The Real Adam Smith: Morality and Markets - Full Video

The Real Adam Smith: A Personal Exploration by Johan Norberg, takes an intriguing, two-part look at Smith and the evolution and relevance of his ideas today, both economic and ethical. It’s difficult to imagine that a man who lived with horse drawn carriages and sailing ships would foresee our massive 21st century global market exchange, much less the relationship between markets and morality. But Adam Smith was no ordinary 18th century figure. Considered the “father of modern economics,” Smith was first and foremost a moral philosopher. The revolutionary ideas he penned in The Wealth of Nations and The Theory of Moral Sentiments, changed the world.
Morality and Markets is the first hour, which takes an intriguing look at Smith, his background and the evolution of his ideas, both economic and ethical. Norberg travels Europe to locales where Smith was born, educated and spent his life teaching, writing and advocating his revolutionary ideas on markets and human morality.
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Chapters
0:00 Introduction
2:16 Smith’s Early Years
14:58 Morality & Impartial Spectator
19:10 Theory of Moral Sentiments
24:47 Mr. Smith Goes to Paris
29:45 Division of Labor
33:34 Self-Interest & Invisible Hand
37:24 Natural Liberty
42:33 Monopolies & the US Colonies
50:19 Wealth of Nations
53:43 Conclusion

[@elkanr]

Perhaps this man's work has done more for humanity (in the last 250 years at least) than any other human being?

[@amirzainudin9965]

1:24 'It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest'

[@JimtheDMD]

Just superb! The common ignorance and false knowledge of today's "economic experts" needs to be swept aside. All freshmen and women need a course of Adam Smith's teaching to start college.

[@seinundzeiten]

Adam Smith was not only a genius but also a saint-like figure.

[@talonkade2729]

Thanks a lot for these 2 great documentaries on Adam Smith . I was motivated to purchase Wealth of Nations and Moral sentiments and am reading them now. These 2 documentaries were a much needed and useful intro to Adam Smith's life and his monumental works Kudos. Keep up the excellent work

[@rockandrollstar6393]

Brilliant video as a aspiring economist I find this fascinating

[@lookwhatifound500]

Wonderful video. Now I need to read The Theory of Moral Sentiments.

[@abdulkaderjaleelmuhammad5259]

A great production in both form and content to honor a great man. I enjoyed it. God bless you.

[@martenhulterstrom9706]

Johan Norberg, du är bara bäst! Sluta aldrig.

[@dennismorris7573]

Excellent and fascinating, all at once. A compelling production. Thank you for sharing it with us all.

[@SteveScottRootsMusic]

Few actually read Adam Smith beyond the introduction. He does mention an "invisible hand" like once in Wealth of Nations, but it's in reference to the deleterious effects of free capital flow: what we now call neo-liberalism/globalization. He also says division of labor IS efficient, but, further on he says, it is the worse possible condition for man.

[@stauffap]

Have they mentioned this in this video series? I haven't finished watching but from reading about the author Johan Norberg it seems highly unlikely to me that he's going to cover Adam Smiths critique of capitalism and the nonsense about the invisible hand, that pretty much has nothing to do with Adam Smiths writings. PS: I forgot to mention that the author is obviously a libertarian, since he's a member of the cato institute - a conservative think tank, known for being largely funded by economic giants, who are obviously interested in spreading information that will make them more money. The cato institute is also known for it's spreading of climate science denial.

[@whocares_today]

Please open the online book Wealth of Nations. The concept of the invisible hand is mentioned only once. The sentence says that capitals and investment will not go to foreign countries because of the morality and patriotism itself, while "doing things" driven by self interest. Let the dear public now think for a second did it happen like this? And more interestingly, how did it happen that a distant idea of the book trying to patch the doubts that self-interest of the few (brexit?) will never harm national economies has been transformed into the central idea of modern capitalism. The invisible hand as described by Smith has nothing to do with markets, it has to do with morality and if we read his other works and put his theory in the context of today you will see that he was right: without morality the invisible hand is not there. Just open the book and read the single sentence for yourself.

[@OneLine122]

Not really, he says that out of security and self interest, people will prefer to buy local over cheap goods from abroad. And in serving his own interest, he unwillingly serves the greater good , or the wealth of the nation as a whole(as if there was an invisible hand). There is actually nothing moral about it, on the contrary. It does not mean he was correct, or maybe he was in his days, when supplies were inconsistent, but today, it is just as secure to buy cheap goods from abroad, since the supply is always there. Moving production abroad is also fairly secure, which is why people do it today, but would not have done it in the past. There is a bigger problem in his book though, which is that the wealth of a nation is a completely useless concept, just like the GDP is useless. It does not mean that people are not starving, or that they share in that wealth. But then again, he was imagining small producers, not big corporations that employ lots of people and keep all the profits. He could not foresee that people would be forced into labor in factories and so on, since there were no factories. But the invisible hand is there, everybody that produces helps the GDP, it just makes no difference for the people that actually work and produce things. But even without this, someone can make huge amount of money, like some artist or trader, and it does not benefit anybody but them, yet it increases the wealth of the nation as a whole.

