What Would Adam Smith Make of Modern Australia? (Joseph Healy, Major Street)

Adam Smith, the 18th-century moral philosopher, is best known for coining the phrase ‘invisible hand’ to describe how the economic self-interest of an individual can lead to fair and efficient outcomes throughout society. Widely regarded as the ‘father of capitalism’, Smith’s work remains a touchstone for economists today. But is the profit-driven capitalism we now celebrate truly reflective of Smith’s original vision of free markets and moral responsibility? In What Would Adam Smith Make of Modern Australia?, author and entrepreneur Joseph Healy (Black Belt) examines Smith’s belief that the economy cannot be separated from society and finds it at odds with the way the country is currently managed. Written in a clear and accessible style, Healy guides readers through Smith’s life and thinking, including the then-radical belief that economic development should benefit the broader community, and shows how these ideas were later repurposed to support a more individualistic, profit-focused form of capitalism. He argues that modern Australia has strayed far from Smith’s foundational principles. In a field where Smith has largely been reduced to an icon, Healy makes a strong case for reclaiming the philosopher’s egalitarian ideals. The result is a thought-provoking and insightful guide to a giant of modern economic thinking, as well as a call to restore education and equality to the centre of our society. Anyone seeking to understand how Western economies – especially Australia’s – have reached their present state of uncertainty will find much to consider here.

Books+Publishing reviewer: Anthony Morris is a freelance reviewer, novelist and podcaster. Books+Publishing is Australia’s number-one source of pre-publication book reviews.

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