Business and Economics

The Invisible Hand of the Market: The Theory of Moral Sentiments + The Wealth of Nations (2 Pioneering Studies of Capitalism)

By Adam Smith

Listen with Sir Michael Caine™ and 1,000+ voices

Try for $0.00 Get for $2

Length48h 31m

About this audiobook

This carefully crafted ebook: "The Invisible Hand of the Market: The Theory of Moral Sentiments + The Wealth of Nations (2 Pioneering Studies of Capitalism)" is formatted for your eReader with a functional and detailed table of contents. The invisible hand of the market is a metaphor conceived by Adam Smith to describe the self-regulating behavior of the marketplace. The exact phrase is used just three times in Smith's writings, but has come to capture his important claim that individuals' efforts to maximize their own gains in a free market benefits society, even if the ambitious have no benevolent intentions. Smith came up with the two meanings of the phrase from Richard Cantillon who developed both economic applications in his model of the isolated estate. He first introduced the concept in The Theory of Moral Sentiments, written in 1759. In this work, however, the idea of the market is not discussed, and the word "capitalism" is never used. By the time he wrote The Wealth of Nations in 1776, Smith had studied the economic models of the French Physiocrats for many years, and in this work the invisible hand is more directly linked to the concept of the market: specifically that it is competition between buyers and sellers that channels the profit motive of individuals on both sides of the transaction such that improved products are produced and at lower costs.

Psychological Identity Exploration

Audiobook details

GenreBusiness and Economics

Length48 hrs 31 mins

Narrated byListen with 1,000+ voices

FormateBook with Audio

Publish dateJul 10, 2013

LanguageEnglish

1The Invisible Hand of the Market: The Theory of Moral Sentiments + The Wealth of Nations (2 Pioneering Studies of Capitalism): Table of Contents

46Chapter 11 Of the Rent of Land

2The Invisible Hand of the Market: The Theory of Moral Sentiments

471. First Period

3PART I

482. Second Period

4Chap. I: Of Sympathy

493. Third Period

5Chap. II: Of the Pleasure of mutual Sympathy

504. First Sort

Show all chapters

6Chap. III: Of the manner in which we judge of the propriety or impropriety of the affections of other men, by their concord or dissonance with our own.

515. Second Sort

7Chap. IV: The same subject continued

526. Third Sort

8Chap. V: Of the amiable and respectable virtues

537. Conclusion of the chapter

9Section II: Of the Degrees of the different Passions which are consistent with Propriety

54Part 2 Of the Nature, Accumulation, and Employment of Stock

10Introduction

55Chapter 1 Of the Division of Stock

11Chap. I: Of the Passions which take their origin from the body

56Chapter 2 Of Money considered as a particular Branch of the general Stock of the Society, or of the Experience of maintaining the National Capital

12Chap. II: Of those Passions which take their origin from a particular turn or habit of the Imagination

57Chapter 3 Of the Accumulation of Capital, or of productive and unproductive Labour

13Chap. III: Of the unsocial Passions

58Chapter 4 Of Stock lent at Interest

14Chap. IV: Of the social Passions

59Chapter 5 Of the different Employment of Capitals

15Chap. V: Of the selfish Passions

60Part 3 Of the different Progress of Opulence in different Nations

16Section III: Of the Effects of Prosperity and Adversity upon the Judgment of Mankind with regard to the Propriety of Action; and why it is more easy to obtain their Aprobation in the one state than in the other

61Chapter 1 Of the Natural Progress of Opulence

17Chap. I: That though our sympathy with sorrow is generally a more lively sensation than our sympathy with joy, it commonly falls much more short of the violence of what is naturally felt by the person principally concerned

62Chapter 2 Of the Discouragement of Agriculture in the ancient State of Europe after the Fall of the Roman Empire

18Chap. II: Of the origin of Ambition, and of the distinction of Ranks

63Chapter 3 Of the Rise and Progress of Cities and Towns, after the Fall of the Roman Empire

19Chap. III: Of the corruption of our moral sentiments, which is occasioned by this disposition to admire the rich and the great, and to despise or neglect persons of poor and mean condition

64Chapter 4 How the Commerce of the Towns contributed to the Improvement of the Country

20PART IV

65Chapter 1 Of the Principle of the commercial, or mercantile System

21Chap. I: Of the beauty which the appearance of Utility bestows upon all the productions of art, and of the extensive influence of this species of Beauty

66Chapter 2 Of Restraints upon the Importation from foreign Countries of such Goods as can be produced at Home

22Chap. II: Of the beauty which the appearance of Utility bestows upon the characters and actions of men; and how far the perception of this beauty may be regarded as one of the original principles of approbation

67Chapter 3 Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be disadvantageous

23PART V

681. Of the Unreasonableness of those Restraints even upon the Principles of the Commercial System

24Chap. I : Of the Influence of Custom and Fashion upon our Notions of Beauty and Deformity

692. Of the Unreasonableness of those extraordinary Restraints upon other Principles

25Chap. II : Of the Influence of Custom and Fashion upon Moral Sentiments

70Chapter 4 Of Drawbacks

26Introduction

71Chapter 5 Of Bounties

27Section I : Of the Character of the Individual, so far as it affects his own Happiness; or of Prudence

72Chapter 6 Of Treaties of Commerce

28Section II : Of the Character of the Individual, so far as it can affect the Happiness of other People

73Chapter 7 Of Colonies

29Chap. I : Of the Order in which Individuals are recommended by Nature to our care and attention

741. Of the Motives for establishing new Colonies

30Chap. II : Of the order in which Societies are by nature recommended to our Beneficence

752. Causes of Prosperity of New Colonies

31Chap. III : Of universal Benevolence

763. Of the Advantages which Europe has derived from the Discovery of America, and from that of a Passage to the East Indies by the Cape of Good Hope

32Section III : Of Self-command

77Chapter 8 Conclusion of the Mercantile System

33Conclusion of the Sixth Part

78Chapter 9 Of the Agricultural Systems, or of those Systems of Political Economy, which represent the Produce of Land, as either the sole or the principal Source of the Revenue and Wealth of every Country

34The Wealth of Nations

79Chapter 1 Of the Expences of the Sovereign or Commonwealth

35Introduction and plan of the work

801. Of the Expense of Defence

36Chapter 1 Of the Division of Labour

812. Of the Expense of Justice

37Chapter 2 Of the Principle which gives Occasion to the Division of Labour

823. Of the Expense of Public Works and Public Institutions (pt. 1)

38Chapter 3 That the Division of Labour is limited by the Extent of the Market

833. Of the Expense of Public Works and Public Institutions (pt. 2)

39Chapter 4 Of the Origin and Use of Money

844. Of the Expense of Supporting the Dignity of the Sovereign