This book review summarizes and evaluates a new biography on Adam Smith, the famous 18th century Scottish economist. The biography, written by Jesse Norman, aims to rescue Smith from myth and misrepresentation by thoroughly explaining his writings and ideas, which ranged from astronomy to colonialism. Some key points made:
- Norman dispels common myths about Smith, showing he did not advocate ruthless self-interest and believed markets sometimes need curbing, not always producing the best outcomes.
- While Norman provides useful context on Smith's life and times, the review argues he does not sufficiently engage with past scholars like Heilbroner, Rothschild, and Sen who also offered nuanced views of Smith beyond popular myths.
This book review summarizes and evaluates a new biography on Adam Smith, the famous 18th century Scottish economist. The biography, written by Jesse Norman, aims to rescue Smith from myth and misrepresentation by thoroughly explaining his writings and ideas, which ranged from astronomy to colonialism. Some key points made:
- Norman dispels common myths about Smith, showing he did not advocate ruthless self-interest and believed markets sometimes need curbing, not always producing the best outcomes.
- While Norman provides useful context on Smith's life and times, the review argues he does not sufficiently engage with past scholars like Heilbroner, Rothschild, and Sen who also offered nuanced views of Smith beyond popular myths.
This book review summarizes and evaluates a new biography on Adam Smith, the famous 18th century Scottish economist. The biography, written by Jesse Norman, aims to rescue Smith from myth and misrepresentation by thoroughly explaining his writings and ideas, which ranged from astronomy to colonialism. Some key points made:
- Norman dispels common myths about Smith, showing he did not advocate ruthless self-interest and believed markets sometimes need curbing, not always producing the best outcomes.
- While Norman provides useful context on Smith's life and times, the review argues he does not sufficiently engage with past scholars like Heilbroner, Rothschild, and Sen who also offered nuanced views of Smith beyond popular myths.
2 mystery and keep his distance while exer- Adam Smith
cising a ‘large dose of egoism, of pride, of hardness and of ruse’.” For the general, leadership was about creating moments of An enlightened life national exaltation as well as exercising authority and imposing order on his coun- try. He “exhorted the French to believe in themselves as a ‘great’ nation”. Mr Macron seeks nothing less. Rescuing the world’s most famous economist from myth and misrepresentation Mr Jackson is clear-eyed about his sub- ject’s flaws. Throughout the book, he care- fully weighs competing views of de Gaulle’s leadership, from his time as a M ARGARET THATCHER is said to have carried a copy of the “Wealth of Na- tions”, Adam Smith’s most famous work, Adam Smith: Father of Economics. By Jesse Norman. Basic Books; 416 pages; young platoon commander during the first in her handbag. Britain’s most famous $30. Published in Britain as “Adam Smith: world war to his resignation from the presi- economist appears on the back of £20 What He Thought and Why it Matters” by dency in 1969. De Gaulle anticipated tank notes. Yet while a few stock ideas are asso- Allen Lane; £25 warfare, was right in 1940 that the Axis ciated with him—the “invisible hand”, the powers would eventually be defeated, pre- division of labour, self-interest—what he plied economic concepts to new ques- dicted the collapse of the Bretton Woods actually wrote is often misinterpreted. tions, such as slavery, arguing that slave la- system and foresaw America’s inability to Jesse Norman, a British member of par- bour was more expensive than waged win the Vietnam war. Yet he was wrong liament who trained as a philosopher and labour, because slaves had no incentive to about much else, such as his belief in the is one of the Conservative Party’s best produce more than the bare minimum. imminence ofworld war in 1946-47, and his brains, wants to put that right. Author of a Though Mr Norman proceeds at a conviction that France could win its war in celebrated biography of Edmund Burke, brisker pace, he covers much the same Indo-China. An authoritarian conserva- Mr Norman not only explains Smith’s ground as Nicholas Phillipson did in his re- tive, he was slow to see the end of empire writings, which ranged from astronomy to cent intellectual biography of Smith. And and failed to understand the social colonialism, but also shows that they are like Mr Phillipson, Mr Norman peppers his changes sweeping through France during still relevant today. high-minded discussion of Smith’s work the 1960s. A very private man, de Gaulle Smith lived at a time of great change, with details about the economist’s day-to- was also cold, mostly humourless and when the Industrial Revolution was get- day life. Smith spent six miserable years as prone to melancholy. He was accused vari- ting going and more people were question- a student at Oxford University, where he ously of delusional ambition, extravagant ing the authority of