I've had my eyes on this book ever since it first came out in hardback last year. Mostly because I love Penguin Press, and their Allen Lane imprint is truly trustworthy for genuinely interesting, in-depth and educational books. Adam Smith: What He Thought, and Why it Matters by Jesse Norman is no exception.
Bearing in mind that I've never studied economics, nor philosophy properly, what follows is an amateur's brief review on what she thought of the book. Rather than talk about the contents, I'll just aim to list the reasons why I think it is worth a read.
Side note: I had no idea I was reading the book of the Financial Secretary to the Treasury.
What did I like about it?
You may well be wondering why a book like this would interest me, or anyone like me, who isn't into market economy. I guess the answer is I have a soft spot for random little pockets of history, science, literature or other areas that are taken into close consideration, examined on all sides and presented in an accessible way. Before anyone takes offence, I don't mean that Adam Smith is a random little pocket - more like a significant personality in history who, for some reason and as Norman often points out, didn't and still doesn't get the recognition he perhaps deserves. I have spoken to several people while reading the book who didn't know who he was, and I myself was only taught about 'the invisible hand' of the market - enough to pass my finals.
In short, Smith is often considered the father of modern economics, and was the first to write about a market-centric economy in his most well-known work called The Wealth of Nations. He was also among the first economists to propose the division of labour and specialisation for increased productivity. Less well-known is the fact that he also wrote about morals and the law, exploring causality in human behavior; that he set out to write down the 'science of man'.
The book starts with a brief biography - brief by necessity, as we know very little about Smith's life - followed by an in-depth exploration of his philosophy, theories and also historical context. From the mid-18th century, his most active writing period, all the way up to modern times, Norman examines Smith's impact in all areas, and suggests reasons why governments and economists might want to revisit his works. He also challenges misconceptions about Smith, analysing and refuting these.
Perhaps the most fascinating aspect of Smith for me is how advanced his thinking was compared to his contemporaries in so many ways. He was vehemently opposed to slavery, saw overwhelmingly the negatives in the monopoly of the East India Company, and proposed a thought structure that was never before considered.
Conversely, I found it interesting that he didn't foresee the impact that industrialisation or technological advances might have in future.
What was I not massively fond of?
The language, as one might expect, was at times difficult for the humble non-aficionado, and it took me quite a while to finish the book for having to go back and re-read paragraphs I didn't understand (or I'd accidentally zoned out). Having said that, at 300 pages this book is short and entirely digestible - it just takes some dedication.
There were also some repetitions that I feel could have been left out, while some topics could have been more deeply explained. An example of this is the financial crash in 2008, and how Smith's thoughts relate or might explain it. Norman skirts around the topic but he doesn't settle on it unfortunately. More case studies in general would have been helpful - although I assume I am not the primary market.
I also found that sometimes, Norman's passionate defending of Smith's reputation against misconceptions made me somewhat suspicious. But I can't comment any further on this, I am in no way qualified.
Overall...
Bluntly? Reading this book will make you feel smart. For a while, at least.
I found the book overall really interesting, captivating and well-written even for a beginner like me. If you are even slightly interested in history and/or economics, this is a good place to dip into it.
7/10
