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An Ordoliberal Interpretation of Adam Smith

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  • Klump Rainer
  • Wörsdörfer Manuel

Abstract

The aim of the following paper is to examine the complementarities (and divergences) between the ‘Paleo-liberal’ Adam Smith and the Ordoliberal Walter Eucken. Following the hypothesis that Smith is among the forerunners and predecessors of Ordoliberalism and Social Market Economy, we try to provide the reader with an insight into the socio-political philosophy of Smith and Eucken pointing at similarities and differences alike. Therefore, we base our examination on a systematic primary source text analysis comparing the books and essays written by Eucken and Smith. The paper tackles these questions in two main steps: The first part highlights Smith’s and Eucken’s complex and interdependent system of natural liberty. The second section reviews Smith’s and Eucken’s philosophy of the state.

Suggested Citation

  • Klump Rainer & Wörsdörfer Manuel, 2010. "An Ordoliberal Interpretation of Adam Smith," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 61(1), pages 29-52, January.
    • Handle: RePEc:bpj:ordojb:v:61:y:2010:i:1:p:29-52:n:5
    DOI: 10.1515/ordo-2010-0105
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    References listed on IDEAS

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    1. Irma Adelman & Jairus M. Hihn, 1983. "The Political Economy of Investment in Human Capital," International Economic Association Series, in: Paul Streeten & Harry Maier (ed.), Human Resources, Employment and Development Volume 2: Concepts, Measurement and Long-Run Perspective, chapter 5, pages 117-146, Palgrave Macmillan.
    2. repec:ilo:ilowps:211035 is not listed on IDEAS
    3. McCloskey, Deirdre Nansen, 2006. "The Bourgeois Virtues," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556635, December.
    4. Nathan Rosenberg, 1960. "Some Institutional Aspects of the Wealth of Nations," Journal of Political Economy, University of Chicago Press, vol. 68(6), pages 557-557.
    5. Andreae W., 1962. "Die Sozial- und Wirtschaftsphilosophie des Neoliberalismus," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 174(1), pages 136-144, February.
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    Cited by:

    1. Scott Drylie, 2020. "Professional Scholarship from 1893 to 2020 on Adam Smith’s Views on School Funding: A Heterodox Examination," Econ Journal Watch, Econ Journal Watch, vol. 17(2), pages 350–391-3, September.
    2. Horn, Karen, 2019. "The difficult relationship between historical ordoliberalism and Adam Smith," Freiburg Discussion Papers on Constitutional Economics 19/3, Walter Eucken Institut e.V..
    3. Manuel Wörsdörfer, 2012. "Walter Eucken on Patent Laws: Are Patents Just ‘Nonsense upon Stilts’?," Economic Thought, World Economics Association, vol. 1(2), pages 1-3, December.

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