In the Shadow of Adam Smith

"This volume sets out an impressive thematic account of the remarkable range of contributors, and contributions to, economic theory and policy in Scotland from 1700 to 1900." Sheila Dow, Emeritus Professor, University of Stirling, UK "A most useful companion for students of the foundations and evolution of economic ideas." Professor Ioannis Theodossiou, University of Aberdeen Business School, University of Aberdeen, UK "Rutherford's groundbreaking account of the history of Scottish economics is the first of its kind and shows the richness of Adam Smith's achievement, as well as the complexity of his inheritance." Lars Magnusson, Professor in Economic History, Department of Economic History, Uppsala University, Sweden 'It has long been recognized that the development of English political economy in the early nineteenth century had Scottish roots that went far beyond a connection to Adam Smith or David Hume. Rutherford's comprehensive and readable survey reveals clearly for the first time the real extent of 'Scottish political economy' and its contribution to the development of modern economic thought.' Keith Tribe, Visiting Senior Research Fellow, Department of History, University of Sussex, UK "Donald Rutherford's In the Shadow of Adam Smith: Founders of Scottish Economics 1700-1900 argues and demonstrates in magnificent detail that Adam Smith was not the only notable Scottish economist of the eighteenth and nineteenth centuries. He was preceded and followed by an impressive group of Scottish men of letters whose writings are vividly described and fairly appraised by Rutherford. His chapters on foreign and domestic trade, money and banking, public finance, population, income distribution, economic development, and the ideology that accompanied them, highlight the invaluable contributions to economics (and social science more generally) made by these Scottish precursors and followers of Adam Smith. Rutherford's meticulous scholarship is evident in his exposition of the insights gained by this remarkable group of thinkers (including Smith himself), and his tracing of their subsequent influence on the evolution of economic thought." Andrea Maneschi, Professor of Economics and Director of the Graduate Program in Economic Development, Vanderbilt University, USA "Donald Rutherford, has written what surely must be recognised as the best accessible scholarly history of economics of 2012, which status, deservedly, will last for some years to come. Donald Rutherford's significant, well written, and original contribution does not tackle his historical themes in the usual manner of parading the 'big names' in a strict chronological sequence, in which readers tend to lose focus because remembering a large, multi-faceted debate across several important issues across several authors, across two centuries, is tiring. Instead, Rutherford tackles the entire sweep of the period from Adam Smith's time through to Alfred Marshall, one major theme at a time in separate chapters on 'Trade', 'Money', 'Public Finance', 'Condition of the People', and 'Economic Ideology' in 335 pages. He covers a wider-range of relevant sources that is normal. They are evidence of Rutherford's prodigious scholarship and complete mastery of his relatively not well-known sources. By travelling back and forwards across time within each major theme and its sub-themes, Rutherford reveals the germination of competing ideas in the rich milieu within which they developed among Scottish authors and influenced the intellectual debates among Adam Smith's successors. Moreover, Rutherford does this with a noticeable absence of distracting polemical rancour. He presents without comment, critical or otherwise, the views of the participants in short statements and occasional direct quotation, leaving readers to judge privately. This is refreshing and informative. Rutherford prompts appreciation of the lively scholarly debate that occurred among Scottish economists in the two centuries he covers, and provides much for 21st-century economists to think about in current debates on the same themes - plus ca change..." Gavin Kennedy, Emeritus Professor, Heriot-Watt University, UK 'Donald Rutherford has presented a first comprehensive survey of the unique tradition of economics in Scotland. Covering two-hundred years of its history, the thematic structure of the book discussing a wide range of lively issues such as trade, money, public finance and economic ideology makes this book absorbing to read. Throughout this consistent search for the two central concerns in Scottish economic thought, what is natural and what is justifiable, Rutherford gives us not only an enlightening view of eighty economists in Scotland (Steuart, Hume, Smith, McCulloch, Chalmers, Sinclair, Nicholson and others), but also a Scottish version of the history of modern economics in general. This is the book that has been wanted by many but has not been written before Rutherford.' Tatsuya Sakamoto, Professor of History of Social and Economic Thought, Keio University, Japan 'One of the achievements of this book is to set Adam Smith in context and do justice to his pioneers and contemporaries.' - Paul Richardson, The Church of England Newspaper

A large number of Scottish writers in economics are discussed according to a thematic approach. The distinctive Scottish contribution to the clash between natural liberty and socialist ideas is set out.Adam Smith, who has towered over economics for more than two hundred years, was not alone in Scotland in creating systems of analysis which would explain how economies function and prosper. Writers of various backgrounds – there being no such profession as 'economist' – who were inspired by issues of the day as well as by the writings of Smith and other Scots, made significant contributions to the development of economic theory and policy that are often overlooked today. In the Shadow of Adam Smith, a landmark work in the history of economic thought, surveys and integrates the ideas of eighty Scottish writers from the 18th and 19th centuries to reveal a startlingly rich tapestry of argument and debate on a wide variety of economic subjects, both philosophical and practical, that remain highly pertinent today. Government debt, economic growth, banking, credit, taxation – all were tackled by this remarkable, diverse collection of writers. Through reading their contributions to economics we both understand modern economic issues and thought more deeply, and gain a richer understanding of Adam Smith's thought and inheritance. Written in a crisp and readable style with a minimum of technical detail, this is an ideal book for students of the history of economics, as well as academics and general readers.