God and the market: Adam Smith's invisible hand

Journal article


Oslington, Paul. (2011) God and the market: Adam Smith's invisible hand. Journal of Business Ethics. 108(4), pp. 429 - 438. https://doi.org/10.1007/s10551-011-1099-z
AuthorsOslington, Paul
Abstract

The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith’s writings remains obscure, particularly the religious associations that were obvious to early readers. He drew on Isaac Newton’s theories of divine action and providence, mediated through the moderate Calvinism of the eighteenth century Scottish circles in which he moved. I argue within the context of Smith’s general providential account of markets, the invisible hand operates restrain inequality and capital flight, thereby stabilizing the market system. Such an understanding of the invisible hand raises questions for contemporary religious and secular discussions of the capacities of markets in the wake of the global financial crisis.

Year2011
JournalJournal of Business Ethics
Journal citation108 (4), pp. 429 - 438
PublisherSpringer Netherlands
ISSN1573-0697
Digital Object Identifier (DOI)https://doi.org/10.1007/s10551-011-1099-z
Scopus EID2-s2.0-84862627949
Page range429 - 438
Research GroupPeter Faber Business School
Place of publicationNetherlands
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