Moral Sentiments

The Prime Minister, Gordon Brown, said in an address in St Paul's Catheral, London on Tuesday, 31st March:-

"Markets need morals.

The reason I have been long fascinated by Adam Smith, who came from my home town of Kirkcaldy, is that he recognised that the invisible hand of the market had to be accompanied by the helping hand of society, that he argued the flourishing of moral sentiments comes before and is the foundation of the wealth of nations.

So the challenge for our generation is now clear: whether or not we can formulate global rules for our global financial and economic systems; global rules that are grounded in our shared values."

Adam Smith also referred to the "stupidity of mind" induced by being over mechanistic. We should be careful not to over regulate.

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