religion. Scotland was thought the teaching far inferior to what he showmanship, duplicity, pig-headedness in many ways a more progressive place could get in Scotland. and worse. than England, and, as a professor of moral Some readers will find Mr Norman’s philosophy at Glasgow University, Smith busting of Smith-related myths to be the The great adaptor was right at the heart of it. book’s most satisfying theme. Contrary to Ultimately, though, Mr Jackson is an admir- In the “Wealth of Nations” and his less what is often assumed, the Scot did not ad- er. He sees de Gaulle’s great quality as his famous work, “The Theory of Moral Senti- vocate ruthless self-interest. The very first ability to adapt to circumstance. The gen- ments”, Smith expounded the benefits of sentence of “The Theory of Moral Senti- eral left France in June 1940, his suitcases these changes. His enthusiasm for free ments” reads: “How selfish soever man lashed to the top of a tiny plane, ultimately thinking set him on the path to atheism, may be supposed, there are evidently bound, he thought, for north Africa. But he though he did not travel as far down it as some principles in his nature, which inter- stayed in London, where he first landed, his friend David Hume did. He believed est him in the fortune of others, and render and turned exile in suburban England into that free trade was a force for good. He ap- their happiness necessary to him, though glorious resistance. he derives nothing from it except the plea- When his options narrowed, he adjust- sure of seeing it.” ed policy, often ruthlessly. He was dubious Smith’s notion of the “invisible hand” about Algerian independence, but after an is also misunderstood. The term is often attempted coup by generals determined to taken to mean that the market will always cling on to the north African territory, he produce the best outcome. The reality is granted himself emergency powers and more complex. True, Smith believed in ceded it—a decision for which a swathe of markets—and to a radical extent. But he the nationalist right never forgave him. saw many instances where markets need- “Only during crises do nations throw ed to be curbed. Smith was even sympa- up giants,” de Gaulle once told a reporter. thetic to limits on interest rates charged on As immodest as he was frugal (he paid his loans, a policy that few modern econo- own electricity bills in the presidential mists would support. apartment), the wartime leader of the Free Mr Norman gets all this right, but he is French had both the political stature and not the first to do so. Robert Heilbroner’s the unshakable self-belief necessary to re- “The Worldly Philosophers”, published in write the national narrative and secure 1953, offered a fairly nuanced understand- France the respect he felt it was due. Mr ing of what Smith stood for. More recently Macron, who seeks to do the same, lacks Emma Rothschild, one of the world’s best the stature but has the self-belief in spades. historians of economic thought, and De Gaulle “saved the honour of Amartya Sen have written widely on the France”, says Mr Jackson at the end of this “uses and abuses” of Smith. Yet the book book. Perhaps; or maybe his real achieve- cites few of their contributions—not even a ment was to persuade the French that they fascinating paper Ms Rothschild wrote in saved their own honour. 7 Smith myths dispelled 1994 which explores Smith’s use of the 1 The Economist July 28th 2018 Books and arts 65
2 phrase “invisible hand”. Ecology
The book also does an unsatisfactory job of dealing with Smith’s critics. Writers The rise and fall from Murray Rothbard to Joseph Schum- peter to Salim Rashid have argued that of bees Smith’s ideas are poorly thought through, even plagiarised. Mr Norman accepts that Smith’s discussion of what constitutes val- Buzz: The Nature and Necessity of Bees. By ue is confused, but he has too little time for Thor Hanson. Basic Books; 304 pages; $27. the naysayers. He dismisses Rothbard’s cri- Icon Books; £16.99 tique in a footnote as “manifestly unfair and inaccurate” without explaining why; Schumpeter’s objections are batted aside; Mr Rashid’s work is not mentioned at all. B EES are wasps that went vegetarian. This was a brilliant evolutionary move: they now outnumber wasps by around As a result the book’s big claims about three to one. Instead of hunting creatures Smith, including that the “Wealth of Na- that would rather not be eaten, they turned tions” is “the greatest work of social sci- to living things that offered themselves on ence ever written”, are not convincing. a plate. Bees and flowers evolved together The author is on safer ground when he in a gorgeous spiral of mutual dependence. explains the relevance of Smith’s ideas to- Nectar and pollen feed the bees; in return, day. Economists, especially in America, in- the plants get to procreate. creasingly worry that capitalism has be- Humans are beneficiaries, too. These come too cosy—or “rigged”, as President during the war; “The Removes”, her fourth days honey is seen as a minor treat, but for Donald Trump puts it. Smith got there first. novel, focuses not only on Custer but also hunter-gatherers it