Lessons from the Global Financial Crisis: The Relevance of Adam Smith on Morality and Free Markets

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Focusing on ethics, Adam Smith's first major work critiques exploitation and greed, setting a moral foundation for his later economic theories. Richard Morgan argues that the ethical principles from The Theory of Moral Sentiments significantly influence the ideas presented in The Wealth of Nations. This connection reveals Smith's vision of a constructive role for government in regulating the free market, suggesting that his economic philosophy is deeply intertwined with his moral beliefs.