Monday, July 18, 2005

Smithian Moral Markets

The Times of Malta 18 July 2005

Continuing the moral theme, Gordon Brown, addresses an EU meeting and his speech is reported by Joseph Muscat, obviously impressed with his performance (though he thought it did not quite match Tony Blair’s earlier in the week).

Muscat’s article introduces original themes by Adam Smith into Malta and, clearly, Gordon Brown, properly understands Adam Smith’s legacy:

The invisible and the helping hand
Joseph Muscat

“Finally, the Chancellor of the Exchequer [Gordon Brown] stressed that, in a time of unprecedented globalisation, there is more than ever the need for a social model that protects people from poverty. Taunted about the fact that he hails from Adam Smith's birthplace, he replied that the Scotsman did not write only about the "invisible hand" (in Inquiry Into The Nature And Causes Of The Wealth Of Nations) but also about the "helping hand" (in The Theory of Moral Sentiments). This is the essence of his approach.”

The author, Mr Muscat, is a Labour member of the European Parliament and a member of the Economic and Monetary Affairs Committee.


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