was essential: members He fretted that the capitalists would al- on his striking wife, Libbie, and Anne, a of the Hadza, a tribe in Tanzania, get as ways try to exploit ordinary people, young woman abducted by the Cheyenne much as 15% of their calories from honey, whether by shaping regulation to their ad- as a girl of15. not including nutrition from the larvae and vantage or by fixing prices. “The rate of The novel switches back and forth be- pollen they also consume. Of all the foods profit...is always highest in the countries tween these three perspectives, taking its in nature, honey is the richest in energy. which are going fastest to ruin,” he argued. title from Anne’s constant uprooting with “The need to feed our big, hungry brains America’s corporate-profit rate is currently the nomadic Cheyenne as they move may help explain why we crave it,” Thor at historical highs. Had regulators read camp through the seasons, European set- Hanson explains in “Buzz”, a book of pop- more Smith, the American economy might tlers at their backs; it also alludes to the ular science at its intelligent best. be in better shape. 7 eventual removal of the native people The 20,000 species of wild bees are from their land. Ms Soli’s Custer arrives out even more important than the domesticat- west in the summer of 1874, fully aware of ed kind, through their role in pollinating American fiction the nature of the bargains being struck. The crops. That is why the problems afflicting sacred Black Hills have been “promised to both domestic and wild bees represent a Tragedy of the the Sioux in perpetuity, in this case defined danger for people, too. as until the government had other ideas for A decade ago, stories of “colony col- Greasy Grass its use”. Ms Soli never minimises the geno- lapse disorder” and crashing bee popula- cide, but all the characters emerge as vic- tions led to predictions of imminent eco- tims of the notion of progress. logical disaster. When the “beepocalypse” That the conclusion of the novel is fore- failed to materialise, humanity lost inter- The Removes. By Tatjana Soli. Sarah Crichton ordained does nothing to diminish its ten- est, but the insects’ problems persist. Mr Books, 384 pages; $27 sion. Plot depends on character: the author Hanson cites an authoritative survey
T HE United States was days from its cen-
tennial when the Battle of the Little Big- horn was fought. In June 1876 the Seventh brings to life both Custer and Libbie—who travelled with him almost everywhere after their marriage during the American showing that around 40% of bee species globally are in decline or threatened with extinction. Beekeepers in North America Cavalry, led by the flamboyant General civil war. Anne’s story is wholly fictional, and Europe are losing hives at an abnor- George Armstrong Custer, was vastly out- but influenced by “captivity” narratives mally high rate. numbered in what was then Montana Ter- published in America from the 17th cen- Why? Diana Cox-Foster, an entomolo- ritory by warriors of the Lakota and Chey- tury onwards. Perhaps because Ms Soli has gist, offers Mr Hanson the theory of the enne people; the soldiers were slaughtered most licence with Anne, it is her tale that four Ps: parasites, poor nutrition, pesti- to a man. The bloodbath was nicknamed stays with the reader most keenly; it is cides and pathogens. Widespread culling Custer’s Last Stand, but in truth it was the through her that the author is able to ex- of flowers is a particular problem. “People last stand for the people of the great plains plore most fully European and native look across a park or a golf course and of North America. Custer’s death made the American identity. think it’s green and lush, but to a bee it’s American government more determined Ms Soli honours the history she uses to like a desert or a petrified forest—there’s to drive the country’s indigenous popula- tell her tale by the care she takes with her nothing to survive on,” she says. tion from their lands, and to destroy their storytelling, and by the way she laces The remedies are clear, according to Mr ancient cultures. through the book documents and photo- Hanson: “providing landscapes with more The story of the Greasy Grass (as the graphs from the era. She does not shy away flowers and nesting habitat, reducing pes- battle was known by its short-term victors) from violence, but nor does she revel in it; ticide use, and stopping the long-distance and its aftermath has been told so often most notably, the climactic battle is barely movement of domestic bees (and the that it has become myth: tricky territory for described. But by that point the reader’s pathogens that travel with them).” Fewer a novelist. But this is not Tatjana Soli’s first imagination has been well-schooled by bees will mean fewer plants and therefore foray into painful history. “The Lotus Eat- the author’s art: the horror is more vivid for less to eat and less oxygen to breathe. Time ers”, her debut novel, was set in Vietnam being created in the mind’s eye. 7 to take their problems seriously. 7 Reproduced with permission of copyright owner. Further reproduction prohibited without permission.