The Real Adam Smith: Morality and Markets - Full Video

The Real Adam Smith: A Personal Exploration by Johan Norberg, takes an intriguing, two-part look at Smith and the evolution and relevance of his ideas today, both economic and ethical. It’s difficult to imagine that a man who lived with horse drawn carriages and sailing ships would foresee our massive 21st century global market exchange, much less the relationship between markets and morality. But Adam Smith was no ordinary 18th century figure. Considered the “father of modern economics,” Smith was first and foremost a moral philosopher. The revolutionary ideas he penned in The Wealth of Nations and The Theory of Moral Sentiments, changed the world.

Morality and Markets is the first hour, which takes an intriguing look at Smith, his background and the evolution of his ideas, both economic and ethical. Norberg travels Europe to locales where Smith was born, educated and spent his life teaching, writing and advocating his revolutionary ideas on markets and human morality.

Chapters

0:00 Introduction
2:16 Smith’s Early Years
14:58 Morality & Impartial Spectator
19:10 Theory of Moral Sentiments
24:47 Mr. Smith Goes to Paris
29:45 Division of Labor
33:34 Self-Interest & Invisible Hand
37:24 Natural Liberty
42:33 Monopolies & the US Colonies
50:19 Wealth of Nations
53:43 Conclusion

[amirzainudin]

1:24 'It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest'

[JimtheDMD]

Just superb! The common ignorance and false knowledge of today's "economic experts" needs to be swept aside. All freshmen and women need a course of Adam Smith's teaching to start college.

[elkanr]

Perhaps this man's work has done more for humanity (in the last 250 years at least) than any other human being?

[seinundzeiten]

Adam Smith was not only a genius but also a saint-like figure.

[talonkade]

Thanks a lot for these 2 great documentaries on Adam Smith . I was motivated to purchase Wealth of Nations and Moral sentiments and am reading them now. These 2 documentaries were a much needed and useful intro to Adam Smith's life and his monumental works
Kudos. Keep up the excellent work

[rockandrollstar]

Brilliant video as a aspiring economist I find this fascinating

[lookwhatifound]

Wonderful video. Now I need to read The Theory of Moral Sentiments.

[martenhulterstrom]

Johan Norberg, du är bara bäst! Sluta aldrig.

[abdulkaderjaleelmuhammad]

A great production in both form and content to honor a great man. I enjoyed it. God bless you.

[dennismorris]

Excellent and fascinating, all at once. A compelling production. Thank you for sharing it with us all.

[vinm]

What a fantastic video. 5/5
There is much more to Adam Smith than free market economics,
for instance he put the boot into the Catholic Church :-
Adam Smith : "The Church was the most formidable combination ever against the liberty, reaosn and happiness of mankind "

[Avidcomp]

I can't help but think that leaving his estate to the poor was his mistake. I would bet that his fortune had long been frittered away, whereas had he created an Adam Smith Institute during his own time, then today's Adam Smith Institute might have covered more ground from an earlier starting point and been of significant influence over government intervention that there would be far less poverty today and far more charity to support the lesser remaining poor.
Very well made and enjoyable to watch documentary.

[joseperez]

A well researched documentary, please produce more about other classics.

[guharup]

A proper intellectual giant. Conscientious yet practical

[billsmith]

very good presentation....the Wealth of Nations lies within all of us.

[jeffeusa]

Excellent documentary, please share with other people, youtube can be a very good tool to educate ourselves and others

[okboomer]

The Ambient Level of Corruption. At 7:00-ish, the biographer, backed by Norberg's commentary, explains Smith's observation of "trust" underpinning all trade; that trust is the founding principle which allows markets to prosper. This trust is measured by a society's/market's Ambient Level of Corruption. The lower the level, the higher the trust, and the greater the prosperity. What instills/establishes the various Ambient Levels of Corruption in each country/society is the ultimate question.

[SteveScottRootsMusic]

Few actually read Adam Smith beyond the introduction. He does mention an "invisible hand" like once in Wealth of Nations, but it's in reference to the deleterious effects of free capital flow: what we now call neo-liberalism/globalization. He also says division of labor IS efficient, but, further on he says, it is the worse possible condition for man.

[johnburns]

Smith was probably the first to record the importance of _land._ Land absorbs a communities wealth, and needs reclaiming to pay for the communities services.

[MilciadesAndrion]

This video has important teachings of Adam Smith as he explained that the Invisible Hand was a term to describe what happens when we act in our own self interest and the “impartial spectator” as an analysis of the evolution of morality.