Adam Smith
Modern image we have of Smith emerged to justify connection b/w democracy and capitalism
Free markets vs Market freedoms
Believed market society was fairer than feudal system (or any other form of society they have ever known)
More a moral philosopher than an economist
In Locke-ian sense of non-domination
Concerned w/ same issue as Locke
Radical for advocating for high wages, critic of labor market
Believed that certain markets should not be free
Smith advocated for free trade
Opposed gov't sponsered grain subsidies
Wants to know how we can enjoy benefits of private property while sustaining liberty and equality
Adam Smith dissapproved of laws against labor unions
Also we can be a market society but not advocate free markets
Free markets: Believes market will correct itself
Locke talks about the state of nature the way he does not because of naiveté, but because it's a thought experiment
Smith is more interested in what actually happens to the laborer when ppl can't have the land they need
Laborer will work for someone else: What happens to our theory then?
Once wages come into play, contract can no longer be made equally
Locke doesn't talk about wages because he's thinking about a single independent workman (w/ sufficient stock to purchase the materials of his work, and take care of himself till it comes thru)
As soon as land becomes private property, most of us have to work to the person who works for the land
Smith breaks lockeian ideal of individualism = independence
Individualism connected to interdependence (what a market economy involves), necessary to one another
Ppl need to sell their labor
Is the contract used for that fair? And if not, what needs to happen to make it fair?