Adam Smith insisted that the free market could not prosper without shared virtues within a society. Can societies have virtues? Adam Smith’s virtues are below. Explore Smith’s social virtues, but also look around the “index of corruption” of transparency.org. Then also consider the review of further research as discussed in the New York Times article, “Would you return this lost wallet?” By Pam Belluck.
What are some of the patterns you see? Are there commonalities or outliers at the top or bottom of the index? Where is the US located? In 1995, we were 15th.
If this is true, it might explain why some “undeveloped” countries have become first world economically, and others have continued to stagnate or decline. You may be interested in looking at Iraq and Afghanistan. If this reasoning is true, are we likely to be able to develop a stable free-market democracy in either of these two countries?
Finally, looking at Adam Smith’s virtues for society, what are some of the strengths in the US, what are some of the weaknesses, and if Smith is correct, should we be optimistic or have reason to be concerned? Does ethics in society affect overall prosperity and the proper functioning of a free market?
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