This episode examines the political tug-of-war over Adam Smith's legacy. Economists and politicians often cast him as the patron saint of free-market ideology, but critics on the left argue that this reading ignores the moral philosophy underpinning his work. The show revisits the debate in an updated replay, asking whether the right has misread Smith and what his true contribution to economic thought should be.
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Highlights
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The Right's Appropriation of Adam Smith
Conservatives have long claimed Adam Smith as a champion of free markets and limited government, using his 'invisible hand' as a rhetorical touchstone for laissez-faire policies.
Those on the left contend that the right has misread Smith, pointing to his broader moral philosophy that emphasizes fairness, empathy, and the necessity of institutions to curb market excess.
The episode frames the ideological battle over Smith's legacy as an ongoing contest with no simple resolution, reflecting deeper disagreements about the role of government and markets.