[@guharup]

A proper intellectual giant. Conscientious yet practical

[@jeffeusa16]

Excellent documentary, please share with other people, youtube can be a very good tool to educate ourselves and others

[@BinanceUSD]

Wonderful : ) a big thank you from the heart

[@joseperez1464]

A well researched documentary, please produce more about other classics.

[@vinm300]

What a fantastic video. ***** 5/5 There is much more to Adam Smith than free market economics , for instance he put the boot into the Catholic Church :- Adam Smith : "The Church was the most formidable combination ever formed.......... against the liberty, reaosn and happiness of mankind "

[@lucioinnocenzo2328]

He clearly didn't consider islam, which is clearly worse.

[@deezynar]

@@lucioinnocenzo2328 Islam possessed southeastern Europe during his life, he probably should have commented on its dangers. He had no way of foreseeing that in the future, ignorant Europeans, and Americans, would let Muslims into their countries in large enough numbers to gain an influence. As for the Catholic church, it had been only 200 years before his birth that half of Europe had thrown off the grip of the Catholic church. The shadow of 1000 years of exploitative control by that group of organized criminals still darkened the memories of Protestants.

[@moodist1er]

@@deezynar Christianity is the historically more violent and terroristic religion, dood. Whatsfreemasondicktastelike?

[@goodoldplainjane]

Excellent piece. Easily among the very best on this topic to be found anywhere.

[@rareword]

Excellent documentary. What a great mind !

[@Rickiizthe1]

this was a great documentary an excellent introduction to Adam Smith I will for sure be reading his books and studying his works, we all should

[@billsmith9711]

very good presentation....the Wealth of Nations lies within all of us.

[@rodrigolumi]

Great vídeo, delicate production, every politician should watch!

[@numbereight886]

Good video. Very well balanced with good insights.

[@BreckoniousMaximus]

A job well done. Thanks for this video.

[@johnburns4017]

Smith was probably the first to record the importance of _land._ Land absorbs a communities wealth, and needs reclaiming to pay for the communities services.

[@dolphineachonga8724]

Thanks for this. Always love understanding the man behind the idea.

[@garretttedeman]

Amazing film. Just fantastic!

[@BibinBCherian]

Good man - Adam Smith

[@maulanayafiedanendra431]

Such a nice work of documentations. Thank you from Indonesia!

[@tainguyenvan5991]

great show. It gave me many new useful info..

[@MilciadesAndrion]

This video has important teachings of Adam Smith as he explained that the Invisible Hand was a term to describe what happens when we act in our own self interest and the “impartial spectator” as an analysis of the evolution of morality.

[@Avidcomp]

I can't help but think that leaving his estate to the poor was his mistake. I would bet that his fortune had long been frittered away, whereas had he created an Adam Smith Institute during his own time, then today's Adam Smith Institute might have covered more ground from an earlier starting point and been of significant influence over government intervention that there would be far less poverty today and far more charity to support the lesser remaining poor. Very well made and enjoyable to watch documentary.

[@jimhughes1070]

Still not getting it. The whole video is on how Adam Smith wanted you to get out and make money now! And feed people now! Not figure out where some wealth is and figure out how to get your hands on it and figure out how to get it to the poor. That's what we do now and it is incredibly stupid according to Adam Smith.

[@2late4coffee]

Also, Ayn Rand was mostly full of shit, thank god we had Adam smith ;).

[@lonebashir312]

Adam smith taught the world that brilliant idea 'invisible hand' which is only choice in face of reality.Hats off

[@RmaxTwice]

Excelent video, even greater man Adam Smith. Good job.

[@ar3728]

Man, I love this youtube channel.

[@jhumm007]

Great show.

[@dartharpy9404]

Great video, important ideas and many thanks

[@OnlyOnesWhoKnow2]

Great Man True genius Very good documentary

[@lindacianchetti3599]

I thoroughly enjoyed that.

[@maritzasotorobles863]

It is a great video! I love this.

[@okboomer1241]

The Ambient Level of Corruption. At 7:00-ish, the biographer, backed by Norberg's commentary, explains Smith's observation of "trust" underpinning all trade; that trust is the founding principle which allows markets to prosper. This trust is measured by a society's/market's Ambient Level of Corruption. The lower the level, the higher the trust, and the greater the prosperity. What instills/establishes the various Ambient Levels of Corruption in each country/society is the ultimate question.

[@TheWhocares233]

Thank you for this video. Professionally made and incredibly informative. It's videos like these that help the world.

