The ideology of the thought of Adam Smith
Keywords:
Free change, invisible hand, moral philosophy, laiseez-faire, economic racionality, neoliberalism, desregulation, financial crisisAbstract
This paper examines the process of ideologization of Adam Smith’s thought. In The Wealth of Nations (1776), Smith embraced free enterpriseas the foundational principle of nascent capitalism. The concept of the invisible hand –a metaphysical idea– helped give cohesion to anewborn science that offered a more dynamic and realistic explanation of the wealth of nations. The conceptual success of the invisible hand gave strength to the older to the maxim of laissez faire of businessmen,so much so that the latter replaced the former. The process of ideologization attained its most aggressive form in the second half ofthe XX century at the hand of a neoliberalism (Knight, Mises, Hayek,Stigles, Seldon, Friedman) that proclaimed an untrammeled capitalism.At least in the United States, this led to the elimination of laws such as Glass-Steagall, a deregulatory wave that explains much –if not all– the current financial crisis.
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