The Scottish economist Adam Smith, who understood the ways in which the market would transform human relations already at the dawn of liberalism.

3,287 words

Part 1 of 3 (Introduction Part 1 here, Chapter I Part 1 here)

Translated by F. Roger Devlin

Liberalism must, however, recognize the fact of society. But instead of asking why the social realm exists, liberals are mainly preoccupied with understanding how society is able to establish itself, maintain itself, and function. Society, as we have seen, is for them nothing but the sum of its members (the whole is nothing but the sum of its parts). It is nothing but the contingent product of individual wills, a mere assemblage of individuals all seeking to defend and satisfy their particular interests.