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5752

This paper demonstrates that Adam Smith has common ground with contemporary social scientists who study the management of the common pool resources from an evolutionary perspective. Contrary to the caricature of Smith, presented by neoliberals, as a promoter of self-interest, he recognized the value of other-regarding behavior. Specifically focus is given to how such behavior can contribute to constructing institutional arrangements that can help to avoid damaging market excesses. A study of the development of a process to encourage investment behavior that is environmentally responsible, establishes that Smithʹs work has relevance for addressing environmental issues in our contemporary complex market system.

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Adam Smith , Responsible investment , Evolution , Moral purpose , Market institutions

Studia Iranica

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