Kelly King


In The Politics, Aristotle, asserting that a polis must display virtue and friendship, advocates that trade must display moderation. However, in The Wealth of Nations, Smith’s notion of exchange does not respect temperance or liberality. Furthermore, the absence of a natural moderation in owning property and the distortion of the natural use of money do not allow friendship to flourish between individuals in Smith’s society. Instead the self-interest and advantage of the individual develops over the good of the community. Thus, Smith’s society has the qualities of Aristotle’s concept of an alliance, not a polis.