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Defence is of Much More Importance than Opulence—Adam Smith on the Political Economy of War

In: Power and Responsibility

Author

Listed:
  • Heinz D. Kurz

    (University of Graz, RESOWI-Zentrum EF)

Abstract

The paper discusses Adam Smith’s political economy of war. Wars were considered by him as one way of increasing the wealth of a nation and the power of the king. Since the speed of socioeconomic development differs between nations, this raises a problem for the continuation of the process of civilization. Rich nations, in which the commercial spirit has replaced the martial spirit, are vulnerable and in danger of being attacked by “barbarian” ones. The “wisdom of the state” is needed to avoid the process of civilization coming to a halt by financing a standing army and supporting a militia. Smith stresses that “defence is of much more importance than opulence” and praises the virtues of the soldier who is willing to defend his country at the cost of sacrificing his life. Selfishness is not all that is needed in order to yield socially beneficial outcomes.

Suggested Citation

  • Heinz D. Kurz, 2023. "Defence is of Much More Importance than Opulence—Adam Smith on the Political Economy of War," Springer Books, in: Martin A. Leroch & Florian Rupp (ed.), Power and Responsibility, pages 31-43, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-23015-8_3
    DOI: 10.1007/978-3-031-23015-8_3
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    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War

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