Shinji Nohara Commerce and Strangers in Adam Smith Commerce and Strangers in Adam Smith Shinji Nohara Commerce and Strangers in Adam Smith 123 Shinji Nohara Faculty of Economics University of Tokyo Tokyo Japan ISBN 978-981-10-9013-4 ISBN 978-981-10-9014-1 https://doi.org/10.1007/978-981-10-9014-1 (eBook) Library of Congress Control Number: 2018940402 © Springer Nature Singapore Pte Ltd 2018 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations Printed on acid-free paper This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd part of Springer Nature The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore Preface This work is the product of various encounters and interactions Nicholas Phillipson gave kind counsel to me, when he came to Japan to see the archives of Adam Smith’s Library at the University of Tokyo His visit to the Library was my unforgettable and wonderful memories When preparing for this book, Maria Pia Paganelli read and advised on all the manuscripts When I was at Cambridge in 2017, John Robertson also gave me helpful suggestions I owe him a lot Hideo Tanaka, my mentor, helped my research, as always Daisuke Arie’s advice inspired me a lot Tomoji Onozuka encouraged my study Hiroshi Mizuta gave me a valued suggestion John Dunn also gave me a tip on my research Craig Smith gave suggestive counsel to me He also visited Adam Smith’s Library at the University of Tokyo It’s my wonderful experiences that we have been researching Adam Smith’s books and marginalia Shinsaku Otsu helped with my research Koji Yamamoto helped my research I owe a lot to all of them I would also like to thank Charles L Griswold, Jr., R P Hanley, Naoki Haraya, Naoki Hayashi, Shunji Ishihara, Hiroaki Itai, Seiichiro Ito, Masashi Izumo, Yoshie Kawade, Hiroyuki Kojima, Atsushi Komine, Shin Kubo, Akihito Matsumoto, Yuki Moriwaki, Akihiko Murai, Takayuki Nagai, Tsutomu Nakano, Nobuhiko Nakazawa, Tatsuya Sakamoto, Masanobu Sato, Tokutaro Shibata, Hisashi Shinohara, Yuri Shiomi, Ryu Susato, Masanori Taishido, Tetsuo Taka, Tomoyuki Uemiya, Hiroki Ueno, Masataka Yano, and Hiroshi Yoshikawa for their encouragement on my research Still further, I must thank colleagues, staffs, and students at the University of Tokyo for their support of my research In addition, I must also thank Koichi Yamada, Yoshinori Yokoyama, and lecturers and colleagues of Todai EMP (Executive Management Program) for their encouragement of my study This research was supported by JSPS KAKENHI, Grant Number 26780132 (2014–2016), and the Tokyo Marine Kagami Memorial Foundation (2018) Finally, I am always indebted to my family, friends, and all of the researchers and people I have met on this remarkable journey This book is the outcome of my encounter with each of them Tokyo, Japan Shinji Nohara v Contents 1 Introduction Adam Smith, the Age of Globalization, and Strangers Problems of the Enlightenment Thinkers in Considering the World Smith and Strangers: The Purpose and Contributions The Methodology Used in This Book Content Appendix 1: The Japanese Scholarship on Smith’s Theories 15 16 20 Travel Literature and the Enlightenment World Introduction The Enlightenment Thinkers and Travel Literature Smith and North America Smith and the East India Company Conclusion 23 23 26 32 39 44 Fellows and Strangers in The Theory of Moral Sentiments Introduction Secondary Literature Cultural Strangers and Morality Moral Sentiments and a Stranger Society and Behavioral Theory The Limit of Justice Patriotism and War Universal Justice in Contest: Hume and Smith Impartial Spectator as an Individual Ethic 10 Conclusion 47 47 48 50 52 55 58 60 63 65 68 vii viii Contents Adam Smith’s Historical Politics Introduction Hereditary Jurisdiction in Scotland and the Scottish Enlightenment The Historical Development of Laws from Feudalism to Modern Liberty The Four Stages Theory and the Evolution of the Legal and Political Systems The Conditions of the Liberty of People International Theory Conclusion 71 71 73 82 84 85 90 91 Adam Smith on Regularity and Irregularity in Sentiments: Morality and Prudence Introduction Irregularity and Rules in Moral Sentiments 2.1 The Irregularity of Moral Sentiments 2.2 The General Rules 2.3 Hume and Smith on Convention and the General Rules Regularity of Economic Sentiments in TMS Regularity and Irregularity of Economic Behavior in WN Conclusion 93 93 96 96 99 101 103 105 110 Adam Smith on Money and the Impact of Encountering Strangers Introduction Hume’s Theory of Money Smith on Monetary Fluctuations The Scottish Bubble Paper Money Conclusion 111 113 115 117 122 126 129 Adam Smith on Markets Introduction Markets in Reality Prices and Self-Regulating Mechanism Before Smith The Market Mechanism: Time and Space The Dynamics of Equilibrium and Wages The Dynamics of Equilibrium and Rent The Dynamics of Equilibrium and the Profit of Capital Money and the Limit of Equilibrium International Interaction and the Limit of Equilibrium 10 Conclusion 131 131 134 135 137 139 141 143 144 145 147 Contents ix Encountering the World: The Model of International Trade Introduction Merchants in Smith’s Age Smith’s Model of International Trade The Restraint of Foreign Trade Encountering the World: