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Of the Process of Negotiation

In: Adam Smith’s Lost Legacy

Author

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  • Gavin Kennedy

Abstract

In negotiation, voluntary exchange is free of coercion. Both of us transact not because we like or love each other (though that is not precluded), but because we want something from each other. The negotiated decision settles the terms of exchange. I can only get what I want (my selfish side) by giving to you what you want (my unselfish side), and you can only get what you want (your selfish side) by giving me what I want (your unselfish side). The transaction transforms our selfishness into a mutually wilful exchange (unless either or both of us declines the terms of the transaction). Each of us in the content of our offers exhibits our unselfish side in exchange for our selfish demands.

Suggested Citation

  • Gavin Kennedy, 2005. "Of the Process of Negotiation," Palgrave Macmillan Books, in: Adam Smith’s Lost Legacy, chapter 24, pages 108-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51119-4_24
    DOI: 10.1057/9780230511194_24
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