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Adam Smith BertrandTwo British Philosophers Forays into Economics A Note on Our Times The world is seeing the largest mass protests against police violence since the Deathof Dr King . I am a resident of the suburbs of Minneapolis The United States has officially entered a recession 40 000 000 unemployed COVID 19 has killed more than 110 000 AmericansOn the recession Smialek Jeanna The U S Entered a Recession in February The New York.Times June 8th 2020 Accessible at https www nytimes com 2020 06 ... conomy us economy recession 20... On The deaths from COVID see the John sHopkins University database Accessed June 9 th .2020 Accessible at https coronavirus jhu edu map ... The memorial to George Floyd Minneapolis 6 8 2020One block from Lafayette Park Washington D C Wednesday June 3rd 2020. The importance of Anti racism Smith There is not a negro from the coast of Africa who does not in this respect possess a degree of magnanimity which the soul of his sordid master is too oftenscarce capable of conceiving Fortune never exerted more cruelly her empire overmankind than when she subjected those nations of heroes to the refuse of the jails of.Europe to wretches who possess the virtues neither of the countries which they comefrom nor of those which they go to Russell The fallacies about race and blood which have always been popular andwhich the Nazis embodied in their official creed have no objective justification theyare believed solely because they minister to self esteem and towards the impulse.towards cruelty Smith Adam Theory of Moral Sentiments Penguin Books 2009 Page 241 2 Russell Bertrand An Outline of Intellectual Rubbish in The Basic Writings of Bertrand Russell Routledge Classics 2009 Pages 56 Smith and Russell An Unstudied We know that Russell was familiar with Smith yet he virtually never cited him directly. As a result literature exploring the two thinkers relations despite their similarities isnot well developed I aim to help point to a few interesting areas of discussion both thinkers touched on often in similar ways Where there are differences important lessons can be learned. Russell on Smith H e has not the qualities possessed byfounders of sects He is sensible moderate unsystematic he always admits limitations He is a pleasant old gentleman with the.comfortable eighteenth century characteristicof holding no doctrine more firmly than agentleman should Freedom and Organization RoutledgeClassics Page 69 . Exploring this Relationship A Brief note on Economic History and the History of Economic Thought Smith Russell on Theories of Motivation Theory of combination. On the role of the working class wage earners Theory of the State Closing remarks Economic Thought in the Pre industrial Era. How weary stale flat andunprofitable Seem to me all the uses of this world Fie on t ah fie tis an unweededThat grows to seed things rank and.gross in naturePossess it merely That it shouldcome to this Shakespeare William The Tragedy of Hamlet Prince of Denmark Yale University Press 1954 Act II scene i Page 22 The Intellectual Revolution a.Modest Note Intellectual classes previously privileged speculative sciences theology astronomy Economics as a discipline arises in the context of the state building projects of theEarly Modern period After the wars of religion during the first period of state centralization ex Louis XIV .Colbert France Mercantilism as a complex school of thought Smith virtually defined in his famousopposition to it State Building By contrast a state with barely 1 2 percent of national income in tax receipts as.was the norm in the pre industrial era is condemned to be a weak state incapable of maintaining order and Carrying out even the minimal functions of thenight watchman state By this measure most states around the world were weakuntil relatively recent times this is true of European states until the sixteenthcentury and of the Ottoman and Chinese states until the nineteenth century .Thomas Piketty French Economist Piketty Thomas Capital and Ideology Harvard Belknap Press 2020 Page 368 Adam Smith and theIndustrial Intellectual Revolution It was an immense step forward for Adam Smith to throw out.every limiting specification of wealth creating activity not onlymanufacturing or commercial or agricultural labour but one aswell as the others labour in general but Indifferencetowards any specific kind of labour presupposes a verydeveloped totality of real kinds of labour of which no single one.is any longer predominant As a rule the most generalabstractions arise only in the midst of the richest possibleconcrete development where one thing appears as common tomany to all Here then for the first time the point ofdeparture of modern economics namely the abstraction of