Adam Smith delineates the appropriate scope of political action based on"the system of natural liberty".In his view,understanding and maintaining the system of natural liberty throughout history,and further addressing its corresponding shortcomings and deficiencies,require the involvement of political wisdom and active political action.In other words,beyond the"invisible hand"approach,he also supports the more traditional path of achieving public interest through politics,that is,the efficiency of the"wisdom of the state"which defers to social logic.Moreover,although he is less concerned with the issue of sovereignty than previous thinkers,Smith still leaves room for general institutional reform,providing both practical and ethical standards.
Adam Smithstate-building"invisible hand""wisdom of the state"
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