ABSTRACT
It was commentators in the tradition described by Brown (1997) as revisionists who were the first to claim that Smith’s economic theory was not as optimistic as we might have been inclined to believe. Indeed, these critics go as far as challenging the idea that Smith was a liberal, and emphasise the fact that natural constraints were not the only brakes on capital accumulation. According to the author of Wealth of Nations, projectors’ investments imply wastage of capital and therefore hinder capital accumulation. On the contrary, virtuous, prudent men, concerned about the approval of the impartial spectator, unfailingly contribute to the growth of wealth (Reisman 1976; Pesciarelli 1989; Prasch 1991; Sen 1993; Hollander 1999). This point of view is also shared by philosophers like Dwyer (1998) and Griswold (1998), according to whom Smith was of the opinion that the increase in national wealth is hindered if individuals are not virtuous.