the.category labour labour as such labour pure and simple becomes true in practice Marx Karl Grundrisse Foundations of the Critique of Political Economy Penguin Classics 1993 Karl Marx German Economist The Upshot What we have is an intellectual on top of an industrial revolution. The proliferation of a complex division of labor which nobody either before or afterA Smith ever though of putting such a burden upon proves revolutionary This provides the subject matter for modern economics microeconomic statics macroeconomic dynamics and the institutions of the market economySchumpeter Joseph History of Economic Analysis Oxford University Press 1981 1954 Page 187 . Adam Smith and Bertrand Russell Important Disclaimer Adam Smith and Bertrand Russell s views on these issues needto be situated in radically different historical contexts Smith Early modern commercial society with a weak state and an unformed urbanproletariat. Russell The apex of liberal capitalism before it collapsed with a strong state and ahighly concentrated urban proletariat Roadmap Redux Smith Russell on Theories of Motivation. Theory of combination On the role of the working class wage earners Theory of the State Closing remarks The Theory of Motivation. Conventional economic utilitarianism More is better because more is more Adam Smith The end of avarice and ambition is not to supply the necessaries ofnature Rather it is the vanity not the ease or the pleasure which interests us For Smith wealth is a matter of showing social achievementSmith Adam Theory of Moral Sentiments Penguin Classics Pages 62 63 2009 . Russell on Motivation Machines and the Emotions Why do we in fact almost all of us desire to increaseour incomes It may seem at first sight as thoughmaterial goods were what we desire But in fact we.desire these mainly in order to impress our neighbors One of the most powerful of all our passions is the desireto be admitted and respected Russell Bertrand Machines and the Emotions in Sceptical Essays Routledge Classics 2004 1928 Page 66 Status in Society. For Smith a measure of folly for the landowning class For Russell a means to construct a society no longer reliant on the profit motive For both useful For Smith an incentive that will extinguish itself For Russell one that could prove its use again. Combinations Groupings of economic agents acting in tandem to achieve their own self enrichment In neoclassical economics combinations as structural agents are downplayed rationalchoice theory Per contra in Smith and Russell political combinations and economic classes are vital. Combinations in Adam Smith The classes of revenue workers wages landowners rent merchants andmanufacturers profit the state taxes In Russell more focus on the class conflict between labor and capital State capitalism plutocratic or state socialism totalitarian as manifestations of raw state. Smith s Story A revolution of the greatestimportance Merchants and Manufacturers can easily combine together develop at the expenseof agriculture Landlords as essentially idle but whose political power is consequently threatened. The transfer of power is political but derives from the increased economic strength ofthe bourgeois classBook III Wealth of Nations Penguin Classics 1999 Page 515 Book II page 229 Russell s Rejoinder What about the working class . In Smith the working class is not yet formed Trade unions are not legalized in the UK until 1824 During this period the economic basis of socialism is created The vital democratizing and emancipatory roleof the working class eventually draws Russell to socialism.Russell Bertrand Freedom and Organization 2010 1934 Page 66 The similarity Self ownership in property for Smith self government for Russell The Problem Smith The unaccountable power of landlords and the monarchy. Russell The plutocratic control of the state by capital Yet both resist the siren song of state ownership over enterprise The State Recall Piketty In Smith s time the state is despotical and lacks the technical means toadminister production. In Russell s time the State is so formidable it may be impossible to challenge if giveneconomic as well as political power The emancipatory power freeassociation Smith system of natural liberty versus the commercial system . Russell guild socialism versus state socialism and state capitalism Lessons for today The importance of historical context The relevance of both Smith and Russell The need for a new economy.Presented to the Bertrand Russell Society June 20th 2020Penguin Books. 2009. Page 241-2.Russell, Bertrand. â€œAn Outline of Intellectual Rubbishâ€ in â€œThe Basic Writings of Bertrand Russellâ€. Routledge Classics. 2009. Pages 56. Smith and Russell: An Unstudied Story. ... Where there are differences, important lessons can be learned.