The International Shift of Capital Encountering the World: Migration Conclusion 149 149 151 154 157 161 164 166 Conclusion Concluding Remarks Summary of the Book Overview and Implications 169 169 170 179 References 183 Abbreviations Corr ER LJ TMS WN Smith, Adam 1987 The correspondence of Adam Smith, E C Mossner and I S Ross (eds.), Indianapolis: Liberty Fund Smith, Adam 1982 “A LETTER to the Authors of the Edinburgh Review,” in Essays on philosophical subjects, W P D Wightman and J C Bryce (eds.), Indianapolis: Liberty Fund Smith, Adam 1982 Lectures on jurisprudence R L Meek, D D Raphael and P G Stein (eds.), Indianapolis: Liberty Fund [LJ(A) = “Report of 1762-63,” and LJ(B) = “Report dated 1766”] Smith, Adam 1984 The theory of moral sentiments, D D Raphael and A L Stein (eds.), Indianapolis: Liberty Fund Smith, Adam 1982 An Inquiry into the nature and causes of the wealth of nations R H Campbell, A S Skinner and W B Tood (eds.), Indianapolis: Liberty Fund xi Chapter Introduction Adam Smith, the Age of Globalization, and Strangers In 1765, when Adam Smith (1723–90), a Scottish moral philosopher and known as the founder of classical political economics, was staying in Toulouse, France, he received a letter from David Hume (1711–1776) Hume was Smith’s friend and known as a path-breaking philosopher in Scotland Then, Hume was staying in Paris Hume wrote, “Paris is the most agreeable Town in Europe, and suits me best; but it is a foreign Country London is the Capital of my own Country; but it never pleasd [sic] me much Letters are there held in no honour: Scotsmen are hated” (Corr., 87, Sep 1765) Smith replied to Hume, writing, “A man is always displaced in a forreign [sic] Country, and notwithstanding the boasted humanity and politeness of this Nation…Your objections to London appear to me to be without foundation The hatred of Scotch men can subsist, even at present, among nobody but the stupidest of the People.” Especially, in Hume’s case, “the Clamour against you on account of Deism is stronger, no doubt, at London where you are a Native and consequently may be a candidate for everything, than at Paris where as a forreigner [sic], you possibly can be a candidate for nothing” (Corr., 88, Sept 1765) This interchange suggests that Smith and Hume as Scotchmen did not like the English hatred against the Scotch Although, following the Union between England and Scotland in 1707, both countries became united as Britain, Smith and Hume still shared an ambivalence toward the English As Robertson argued, especially since the Scottish debate on the Union, many Scotch had felt psychological distance to the English (Robertson 2005) Even though Hume and Smith affirmed the union itself and saw Britain as their own country, they felt a psychological distance toward the English In this psychological ambivalence toward Britain, their own country, Smith still viewed the English at a distance as if he were a stranger in their own country © Springer Nature Singapore Pte Ltd 2018 S Nohara, Commerce and Strangers in Adam Smith, https://doi.org/10.1007/978-981-10-9014-1_1 178 Conclusion In terms of wages, in the short and medium term, wages are determined by labour demand, a demand that is influenced by economic growth and the real price of subsistence In the long run, wages are also influenced by the change of labour supply through changes in population Wages depend on the proportion between the labour demand and supply When considering the change in that supply, Smith focused on the change in population, and he did not presuppose the stability of the labour supply or a population Change of population was also incorporated into his theory on wages Rent is influenced by the distance and the fertility of land However, both, especially the latter, are dependent on how land or society in general improves Before the improvement of land, rent for crops surpasses that for domestic animals After the improvement of land, rent for crops becomes the standard for rent As society develops, the land to produce materials for clothes and houses becomes more limited Then, the rent on that land increases Smith argued that wages are influenced by the improvement of both society and agriculture The profit from capital is determined by economic growth When one nation gets new territory or industry, the profit from capital increases Economic growth is conditioned by new territory or new industry and political limitations, such as the precariousness of property and the prohibition of foreign trade If these limitations are removed, an economy will grow However, economic growth also has its own natural limitation Smith saw this limitation not necessarily as harmful, but rather as useful for establishing a relatively equal and independent society Production factors, such as wages, rent, and profits, produce the dynamics of equilibrium These dynamics are the result of the changes in social conditions Then, the dynamics are caused by the improvement of society in industry, agriculture, and politics Because this process of improvement can take a long time, the dynamics appear over the long term However, Smith saw such equilibrium and its dynamics as happening within one country He