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Back to the future: Smith’s Theory of Moral Sentiments Sometimes the changing perceptions of classic books and their authors tell a larger, often more complex, story. So it is with Adam Smith’s Theory of Moral Sentiments (TMS). TMS was Smith’s first and last book. Having gone through five editions—the last one being prepared almost from the deathbed—, its various editions sandwiched his other classic book, The Wealth of Nations (WN) for which Smith became a household name. Today Smith is first and foremost identified as one of the founding fathers of political economy, a fact that is perhaps no better expressed than by the Bank of England’s twenty pound note, showing the man and paying reference to WN. Such was the perception of Smith—until the onslaught of the current economic crisis.

Passions, doux commerce, Interest Properly Understood: From Adam Smith to Alexis de Tocqueville and Beyond