[@congdothanh9316]

The wealth of nation is the productive of its labor force!

[@danditto4864]

Cong DoThanh That is only one element, intellectual property is more valuable if you are a first ranked economy. This is one of the reason Marxism always collapses.

[@MaghoxFr]

If this had an open rating (ironically) it would have a lot more views.

[@MrGili4]

A fantastic video! Great going!

[@redspear100]

I WAS BORN NEXT STREET TO HIS.

[@wwtory]

Roy Rodger Most feel superb! 🤩

[@sudipshettynoojjis7851]

Are you a Capitalist or Socialist

[@2late4coffee]

wow you are so lucky.

[@methods3110]

Adam Smith worked out economics 250 years ago and they have been corrupting it ever since.

[@jmitterii2]

Free markets! How dare you abject to the results!

[@AjaySingh-zc8xw]

Excellent work.

[@123popularkidz456]

What a great man.

[@craigrobb8197]

great videos, i think adam smith would be disgusted on how people break down his work nowadays. on the left and right btw.

[@johnh1852]

How so?

[@danieljones9463]

@@johnh1852 Hello, "john h" Looks like "craig robb" won't answer. Probably has moved on to other things. Question please?: Since you asked "How so?", eleven months ago, have you come up with any answers, or partial answers, to your question? How has the "Left" broken down his proposals? How has the "Right" broken down his proposals? Can you see any "weaknesses" in his philosophy?

[@deezynar]

It appears to me that the Left wishes Smith had never written, and that the world received Marx with open arms. As for the Right, they may not follow Smith completely, but at least they implement most of his ideas. That upsets the Left terribly, but they still enjoy the money brought in by free trade.

[@4sovereignT]

I agree. Would Adam Smith appreciate the 'Corporation', or is the corporation synonymous with the company (East India)? Is a free market possible and efficient, where every individual is fully liable for there actions and investments? Do we have Smith's capitalism?

[@andrewjackson7758]

@@deezynar Keep voting for Trump the Totalitarian. I'm sure that Adam Smith would be proud of bootlickers like you.

[@daffaamir007]

Excellent explanation

[@svx94]

Fascinating...

[@lib1007]

Great video 👍,

[@nevfelkara3004]

amazing man. can anyone wright me the name of that soundrack please?

[@Chiefab22]

Interesting

[@TheCommono]

4:43 John Cleese as Robin Hood in Time Bandits nearly said the same, but...

[@jrdelag]

Very well done ! Sharp dresser!

[@kabirsarna5205]

what a banger of a vid

[@stauffap]

I just want to encourage the viewer to look up the author of this documentary - Johan Norberg. You might want to think again if this man is really capable of being unbiased or interested in telling the truth about Adam Smith. He's a member of the cato institute and a libertarian. Maybe read what chomsky has to say about adam smith and preferably read Adam Smiths orignial work to figure out if Norberg or Chomsky gave a more realistic representation of Smiths body of work.

[@cleanwillie1307]

I was in Edinburgh a few months ago and stopped into Canongate Kirkyard to visit his grave site. Intellectual giant.

[@suballica]

Is this Adam Smith's documentary or Scotland Tourism Promotion. It gives a very scenic and romantic view of Scotland and It's making me want to visit there.

[@MonkeySpecs301]

The problem is big industry dominates economics and creates an impossible barrier to entry, the general population cannot participate and we depend on big industry's "tricle down" for our own livelihoods.

[@henryarero]

Let's compare and contrast the strengths and Weakness of the proponents of the theories

[@tjcassidy2694]

Some of the Boston Tea Partiers nicked the EIC ships' ensigns, which was red and white stripes with a British flag as the canton. Partly as a "two-fingers" gesture these flags became the emblem of the Continental Army (before Independence), and thus went down in American school textbooks as the "Continental Flag."

[@cheeesonator]

6:55 Nicholas Phillipson looks like he would really enjoy a nostalgic dish of Ratatouille

[@RichK99]

Is there a transcript to this video so I don't have to pause and replay to take notes?

[@jsx0328]

Yes.... More > Transcript

[@ASMA9933412]

Checked "more", couldn't find "transcript ". Help please

[@Chiefab22]

Yes Read the 📖 from Adam Smith

[@420Gold]

Im pretty sure the transcript is called the theories of moral sentiment and the wealth of nations.

[@ivortinkle]

@@ASMA9933412 3 settings dots to the right of the save option: click here and select 2nd option - open transcript

[@harrymills2770]

In a free market, morality is transactional. You give a fair deal, because you want that person's business TOMORROW and the NEXT day and the NEXT... You're nicer than you have to be, because it's competitive to do so. Very simple. It goes farther than that, though, because it's ALSO good for business to be SEEN doing good, charitable works. The payoff is status. Status is good for business!

