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Adam Smith’S Essentials: On Trust, Faith, And Free Markets

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  • EVENSKY, JERRY

Abstract

When trust is shaken, individuals pull back and the market system contracts. Where trust grows, individual energy and creativity are unleashed and the system grows. In Adam Smith’s vision of humankind’s progress, trust is the central theme.The Great Recession represents a classic case of a crisis of trust. Looking back to the work of Smith offers insight into the role of citizens and the State in creating an fruitful market environment based on trust, and the challenge of this process, given the human frailty of individuals (unfortunately, we are not angels) and the potential for State power to be captured and abused.

Suggested Citation

  • Evensky, Jerry, 2011. "Adam Smith’S Essentials: On Trust, Faith, And Free Markets," Journal of the History of Economic Thought, Cambridge University Press, vol. 33(2), pages 249-267, June.
    • Handle: RePEc:cup:jhisec:v:33:y:2011:i:02:p:249-267_00
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    Cited by:

    1. Hommelhoff, Sabine & Richter, David, 2017. "Refuting the cliché of the distrustful manager," European Management Journal, Elsevier, vol. 35(2), pages 164-173.
    2. Abbas Mirakhor, 2014. "The Starry Heavens Above and the Moral Law Within: On the Flatness of Economics," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 186-193, May.
    3. Liu, Dan & Meagher, Kieron J. & Wait, Andrew, 2022. "Market conditions and firm morality: Employee trust in the honesty of their managers," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 89-106.
    4. Gregory Wolcott, 2018. "The Rehabilitation of Adam Smith for Catholic Social Teaching," Journal of Business Ethics, Springer, vol. 149(1), pages 57-82, April.

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