Introduction

In this chapter, the author discusses views of Adam Smith and G. W. F. Hegel on market societies. While Smith's vision is one in which, by and large, markets play a benign role, Hegel sees them as a necessary element of modern society, but which needs to be contained by a strong state. Michelle A. Schwarze criticizes some of the author's interpretative choices concerning Smith's theological views, but agrees on the importance of Smith's insight of "the myriad ways sympathy permeates our lives". Deborah Boucoyannis wants to see the revisionist reading of Smith strengthened, suggesting that his emphasis on the construction of markets by state legislation is highly relevant for today's time of staggering inequality. She also comments on the issue of desert in markets and on the question of what Smith would have made of Nozick's example of the exorbitant wages of a sports star like Wilt Chamberlain.