also considered how to break the limits of economic growth, limits that also restrain equilibrium in one country In this domestic model, he presupposed the neutrality of money When Smith analyzed how to break the limits of economic growth, he removed these prerequisites one by one Each different communicational space establishes its regular rules Smith also studied how to break the limit of economic growth, a limit that involves both money and foreign trade When reconsidering the theory of money, including paper money, he discovered how to break the limit of economic growth Equilibrium presupposed a one-country model Through considering foreign trade, he elucidated how to overcome the restraint of growth Especially, as argued in Chap 8, Smith focused on foreign trade as the source of breaking the limit of economic growth in his domestic-growth model This chapter is also useful when understanding the theory of international trade Smith was said to have held the vent-for-surplus theory as well as the productivity theory, both of which focus on the impact of foreign trade on suppliers Both theories presuppose that foreign trade is based on the structure or competitivebess of suppliers Smith clearly saw not only suppliers, but also demand as being impacted by foreign trade Indeed, foreign trade more directly impacts demand than it does supply It is Summary of the Book 179 through this change of demand that the structure of supply then changes What is left to argue here is that Smith paid attention not only to supply, but also demand, or how demand created a new or enlarged market Further, his demand-led theory of international trade contributed to the deepening of our understanding of trade He paid attention to how merchants contribute to the expansion of markets, an expansion that is actually linked to the increase in demand This merchant-led structure of foreign trade reflected Smith’s age In his time, manufacturers were relatively smaller than wholesale or foreign-trade merchants These merchants had large capital to invest a wide variety of projects, land, and industry Such merchant-led market or capital investment is essential when considering Smith’s theory of international trade He also considered how foreign trade increased demand The demand-led expansion of the market through foreign trade can increase both production and capital Wholesale or foreign-trade merchants adopt larger capitals They manage foreign trade They import goods in view of who is demanding what kind of foreign goods The demand-led expansion of the market reflected Smith’s thinking on foreign trade He paid attention not only to macro-level foreign trade, but also the micro-level competitiveness of merchants to help with the increasing demand for foreign goods Further, the productivity theory and the vent-for-surplus theory are included in this demand-led model of foreign trade In the long term, for Smith, free trade should be introduced The benefits of free trade make possible the rapid shift of industry and the sameness of capital in one country; that is, capital does not switch from one country to another However, he also faced the case where this supposition of the fixedness of capital in one country would not apply In such a case, the international shift of capital could damage an economy Unlike wages and rent, capital can be easily shifted to another country Whereas international free communication could have led to its regular, self-regulating rules or mechanism, Smith did not believe in the self-regulating mechanism of international capital because his age was full of obstacles to free international communication and trade such as wars In spite of that, the international flow of capital also support the effective usage of it Smith saw migration as producing the more effective utilization of social resources, a utilization that would result in the expansion of markets and economic growth Successful migration indeed presupposes the relative abundance of unutilized social resources and the establishment of self-government through which people’s property and wealth are protected Because migrants make possible utilizing unused resources, they can lead to successful economic growth Overview and Implications Now, it’s time to discuss what this book tries to suggest Overall, Smith’s thought on strangers implies that the boundary of “our society” and the nature of “strangers” depends on context When meeting with intimates, one shares this sense with them, but does not necessarily share the sense of “our” 180 Conclusion because one cannot know the sentiments of others However, when one compares one’s country to another, one thinks of one’s countrymen as one’s fellow citizens This sense of fellow creatures also depends on context, which is made clear especially in the case of strangers, or those who are seen as not to be included in the category of “us.” Both “we” and “strangers” are the dichotomies Considering who the strangers are enables us to examine who we are or who we suppose we are as ourselves Indeed, Smith wrote that “every independent state is divided into many different orders and societies, each of which has its own particular powers, privileges, and