A Moral Marketplace: How We Move Forward

Adam Smith trusted in the power of markets. But more importantly, he trusted in the moral imagination of human beings.

He believed that sympathy, fairness, and a sense of justice would guide us — individually and collectively — to create societies that could thrive.

We have forgotten part of that vision.
But we can remember it.
We can rebuild it.

Because a better future doesn’t require us to invent something new. It requires us to complete the story we left unfinished.

A Moral Marketplace Is Possible

A market system grounded in morality isn’t just a dream. It’s a real, practical goal — one that starts with reconnecting freedom and responsibility.

In a moral marketplace:

• Businesses compete fairly, not by rigging the rules.

• Workers are treated with dignity, not as disposable inputs.

• Communities are partners in prosperity, not collateral damage.

• Public goods are seen as essential investments, not inconvenient costs.

• Economic success is measured not just by profits, but by how widely those profits lift lives.

We don’t have to accept a system where exploitation is inevitable. We can create a system where ambition, ingenuity, and compassion reinforce each other.

Practical Steps Toward a Moral Marketplace

Restoring the balance won’t happen overnight. But it starts with choices — policies, business models, cultural shifts — that move us toward Smith’s full vision.

Here are some ways forward:

Protect Real Competition

• Enforce antitrust laws to break up monopolies and cartels.

• Encourage innovation by ensuring new entrants can challenge established giants.

• Prevent financial engineering that rewards consolidation over creativity.

Strengthen Worker Rights and Dignity

• Support fair wages, safe conditions, and bargaining rights.

• Recognize workers as partners in prosperity, not obstacles to efficiency.

• Promote ownership models that share the rewards of success more broadly (like employee ownership plans and cooperatives).

Invest in Public Goods

• Recommit to universal access to education, healthcare, and infrastructure.

• Level the playing field so that ambition and talent — not birth or privilege — determine opportunity.

Reward Value Creation, Not Value Extraction

• Reform tax systems to favor long-term investment over short-term speculation.

• Discourage business models that profit from cutting corners, gutting companies, or exploiting loopholes.

Hold Power Accountable

• Strengthen transparency requirements for corporations and political donations.

• Rebuild independent institutions that serve the public, not private interests.

Foster a Culture of Ethical Business Leadership

• Teach business ethics as essential, not optional.

• Celebrate leaders who act as stewards of prosperity, not just hunters of profit.

Change Is Already Happening — Quietly, Powerfully

Across the world, people are already pushing back against the idea that markets must be amoral to succeed.

• Social enterprises combine profit with mission.

• B Corporations commit legally to balancing profit and public good.

• Impact investing channels capital toward sustainable, ethical businesses.

• Worker cooperatives are reclaiming ownership for those who build value every day.

The seeds are already planted.
What’s needed now is sunlight, water, and time — and the collective belief that something better is not only possible, but necessary.

Reclaiming Smith’s True Legacy

Adam Smith never imagined a perfect world. He knew human beings were flawed, passionate, ambitious.

But he also knew we were capable of sympathy, fairness, and wisdom.

He believed that when we balance freedom with morality, competition with justice, self-interest with public good — we could create prosperity that uplifts whole societies, not just a fortunate few.

That is the unfinished work we inherit.
That is the promise we can still fulfill.

The Final Word

The future of markets — and the future of our societies — is not written in stone. It’s shaped every day by the choices we make.

Will we continue to separate economics from ethics, and watch trust, opportunity, and resilience erode? Or will we restore the balance Smith envisioned, and build markets that serve not only the wealthy, but all of humanity?

The choice is ours.
The work is ours.

And the future can still be worthy of our highest hopes.

Thank you for joining me for this series.

Together, we can finish the story Adam Smith started — and build something truly lasting.

Restoring the Balance: Why Morality Matters to Markets

The story we’ve traced so far is not a story of inevitable decline. It’s a story of choices — choices made, and choices still open to us.

We lost sight of Adam Smith’s full vision. But we can recover it.

And if we want markets that truly serve humanity — not just the privileged few — we must.

Because morality is not a luxury we add to an economy once it succeeds. It’s the foundation that allows success to be shared, sustained, and worthy.

Markets Were Always Meant to Be Moral

Adam Smith’s vision was never a free-for-all. It was freedom disciplined by conscience.

