Who's Afraid of Adam Smith? How the Market Got Its Soul

''For over two decades as a book editor, Peter Dougherty has brought to the marketplace superb books on economics. Now he has written one of his own. He starts off with the insights of Adam Smith–not just the Adam Smith of The Wealth of Nations with his praise of the free market, but also the Adam Smith of A Theory of Moral Sentiments–who understood that free markets could only flourish in societies with generous amounts of social capital and strong institutions of civil society. Drawing on the work of contemporary economists, Dougherty shows how countries developed and undeveloped can create the moral climate and public institutions in which markets can thrive.''
—Michael Barone, Senior Writer, U.S. News & World Report, McLaughlin Group panelist, and author of The New Americans

''In Who’s Afraid of Adam Smith? Peter Dougherty has written a fascinating book that not only shows that economics is as much about society and values as money and self-interest, but also takes noneconomists on a highly readable tour of the discipline as it has evolved in recent decades.''
—Francis Fukuyama, author of The End of History and the Last Man and Trust: The Social Virtues and the Creation of Prosperity

''Peter Dougherty does the near-impossible in this brilliant book. He humanizes Adam Smith, rediscovers the kinder, gentler soul of Smith’s philosophy, and–wonder of wonders–makes economics engaging and accessible. Students of all ages will love this new interpretation of the proper relationship of economics to politics and civil society.''
—Larry J. Sabato, Professor and Director, Center for Politics University of Virginia

''In The Wealth of Nations, bible of capitalism, Adam Smith taught us to be better consumers and producers–how to do well. With wit and insight, Peter Dougherty shows why we now must learn from Smith’s more obscure A Theory of Moral Sentiments to be better neighbors–how to do good. If you believe the world has more silicon than soul, read this book. You’ll learn how, in Peter’s words, ‘economics can transform the culture for the better.’''
—Shlomo Maital, Academic Director, Technion Institute of Management, and author of Executive Economics