If it is true that in terms of influence on society, the market state is taking over from the nation state, then we would do well to have a better understanding of the moral philosophy of the founder of free market capitalism, Adam Smith.
The new head of the worldwide Anglican Communion, the Archbishop of Canterbury, Dr Rowan Williams, suggested in his recent Dimbleby Lecture that, in terms of influence on society, the market state is taking over from the nation state. If this is really so, then we would do well to have a better understanding of the moral philosophy of the founder of free market capitalism, Adam Smith. It was much more than just the notion of 'the invisible hand' by which the common good is served if we each pursue our own self-interest, popularised from his book The Wealth of Nations.
Smith also wrote The Theory of Moral Sentiment, in which he described 'the man within us' as 'the Vice Regent of the Deity' - in today's language, conscience. Smith wrote that the 'Impartial Spectator', which he called 'the demi-god within the breast', 'is there to speak both for itself and for others.... In the race for wealth, if injustice is done, the Impartial Spectator changes sides.'
The separation of Smith's two major texts has given us a distorted notion of how the free market should work. Without conscience, it cannot. Conscience dictates against corruption or corporate greed and argues in favour of such issues as corporate social responsibility and partnerships for sustainable development. Personal motivations, which often stem from religious belief, become paramount. This transcends political leaning. And in an era of globalization, there is a need to globalize personal integrity in corporate life as much as in politics.
Fortunately there are many people of integrity in the corridors of corporate power, despite the aberrations of recent business scandals. This has the potential to bode well, if the moral influence of the market really does dominate over the state.
The Archbishop said, in effect, that religious experience had a special role to play in filling the moral vacuum that neither the Nation State nor the Market State could meet. Was it coincidence or fortuitous that he raised this issue just as Christmas approached?
The market meets our material needs and wants, and gives us abundant choice. Market advertising also persuades us that our wants are really our needs, so much so that our needs become insatiable. Modern materialistic Christmases confuse the issue further.
Yet the real spirit of Christmas points us to our true needs - for peace, security, love, happiness, family, community and reverence for the spiritual and divine. These have little to do with meeting our insatiable material demands. Christmas, and the promise of rebirth that it brings for the new year ahead, points us to the true roots of satisfaction. Both the nation state and the market state are transcended by our need for a spiritual state of an entirely different order. We are left with the need to make personal choices - against insatiable demand for material gain and for the spiritual values that under-gird family, fellowship, community and nationhood.
NOTE: Individuals of many cultures, nationalities, religions, and beliefs are actively involved with Initiatives of Change. These commentaries represent the views of the writer and not necessarily those of Initiatives of Change as a whole.
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