In recent years Adam Smith has been championed by advocates of the market economy. This book analyzes Smith's economic and political thought, and concludes that far from subscribing to unregulated self-interest, Smith believed the market should operate in tandem with socially improving institutions. Muller shows how the "Inquiry into the Nature and Causes of the Wealth of Nations" was as much as anything a warning against the threat posed to the common good by organized mercantile interest. Smith was interested not just in how wealth was created, but how it could be used to build a decent society. It is this aspect of his thought, argues Muller, which has been ignored by those who use his writings to further their own ideological interests.
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Counter to the popular impression that Adam Smith was a champion of selfishness and greed, Jerry Muller shows that the Inquiry into the Nature and Causes of the Wealth of Nations maintained that markets served to promote the well-being of the populace and that government must intervene to counteract the negative effects of the pursuit of self-interest. Smith's analysis went beyond economics to embrace a larger "civilizing project" designed to create a more decent society.
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