
Slave ownership
Slavery
Slaves
Wealth
title SLAVERY, ADAM SMITH'S ECONOMIC VISION AND THE INVISIBLE HAND
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