The impartial spectator and the pursuit of interest in commercial society: A dual-text reading of Adam Smith for contemporary business and management

Abstract

This article encourages a dual reading of Adam Smith's Theory of Moral Sentiments (TMS) and Wealth of Nations (WoN). The combined messages are important for contemporary business and management. One of the most important teachings from Adam Smith is that he makes us aware of the importance of an equilibrium between our own interests and those of individuals whom we deal and interact with in our economic life. When this is achieved with the help of the impartial spectator, in a well governed society, where there is simultaneous respect from individuals and the law for the natural flow of the economy, it is possible to achieve our own interests and those of our counterparts, and most important, we can project benefits, which may be unintended, to the society as a whole. Through this Smithian lens, we can see that business and management have a concern not only with economic projection, but also with the plurality of economic and social pursuits.