ON-Lion Letter

What exactly is capitalism, and why do its advocates support it?  What are the main objections to capitalism that have been raised by its critics?  Are there moral reasons to support capitalism, or to oppose it?  In this time of globalization and economic turbulence, these questions could not be more timely or more important.

What Adam Smith Knew:  Moral Lessons on Capitalism from Its Greatest Champions and Fiercest Opponents, new from Encounter Books, provides some answers through seminal readings on the nature, purpose, and effects of capitalism as understood by its most-influential expositors, both historical and contemporary.  In addition to Adam Smith himself, the selections gathered in the book include essays and excerpts by thinkers ranging from Locke and Rousseau to Hayek and Cass Sunstein.  All are chosen and arranged to highlight the ways that capitalism bears on a set of fundamental human concerns:  liberty, equality, social order, virtue, and motivation.

If you want to develop an informed judgment about whether markets and morality mix, this anthology is a good place to begin.

Encounter Books is an activity of Encounter for Culture and Education, a nonprofit group that is substantially supported by The Lynde and Harry Bradley Foundation in Milwaukee.  What Adam Smith Knew is "An Adam Smith Society Reader."  The Bradley Foundation also supports The Adam Smith Society, a project of the Manhattan Institute for Policy Research in New York City.

The Adam Smith Society is a nationwide, chapter-based association of MBA students and business leaders who work to promote on-campus debate and discussion about the moral, social, and economic benefits of capitalism.

The book is edited and introduced by James R. Otteson, executive director of the BB&T Center for the Study of Capitalism and a teaching professor of political economy at Wake Forest University, with a foreword by Bradley Prize recipient Allan H. Meltzer.

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