The market as a living institution: Why Adam Smith must be rehabilitated

[French version here]

Ask anyone with some knowledge of economics about Adam Smith, and they will probably tell you that the great economist is the symbol of unbridled and dehumanized capitalism, with his famous “invisible hand”, which seems to turn us into machines at the mercy of a mechanism that escapes us, and his promotion of selfishness. This is the idea that I myself had for a long time. Yet, this view does not reflect his writings, which instead promoted the market as a living institution governed by ethics. Given Smith’s importance in economic thought, and at a time when the societal role of business and the market is in question, it is important that the debate not be based on a caricature of his thinking.