Ethical Capitalism: Would the Real Adam Smith Please Stand Up?
Terry L. Weldin-Frisch, PhD

Abstract
Is the prevailing canon of current economic theory as practiced in the United States the system Adam Smith envisioned in his groundbreaking The Wealth of Nations (WN)? In this paper I attempt to answer this question by not only referring to WN, but also by referring to his earlier Theory of Moral Sentiments (TM). Contrary to the prevailing neoclassical canon of contemporary economic theory, it is not the case that Adam Smith envisioned a science of economics that was “value-free” and therefore unencumbered by ethical considerations.

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