He understood that ambition, energy, and innovation are powerful — but dangerous without the guardrails of justice, trust, and mutual respect.

Smith believed:

• Markets work best when competition is real and fair

• Prosperity thrives when individuals feel accountable to one another

• Justice is not a “nice to have” — it’s the first duty of a functioning society

“Society cannot subsist among those who are at all times ready to hurt and injure one another.”

— The Theory of Moral Sentiments, II.ii.3

Freedom without morality doesn’t create prosperity. It creates instability, resentment, and collapse.

True markets — Smith’s markets — require us to remember our responsibilities to one another, not just our rights.

What Happens When Morality is Missing?

When we strip morality away from markets, we see the familiar consequences:

• Trust erodes. People stop believing the system is fair.

• Power concentrates. Markets that were meant to be open tilt toward monopolies and cronyism.

• Innovation slows. Risk-taking becomes extractive rather than creative.

• Social cohesion frays. Inequality deepens, anger rises, and society becomes vulnerable to extremism.

In a world without the moral sentiments Smith described, the invisible hand doesn’t guide us toward the common good. It clenches into a fist.

Why Morality Isn’t Optional — It’s Essential

Restoring morality to markets is not about nostalgia for a golden age that never truly existed. It’s about understanding a deeper truth:

We cannot separate economics from ethics.

When markets are fair, when opportunity is real, when dignity is honored, the results are not just morally satisfying — they are economically stronger.

Healthy societies create healthy economies.
Respected workers build better businesses.
Trusted institutions enable more innovation and investment.
Shared prosperity strengthens the very engine of growth.

Morality is not a constraint on prosperity.
It is a condition of prosperity.

What Restoring Balance Looks Like

Bringing Smith’s full vision back into focus would mean transforming key aspects of modern capitalism:

• Encouraging genuine competition and breaking up monopolistic power

• Investing in public goods — education, healthcare, infrastructure — so more people can participate

• Rebuilding worker dignity and bargaining power

• Enforcing justice — not just for the poor and powerless, but also for the wealthy and influential

• Fostering a culture of business ethics, not just legal compliance

It’s about designing systems that reward creation over extraction, stewardship over short-termism, fairness over favoritism.

It’s about expecting better — from our leaders, our institutions, and ourselves.

The Good News: We Are Not Starting from Scratch

The forces Adam Smith trusted — sympathy, justice, imagination — are still within us.

Every day, around the world, people build businesses that treat workers with respect.
Entrepreneurs create value not by exploiting, but by innovating. Communities organize to demand fairer systems.
Consumers reward companies that show real responsibility.

We have more tools today than Smith ever dreamed of:

• Faster communication

• Broader education

• Globalized networks of ideas and solidarity

If we choose to remember the full Smith — not just the economic architect, but the moral philosopher — we have everything we need to build a better future.

Moving Forward

Restoring the balance between markets and morality is not about abandoning capitalism. It’s about completing it.

It’s about reclaiming the promise Smith saw: A world where individual ambition and public good are not enemies — but allies.

Where prosperity is not hoarded — but shared.
Where markets are free — and fair.
Where dignity, justice, and opportunity walk hand in hand.

In the final post of this series, we’ll explore practical steps — large and small — that could help move us toward a moral marketplace that works for all.

Because the future isn’t written yet. And we are the ones who will write it.

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Tomorrow

A Moral Marketplace: How We Move Forward

When Markets Turn Predatory: Private Equity and the Broken Promises of Capitalism

Adam Smith believed that free markets, anchored by morality and competition, could create prosperity for all.

But he also knew that where moral sentiment and justice are weak, markets can be twisted into tools of extraction, exploitation, and entrenchment.

Today, one of the clearest examples of this corruption is found in a powerful force reshaping modern capitalism: private equity.

Private Equity: The Business of Extraction

In theory, private equity is simple: A firm buys a company, improves it, and sells it for a profit.

In practice, it often looks very different.

A common private equity playbook works like this:

• Borrow heavily to buy a company (using the company’s own assets as collateral)

• Load the company with debt, making it financially fragile

• Cut costs aggressively — often through layoffs, slashed benefits, or service cuts

• Pay themselves fees regardless of company performance

• Sell the company — or leave it bankrupt — after extracting as much value as possible

The goal is not to build a better business.
The goal is to maximize short-term profits for the investors, regardless of the long-term consequences.

