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Adam Smith's Conceptualization of Power, Markets, and Politics

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  • John Elliott

Abstract

This paper argues that Adam Smith is a/the "founding father figure" of modern social/political economy as well as economics. Smith wrote extensively and insightfully on the subject of power , and thereby class and stratafication in society. This paper explicates four main types of power relations in Smith's analysis, notably drawing on the Wealth of Nations : wealth power, monopoly power, employer power, and political power. Smith's focus on power helps to differentiate his broader vision and rich discourse from that of many contemporary neoclassical writers and sharpens our appreciation for his contributions to social and political economy.

Suggested Citation

  • John Elliott, 2000. "Adam Smith's Conceptualization of Power, Markets, and Politics," Review of Social Economy, Taylor & Francis Journals, vol. 58(4), pages 429-454.
    • Handle: RePEc:taf:rsocec:v:58:y:2000:i:4:p:429-454
    DOI: 10.1080/00346760050204292
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    References listed on IDEAS

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    1. Wintrobe,Ronald, 2000. "The Political Economy of Dictatorship," Cambridge Books, Cambridge University Press, number 9780521794497, November.
    2. Jeffrey T. Young, 1997. "Economics as a Moral Science," Books, Edward Elgar Publishing, number 842, December.
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    Cited by:

    1. Joachim Zweynert, 2013. "How German is German neo-liberalism?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(2), pages 109-125, June.
    2. Katharina Biely & Dries Maes & Steven Van Passel, 2018. "Market Power Extended: From Foucault to Meadows," Sustainability, MDPI, vol. 10(8), pages 1-23, August.
    3. Zweynert, Joachim, 2007. "Die Entstehung ordnungsökonomischer Paradigmen: Theoriegeschichtliche Betrachtungen," HWWI Research Papers 5-2, Hamburg Institute of International Economics (HWWI).

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