Part 4/6:
This perspective draws inspiration from Adam Smith's earlier works before he became known for his advocacy of free markets. In his book, The Theory of Moral Sentiments, Smith discussed the importance of moral sensibility and the human capacity for empathy and understanding. He emphasized that these qualities exist outside the realm of market transactions and are essential for fostering social cohesion.
The Overreach of the Market and the Role of Morality
Critics argue that contemporary society has forgotten and even overruled this moral dimension of human interaction. They contend that modern capitalism has extended its influence into every facet of life, including personal relationships and inner lives—areas traditionally protected from commodification.