Jobs, communities, customers — even the survival of the company itself — are secondary.

This is not the creative, dynamic capitalism Adam Smith envisioned.

This is parasitic behavior: taking without creating.

The Collapse of Real Competition

Private equity has also fueled market concentration. By rolling up competitors and consolidating industries, firms reduce competition — often leading to:

• Higher prices for consumers

• Worse service

• Lower wages for workers

Smith warned relentlessly about the dangers of monopolies and collusion:

“People of the same trade seldom meet together… but the conversation ends in a conspiracy against the public.”

— The Wealth of Nations, I.x.c.27

When a handful of private firms control entire sectors — from healthcare to housing to retail — real competition dies.
The invisible hand is shackled.
The public pays the price.

Rent-Seeking Disguised as Investment

True investment creates value: new products, new jobs, new wealth for society.

Rent-seeking extracts value from existing structures without creating anything new.

Private equity, in its predatory forms, has mastered the art of rent-seeking:

• Charging management fees whether companies succeed or fail

• Stripping real estate from businesses and selling it off for a quick cash boost

• Declaring dividends to themselves funded by debt, not profits

These practices are defended in the language of capitalism — “efficiency,” “risk-taking,” “market discipline” — but they bear little resemblance to the productive competition Smith championed.

Smith valued self-interest that served society through competition — not self-interest that hollowed society out from the inside.

The Human Cost

The victims of predatory private equity aren’t abstract balance sheets. They are real people.

• Workers laid off with no safety net.

• Communities losing essential services.

• Consumers paying more for worse goods.

• Pension funds raided and drained.

• Entire industries destabilized.

Smith argued that a flourishing economy depends on a stable, just society. When companies treat human beings as disposable, they are not creating wealth — they are cannibalizing it.

This Is Not Capitalism — It’s Market Plundering

If Adam Smith were alive today, he would likely view much of modern private equity with deep skepticism, if not outright condemnation.

He would see:

• Freedom distorted into license

• Competition strangled by consolidation

• Wealth hoarded by a few at the expense of the many

• Justice — the first duty of society — undermined

Markets can serve humanity.
Or markets can devour humanity.

Without the moral sentiments, without the impartial spectator, without justice, there is no invisible hand guiding us toward the public good.

There is only the visible claw of greed.

A Moment of Reckoning

Understanding how markets have gone astray is not about nostalgia. It’s about recognizing that the foundation Smith imagined is still possible — but only if we rebuild the balance between freedom and morality.

In the next post, we’ll step back and look at the bigger picture: Why restoring Adam Smith’s full vision isn’t just morally right — it’s economically necessary.

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Tomorrow

Restoring the Balance: Why Morality Matters to Markets

The Great Forgetting: How Modern Capitalism Lost Its Moral Compass

Adam Smith gave us a vision of free markets anchored in morality, justice, and public trust.

For a time, the world tried — imperfectly, unevenly — to walk that path.

But over the last two centuries, something changed.
Gradually at first. Then faster.
Until, today, we barely recognize the balance Smith worked so hard to describe.

We remembered the freedom.
We forgot the morality.
We celebrated self-interest.
We abandoned the impartial spectator.

In chasing the wealth of nations, we lost sight of the moral sentiments that made that wealth sustainable — and worth having.

The Selective Reading of Adam Smith

In the 19th and 20th centuries, as industrialization spread and new economic theories emerged, Adam Smith’s name became a banner for the champions of free markets.

But too often, people invoked Smith’s ideas selectively — quoting the invisible hand, while ignoring the moral hand Smith believed must guide it.

• Self-interest was celebrated.

• Moral restraint was treated as optional.

• Competition was praised, but collusion and monopoly were quietly tolerated when profitable.

Smith’s vision was not of a marketplace free from responsibility. It was of a marketplace embedded in a society of conscience.

By forgetting that, we laid the groundwork for many of the challenges we face today.

Freedom Without Responsibility

In modern capitalist economies, freedom became the ultimate good — often at the expense of responsibility.

Markets were deregulated, justified by the belief that the invisible hand would naturally sort everything out. Corporations were granted more rights, with fewer obligations to the public. Finance grew increasingly detached from real goods, real services, and real communities.