[@Listedbyvalerie]

Love this! Thank you!

[@shakearalynch9569]

Interesting points beginning at 48:00 roughly...

[@henryarero]

Market Liberty,Free Market system

[@franciscobizzaro]

A cultivator of healthy human gardens, Smith was.

[@Maaz_Javed]

Why is that there is no gap, chance of improvement or critique on Smith’s work? I motivate everyone to read his work with open mind and without thinking before hand that he is great philosopher who can’t be wrong about any thing. Only then your mind will start seeing the underlying problems in his theories.

[@BinanceUSD]

Thanks, could you do a video on how Adam Smith developed his ideas and those shoulders he stood on. like the phisocrates and Bastiate

[@Tahquitz]

Harjinder rughai FYI, Bastiat came after (born 1807)

[@BinanceUSD]

Yeap

[@BinanceUSD]

STOP BEING A JERKOFFSKI AND ARGUE THE POINTS! : )

[@bingeltube]

Very recommendable

[@utsavLamichhane]

Any transcript of this video?? To take notes

[@ankurtripathi383]

Great Job. Learnt a lot from this video. If possible then make one video on Theory of Moral Sentiments.

[@henryarero]

Access to Nation and international markets

[@johnbell4328]

It's a pity that few modern Scots appreciate him.

[@technikusmezogazdasagi9819]

Message for present /recent Human specie : 16:29

[@MrThomazSatiro]

hi, where can I find a transcript of the video? I'd like to translate it to Portuguese.

[@Alejo3065]

auto-translate

[@Frankincensedjb123]

If you know anything about complex systems, they're extremely difficult to predict, thus these systems (humans, climate, economy, disease) have a natural way to progress, optimize or heal. Considering the millions of inputs of an economy, to think central planning could ever optimize functionality is beyond ridiculous. The invisible hand, like herd immunity, is an optimization of the system via common sense logic, allowing for the common denominator to give solution. Smith, like most great thinkers, had a broad knowledge (like Einstein or da Vincci) that enabled him to see connections that produced common-sense solutions. As Einstein stated, solution is simple no simpler.

[@TheInroad]

Host: How we gonna start and end every shot in this documentary? Director: Why don't you walk in frame and then walk out of frame after you said your lines? Host: Say no more.

[@es_ina]

ikr, this has to end lol. its look so fake and cringe, we all know that those "meetings" are not casual, why tf they want it to portray it like casuals meetings or whatever. smh

[@nzumefelix6313]

What a Beautiful mind. This Video is fascinating and very interesting. thank you for this great job.

[@BillOtinger]

Thomas Jefferson The AUTHOR of Our CONSTITUTION wrote Frequently about ADAM SMITH,

[@deezynar]

4:45, yes, the most efficient means of taking care of the poor is through free markets. But that requires that everyone has access to it.

[@kentran9721]

NorQuest College : Social study 30-2

[@alexanderchenf1]

All seemingly selfless acts are to serve first and foremost, the giver’s own satisfaction to give. We will have built the best possible world, if we allow everyone to freely and honestly, to serve his legitimate self-interests. The single biggest reason to the darkness of this world, is dishonesty, and the coercion that enforces dishonesty.

[@2Fa2Bu]

Genius

[@henryarero]

The Demand and Supply chain control Market system and the prices

[@congdothanh9316]

Monopoly = company as government

[@thaliart]

If he was Newton than we need Einstein to tweek for the better accuracy. He was right a lot but not everything he meant was absolute. And what if he knew even better truth and the invisible hand was not so invisible but he sold it to the highest bidder and than this guy made all the champions of industry that we think them as such .That would be a funny world. We need Cyrus the great mind shift when he decided first time in history to spend tributes from conquered peoples for their needs.The same ideas should foreign investors have for the indigenous

[@FlamingRobzilla]

America is dealing with the same mindset with the Federal Reserve.

[@radhesyamaji]

Great philosopher even today. His ideal capitalist market is not remembered. Gave his wealth to charity and tried to share the wealth of Nations with its population.

[@lumpy0100]

Thanks Free To Choose Network.:) "He left His considerable Estate to the Poor.":D

[@herzogsbuick]

32:30 so Scottish bars pour huge glasses of wine, but then spirits are metered???

[@andrewmarkmusic]

In music we say video killed the radio star; in economics, we might say Marx and Rand killed Smith, and we live in a hybrid system of those two thinkers now...Aided and abetted by what I said in an earlier comment.

[@henryarero]

Goods and services

[@alexandrepereira3902]

The Bishop was of the Irish “Anglican” Church ...

[@congdothanh9316]

See other as an opportunity (customer) not as a thread (enemy)

[@congdothanh9316]

Man of system, complex system is created by unplanned individual behaviour!