immunities Every individual is naturally more attached to his own particular order or society, than to any other… He is zealous to defend them against the encroachments of every other order or society” (TMS, VI ii 7) This philosophy implies that the social affiliations of a person is not singular, but rather multiple A person belongs to some state, some society, some region, some family, and so on What we consider as being “our society” is made clearer when we confront strangers who might encroach on “us.” As the context changes, the content and nature of “our society” also change In this regard, Smith paid close attention to the animosity between neighboring countries He wrote that “the love of our own country seems not to be derived from the love of mankind.” This is because “France may contain, perhaps, near three times the number of inhabitants which Great Britain contains In the great society of mankind, therefore, the prosperity of France should appear to be an object of much greater importance than that of Great Britain.” However, in reality, “we not love our country merely as a part of the great society of mankind: we love it for its own sake” (TMS, VI ii 4) Hence, there arises “national prejudices and hatreds.” These passions “seldom extend beyond neighbouring nations We very weakly and foolishly, perhaps, call the French our natural enemies…Neither they nor we bear any sort of envy to the prosperity of China or Japan” (TMS, VI ii 5) This discussion implies that because Great Britain and France had stronger interactions and knew each other better than any international relationships they had with distant countries, they hated each other As I discussed in Chap 5, communication leads to the formation of its regular rules of human relationship National hatred involves the distance of space As I argue in Chap 3, when arguing the formation of morals, Smith assumed the intimate space or local community where people know each other so as to see the reaction of others It is this space that they can interact with each other and reflect on the reaction of others toward their own behavior Through such interaction, people can moderate their own behavior On the other hand, in a larger, anonymous society where they not know or witness the reaction of most others, they must imagine what others feel and react to some behavior Such is the case of the international society In that society, they, in most cases, not know each other personally When comparing their own nation with another, they feel the affection for their own nation This affection may cause hatred of another nation The sense of our own nation is strengthened when we compare our nation with another Unlike the intimate space where they know others, this sense is imaginative because most not personally know another nation Because of this imaginative creation of a national hatred, that Overview and Implications 181 hatred is difficult to moderate or correct because they not know personally another nation Further, this hatred might be strengthened by international society As Smith wrote, “the love of our own nation often disposes us to view, with the most malignant jealousy and envy, the prosperity and aggrandisement of any other neighbouring nation Independent and neighbouring nations, having no common superior to decide their disputes, all live in continual dread and suspicion of one another” (TMS, VI ii 3) Because of the shortage of impartial judges, each nation cannot solve conflicts through a legal procedure including international law Smith also wrote that “the regard for the laws of nations, or for those rules which independent states profess or pretend to think themselves bound to observe in their dealings with one another, is often very little more than mere pretence and profession” (TMS, VI ii 3) In addition, that hatred is connected to patriotism Unlike republican writers, Smith was cautious about it, although he sometimes did admire it He wrote, “each nation foresees, or imagines it foresees, its own subjugation in the increasing power and aggrandisement of any of its neighbours; and the mean principle of national prejudice is often founded upon the noble one of the love of our own country” (TMS, VI ii 3) Patriotism could indeed cause national hatred This national hatred without any rules is the cause of war and the jealousy of trade He wrote that “France and England may each of them have some reason to dread the increase of the naval and military power of the other.” However, For either of them to envy the internal happiness and prosperity of the other…the increase of its commerce, the security and number of its ports and harbours…is surely beneath the dignity of two such great nations These are all real improvements of the world we live in…In such improvements each nation ought…to promote, instead of obstructing the excellence of its neighbours These are all proper objects of national emulation, not of national prejudice or envy (TMS, VI ii 3) It implies that both war and the jealousy of trade comes from unreasonable hatred and envy of the neighboring nation This view is derived from the sense of our own nation in comparison with another Against this hatred, Smith