But Smith never imagined a world where companies could become “too big to fail.” He never envisioned an economy where speculation could outpace production by orders of magnitude.

He warned of the very dangers that unchecked markets would create:

“The proposal of any new law or regulation of commerce which comes from this order [the merchants and manufacturers] ought always to be listened to with great precaution.”

— The Wealth of Nations, I.xi.p.10

Smith understood that those with wealth and power would often conspire against the public — not because they were evil, but because it was in their interest to do so.

That’s why strong institutions and a vigilant public were necessary.

Freedom alone was never enough.

The Rise of Rent-Seeking and Monopolies

Another forgotten part of Smith’s warning was his hatred of rent-seeking — the practice of extracting wealth without creating new value.

Today, rent-seeking dominates entire sectors:

• Financial firms profiting from speculation rather than investment

• Private equity stripping companies for parts rather than building them

• Tech monopolies using their size to stifle competition rather than innovate

These behaviors do not serve the common good. They serve a narrow private interest, at society’s expense.

And yet, they are often defended in Smith’s name — a bitter irony, given that he would likely have opposed them fiercely.

The Human Cost of the Great Forgetting

The consequences of losing Smith’s moral compass are not just economic. They are deeply human.

• Workers treated as disposable assets, not partners in production.

• Communities hollowed out by waves of offshoring, consolidation, and financialization.

• Public trust eroded, as people increasingly see the economy as rigged against them.

• Politics captured by the very wealthy, creating policies that deepen inequality.

When the moral sentiments are stripped away from economic life, we are left with markets that serve the few, while asking the many to bear the cost.

Not What Smith Wanted — or Imagined

Smith’s dream was not a market that rewarded greed without restraint. It was a society where individual ambition was harmonized with public virtue, where free exchange and free conscience worked together to lift all.

We have lost that balance.

We have lost the heart of Smith’s vision.

But the good news is: We can find it again.

In the next post, we’ll look closely at one of the clearest betrayals of Smith’s ideals — how private equity, monopolies, and financial engineering have turned markets into tools of extraction rather than creation. And we’ll ask: What would Adam Smith say about the capitalism of today?

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Tomorrow

When Markets Turn Predatory: Private Equity and the Broken Promises of Capitalism

The Wealth of Nations: Freedom, Competition, and Prosperity

After years of thinking deeply about human morality, Adam Smith turned his attention to another question: How do societies grow wealthy?

By the time The Wealth of Nations appeared in 1776, Smith had spent a lifetime studying not only philosophy, but law, politics, and commerce. He was deeply familiar with the systems that shaped people’s lives — and the systems that trapped them.

And he was convinced that the old ways weren’t working.

Breaking Free from the Mercantile System

At the time Smith was writing, most governments tightly controlled trade. They imposed heavy tariffs, protected monopolies, and saw the economy as a zero-sum game: one nation’s gain was another’s loss.

Smith rejected this vision.

He argued that when individuals were free to pursue their own interests — within a framework of justice — they would unintentionally contribute to the wealth of society as a whole.

This was the revolutionary idea behind the famous metaphor of the invisible hand.

Not magic. Not chaos. But a complex, decentralized dance of human effort and ingenuity — coordinated not by kings or ministers, but by market forces.

“By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.”

— The Wealth of Nations, IV.ii.9

Freedom, properly channeled, could unleash creativity, productivity, and shared prosperity.

The Power of the Division of Labor

One of Smith’s most important insights was simple but profound: Specialization makes people — and societies — vastly more productive.

He famously described a pin factory, where breaking down production into distinct, specialized tasks allowed workers to make far more pins together than they ever could alone.

The principle applied far beyond pins. It explained how entire economies could grow rapidly when individuals focused on what they did best and traded for what they needed.

Division of labor, combined with free exchange, allowed human beings to achieve levels of abundance unimaginable in previous centuries.

Competition: The True Engine of Progress

Smith believed that competition was essential to keeping markets healthy.

When businesses must compete for customers, they must:

• Offer better products

• Lower prices

• Innovate faster

• Treat people better (or risk losing their trust)

Left unchecked, businesses would often conspire to rig prices, block competitors, or exploit workers — exactly the kinds of behaviors Smith warned against.

