ABSTRACT
Lisa Herzog argues that the understanding of markets has wide-ranging effects: it shapes the identities, the views of justice, the notion of freedom, and the historicity of the social institutions. She provides an accessible yet nuanced view of the moral, political, and economic thought of both Adam Smith and G. W. F. Hegel that eschews efforts to neatly categorize either thinker as unqualified proponent or critic of commercial society. The view also purposely seeks to complicate the liberalism-communitarianism debate. Herzog rightly echoes Brubaker and others when she argues that some institutions that Smith labels natural nonetheless require human intervention for their realization or improvement. Moreover, she explains that Smith thinks markets should be designated "well-ordered" only when they secure equal property rights, bring general opulence, and alleviate poverty. She is decidedly moderate in her presentation of Smith's and Hegel's evaluations of the promise and problems associated with markets.
