Law and the Invisible Hand: A Theory of Adam Smith's Jurisprudence

A contemporary interpretation of Adam Smith's work on jurisprudence, revealing Smith's belief that progress emerges from cooperation and a commitment to justice. In Smith's theory, the tension between self–interest and the interests of others is mediated by law, so that the common interest of the community can be promoted. Moreover, Smith informs us that successful societies do at least three things well. They promote the common interest, advance justice through the rule of law, and they facilitate our natural desire to truck, barter, and exchange. In this process, law functions as an invisible force that holds society together and keeps it operating smoothly and productively. Law enhances social cooperation, facilitates trade, and extends the market. In these ways, law functions like Adam Smith's invisible hand, guiding and facilitating the progress of humankind.

Table of Contents:
1. Introduction: law's invisible hand; 2. Setting the stage; 3. Social organization in the informal realm; 4. Social organization in the formal realm; 5. Integrating the informal and formal in Smith's theory; 6. The spectator view; 7. Judgment and justice; 8. The sentiment of common interest; 9. The impartial spectator, homo-economicus and homo-identicus; 10. Understanding the four stages of progress; 11. Adam Smith in American law; 12. Parting thoughts.

About the Author :
Robin Paul Malloy is the E. I. White Chair and Distinguished Professor of Law, and a Kauffman Professor of Entrepreneurship and Innovation at Syracuse University College of Law. He is a leading expert on market jurisprudence, property, real estate development, and land use regulation. Malloy has published numerous books and scholarly articles. This is his fourth book with Cambridge University Press.

Review :
'… the book is, as a whole, both a rigorous study of the work of Adam Smith and an ambitious experiment to refect, in the thought of a master of the past, tensions and contradictions of the present.' Luca Arnaudo, History of Economic Ideas 'The overall analysis of this brief, yet compelling work is akin to revising the whole conception of Adam Smith on law and justice. Given the fact that Adam Smith did not develop a theory of jurisprudence, the task carried out by the author is an undaunted one, which duly deserves to be appreciated.' Punsara Amarasinghe, Liverpool Law Review 'Malloy's book introduces and suggests many important interpretative keys to study Smith's Jurisprudence and can be a useful source of inspiration for scholars - lawyers, economists, political theorists, historians - interested in the inner ties between the legal, political and economic spheres in Smith's work.' Fabrizio Simon, European Journal of the History of Economic Thought