He praised markets not because businessmen were saints, but because competition forces businesses to serve the public interest whether they want to or not.

“The interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.”

— The Wealth of Nations, IV.viii.49

In other words: the market is for the people, not the corporations.

The Proper Role of Government

Despite his reputation as a champion of free markets, Smith believed governments had critical duties:

• Protecting justice (enforcing contracts, preventing fraud and violence)

• Building public infrastructure (roads, bridges, harbors — things private businesses wouldn’t build themselves)

• Providing education (to help individuals fully participate in economic life)

Smith understood that free markets did not exist in a vacuum. They needed laws, institutions, and public goods to function well.

He was no anarchist. He believed in a limited but active government — one that protected freedom and ensured fairness.

Self-Interest, but Not Selfishness

Smith’s economic theory recognized the power of self-interest — the desire to improve one’s own condition. But it was never meant to justify greed without restraint.

The self-interest Smith described was bounded by:

• The inner voice of the impartial spectator (moral conscience)

• The outer rules of justice (government and law)

• The competitive pressure of free markets (social discipline)

When these forces worked together, they could create extraordinary prosperity. When any of them was weakened or ignored, the system could easily slide into exploitation and injustice.

The Bigger Picture

Adam Smith’s vision in The Wealth of Nations was hopeful — but it was never naive.

He understood that markets could empower human beings. He also understood that they needed to be nurtured and restrained by moral and institutional forces.

Prosperity wasn’t guaranteed.
It depended on balance.

In the next post, we’ll explore how modern capitalism — by forgetting Smith’s moral and institutional warnings — has lost that balance, and what it has cost us.

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Tomorrow

The Great Forgetting: How Modern Capitalism Lost Its Moral Compass

The Moral Heart: Exploring The Theory of Moral Sentiments

Before Adam Smith ever wrote about markets, he wrote about something much closer to home: our hearts.

In The Theory of Moral Sentiments (1759), Smith tackled the biggest question of all:
What holds human society together?

It’s not wealth.
It’s not laws.
It’s not power.

It’s something far more delicate — and far more powerful.
Our capacity to care about each other.

Sympathy: The Foundation of Society

Smith believed that human beings are naturally equipped with sympathy — what we today might call empathy. We have the ability to imagine what others feel, to share in their joys and sorrows, to see the world through their eyes.

This sympathy, Smith argued, is not perfect.
We don’t feel it equally toward everyone.
It’s stronger for those close to us, weaker for distant strangers.
But it’s there, always — a vital thread connecting us to one another.

Without it, there could be no trust, no cooperation, no society at all.

“How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others.”

— The Theory of Moral Sentiments, I.i.1

In Smith’s view, morality doesn’t come from rigid external rules. It springs up organically from our sympathy, our desire to be loved, and our wish to deserve that love.

The Impartial Spectator: Our Inner Moral Compass

Smith introduced a brilliant idea:
Inside each of us, there lives an imagined figure — the impartial spectator.

When we make decisions, when we reflect on our actions, we imagine how a fair and reasonable observer would judge us. Not how our friends or enemies might flatter or condemn us, but how a truly unbiased, moral being would see us.

The impartial spectator helps us check our passions.
It encourages us to act justly even when it’s inconvenient.
It helps us strive to be the kind of person we would respect.

Without this inner voice, Smith believed, we would be lost in selfishness and chaos.

“Man naturally desires, not only to be loved, but to be lovely.”

— The Theory of Moral Sentiments, III.ii.1

We don’t just want admiration.
We want to deserve admiration.
That’s the real anchor of human morality.

Justice: The Bedrock of Civilization

Smith made a crucial distinction:
Love and generosity are beautiful.
But society does not depend on everyone being saints.

At minimum, society requires justice — a shared agreement not to harm one another.

Justice, for Smith, was the first and most essential virtue of a stable society. Without it, no economy, no government, no community could survive.

Governments, in Smith’s view, existed first and foremost to protect justice: to prevent violence, fraud, and oppression.

Freedom and prosperity could only flourish on the solid ground of justice.

The Temptation of Wealth and Status

Smith also warned of a powerful and dangerous human tendency:
Our admiration for the rich and powerful, even when they are undeserving.

We are drawn to success.
We are dazzled by wealth.
And in that dazzlement, we sometimes confuse material fortune with moral worth.

