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Inventing the Market: Smith, Hegel, and Political Theory

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  • Herzog, Lisa

    (Postdoctoral researcher at Goethe University Frankfurt and Institut fur Sozialforschung)

Abstract

Inventing the Market: Smith, Hegel, and Political Theory analyses the constructions of the market in the thought of Adam Smith and Georg Wilhelm Friedrich Hegel and discusses their relevance for contemporary political philosophy. Combining the history of ideas with systematic analysis, it contrasts Smith's view of the market as a benevolently designed 'contrivance of nature' with Hegel's view of the market as a 'relic of the state of nature.' The differences in their views of the market are then connected to four central themes of political philosophy: identity, justice, freedom, and history. The conceptualization of the labour market as an exchange of human capital or as a locus for the development of a professional identity has an impact on how one conceptualizes the relation between individual and community. Comparing Smith's and Hegel's views of the market also helps to understand how social justice can be realized through or against markets, and under what conditions it makes sense to apply a notion of desert to labour market outcomes. For both authors, markets are not only spaces of negative liberty, but are connected to other aspects of liberty, such as individual autonomy and political self-government, in subtle and complex ways. Seeing Smith's and Hegel's account of the market as historical accounts, however, reminds us that markets are no a-historical phenomena, but depend on cultural and social preconditions and on the theories that are used to describe them. The book as a whole argues for becoming more conscious of the pictures of the market that have shaped our understanding, which can open up the possibility of alternative pictures and alternative realities.

Suggested Citation

  • Herzog, Lisa, 2013. "Inventing the Market: Smith, Hegel, and Political Theory," OUP Catalogue, Oxford University Press, number 9780199674176.
    • Handle: RePEc:oxp:obooks:9780199674176
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    Cited by:

    1. Łukasz Hardt, 2023. "On the Modelling Method in Adam Smith’s Economic Thought," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 3-18.
    2. Cristian Timmermann & Georges Félix, 2015. "Agroecology as a vehicle for contributive justice," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 32(3), pages 523-538, September.
    3. Flavia Di Mario & Andrea Micocci, 2017. "Smith’s invisible hand: controversy is needed," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(1), pages 53-82, November.
    4. Kremser Christian E. W., 2018. "Positive Wirtschaftsanalyse oder normativer Wirtschaftsentwurf?: Adam Smiths kommerzielle Gesellschaft als wirtschaftspolitische Utopie," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 67(2), pages 219-245, August.
    5. Michele Bee & Luiz Felipe Bruzzi Curi, 2024. "Agreement is money: Beyond the chartalist reading of Adam Smith," Textos para Discussão Cedeplar-UFMG 666, Cedeplar, Universidade Federal de Minas Gerais.
    6. Daniel Nientiedt, 2019. "Metaphysical justification for an economic constitution? Franz Böhm and the concept of natural law," Constitutional Political Economy, Springer, vol. 30(1), pages 114-129, March.

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