proposed the mutual benefit of international commerce and interaction This reminded us of the theme of doux commerce, which says that commerce can bring about peace, as advocated by Montesquieu and Hume (Hirschman 1997) However, whereas the doux commerce thesis refers to the effect of commerce on international peace, what Smith argued was that both national hatred and peaceful commerce were the results of the interaction between neighboring nations These nations have interactions, but not personally know each other in most cases Due to this invisible distant nation, the sense of our own nation is strengthened As a result, the other nation feels the national hatred Against this hatred, Smith argued that international society in reality was mutually connected, and each nation did receive benefits from the prosperity of another nation Opposing the false understanding of the international relationship as hatred, he advocated for a true understanding of it For Smith, international interaction has the impact of both merit and disadvantages on society At the bottom, Smith elucidated what meeting with strangers bring about 182 Conclusion Especially, Smith found out the merit of meeting with strangers when he argued how the limit of economic growth can be broken When considering his own onecountry model in his market mode, he confronted the limit of economic growth However, through migration, relatively unused social resources could be efficiently used Certainly, he realized that migration in historical reality involved both conquest and violence Although it was dubious whether he actually knew the realities of the establishment of the North American colonies, he denied conquest and violence in such colonization Rather, he affirmed the utilization of relatively unused land and human capital through the ongoing process of migration World-wide communication, including migration, can result in a more developed type of society than a commercial society Although Smith regarded commercial society as the mostdeveloped form realized so far, he did not see it as the final stage of development Certainly, he stated that it was not the final stage, and wrote, “in a country which had acquired that full complement of riches which the nature of its soil and climate which could, therefore, advance no further, and which was not going backwards, both wages of labour and the profits of stock would probably be very low.” In addition, “in a country fully peopled in proportion to what either its territory could maintain or its stock employ, the competition for employment would necessarily be so great as to reduce the wages of labour to what was barely sufficient to keep up the number of labourers.” Further, “in a country fully stocked in proportion to all the business it had to transact, as great a quantity of stock would be employed in every particular branch as the nature and extent of the trade would admit” (WN, I ix 14) This suggests that Smith admitted the possibility of a final stage of society where no further progress can be made In this state, all social resources are utilized fully However, “perhaps no country has ever yet arrived at this degree of opulence.” Certainly, “China seems to have been long stationary, and had probably long ago acquired that full complement of riches which is consistent with the nature of its laws and institutions.” However, “this complement may be much inferior to what the nature of its soil, climate, and situation might admit of A country which neglects or despises foreign commerce cannot transact the same quantity of business which it might with different laws and institutions” (WN, I ix 15) As this implies, although China might be seen as being in the stationary stage of development, this is not necessarily the final stage, because China, through world-wide trade and communication, can develop further For Smith, the world he lived in had not yet reached the stage where world-wide communication utilized social resources fully Through world-wide communication, the world can enter into a more developed stage of society than commercial society, a stage that has not yet been completed still now References Primary Sources Anon 1766 The East India examiner Anon 1766 The East-India observer Bankton, Andrew MacDowall, Lord 1747 An Essay upon feudal holdings, superiorities, and hereditary jurisdictions, in Scotland, London Barbon, Nicholas 1690 A Discourse of trade, London Bolingbroke, Henry St John, Viscount 1754 Remarks on the history of England, in The Works of the late right honorable Henry St John, Lord Viscount Bolingbroke, vol Bolts, William 1772 Considerations on India affairs; particularly respecting the present state of Bengal and its dependencies, vol 1, London: Printed for J Almon etc 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Language in 1755 defined commerce as the “intercourse; exchange of one thing for another; interchange of any thing” (Johnson 1755, Commerce ) By analyzing Smith s thinking in view of commerce. .. own society and strangers is changing Smith examined how meeting and interacting with strangers could influence morality, politics, and the political economy People encounter strangers in different