Smith worried that this confusion could rot societies from within — Elevating the undeserving while neglecting the truly virtuous.

Sound familiar?

“The great mob of mankind are the admirers and worshippers, and, what may seem more extraordinary, most frequently the disinterested admirers and worshippers of wealth and greatness.”

— The Theory of Moral Sentiments, I.iii.3

A Moral Vision for Humanity

In The Theory of Moral Sentiments, Adam Smith painted a vision of humanity as naturally social, emotional, and moral.
Yes, we act in our own self-interest.
But we also crave connection, fairness, and self-respect.

For Smith, morality was not a fragile add-on to human life. It was the foundation.

Without sympathy, without conscience, without justice, there could be no trust.
Without trust, there could be no society.
And without society, there could be no markets — no wealth, no freedom, no future.

Setting the Stage

When Smith turned his attention to economics later in The Wealth of Nations, he built on this moral foundation.

He wasn’t advocating selfishness without limits.
He was proposing a system where free individuals, guided by internal moral compasses and protected by laws of justice, could create prosperity together.

He believed freedom and morality needed to walk hand in hand.

In the next post, we’ll explore the ideas in The Wealth of Nations — and see how Smith’s vision for economic life flowed naturally from his understanding of human morality.

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Tomorrow

The Wealth of Nations: Freedom, Competition, and Prosperity

Meet the Real Adam Smith

When most people hear the name Adam Smith, one image pops up almost instantly:

The father of capitalism.

Maybe you think of the invisible hand, gently guiding markets.

Maybe you think of self-interest, and the idea that by pursuing our own gain, we somehow benefit society.

Maybe you picture a wise old economist laying down the foundations for free markets, open competition, and the world we know today.

There’s just one problem:

That’s only half the story.

And without the other half, the half we’ve largely forgotten, we risk misunderstanding not only Smith — but the entire system that shapes our lives.

The Other Book — and the Other Smith

Long before Adam Smith wrote The Wealth of Nations in 1776, he had already spent decades thinking about a deeper question:

What makes human society even possible in the first place?

The result was a different masterpiece: The Theory of Moral Sentiments (1759).

In it, Smith explored something that today’s headlines often seem to forget:

That human beings are not just rational calculators chasing profit.
We are emotional, social, empathetic creatures.
We care about fairness. We are guided by a sense of justice.
We judge our own actions — and the actions of others — not just by outcomes, but by what feels right.

Before Smith talked about free markets, he talked about moral instincts.
About sympathy. About the invisible forces of conscience that bind us together.

He didn’t see self-interest and morality as opposites.
He saw them as forces that had to be kept in balance.

Freedom Was Never Meant to Stand Alone

When Smith later wrote The Wealth of Nations, he built on this moral foundation. He believed that free markets, powered by individuals pursuing their goals, could unleash prosperity.

But he assumed that people would still be guided by their conscience — by what he called the “impartial spectator” within each of us.
He assumed that governments would enforce justice, protect competition, and invest in the public good.
He assumed that markets would operate within a larger moral society.

Smith knew that freedom without morality would not lead to prosperity.
It would lead to corruption, concentration of power, exploitation — the very things he warned about.

What We Forgot — and Why It Matters Now

Over the last two centuries, something critical happened:
We remembered the markets.
We forgot the morality.

We remembered the invisible hand.
We forgot the moral compass that guided it.

Today, we see the consequences all around us:

• Rising inequality

• Corporate monopolies

• Workers treated as disposable

• Short-term profits prioritized over long-term health

This isn’t the capitalism Adam Smith envisioned.
This is capitalism without its conscience.

Reclaiming the Full Vision

This series is about finding our way back.

Over the next seven posts, we’ll walk through:

• The moral insights of The Theory of Moral Sentiments

• The economic ideas of The Wealth of Nations

• How modern capitalism diverged from Smith’s true vision

• And most importantly, how we can restore the lost balance between morality and markets — for a healthier, fairer, and more resilient future.

Smith understood that markets and morality are not enemies.
They are partners.

If we want an economy that truly works for people — all people — we have to finish reading Adam Smith. Not just the parts that serve narrow interests.
The whole story.

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Tomorrow

The Moral Heart: Exploring The Theory of Moral Sentiments