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Sandra Peart

Sandra J. Peart is dean of the University of Richmond’s Jepson School of Leadership Studies, E. Claiborne Robins Distinguished Professor in Leadership Studies, and President of the Jepson Scholars Foundation. She is a former president of the International Adam Smith Society and the History of Economics Society and a member of the Reform Club and the Mont Pelerin Society. She published The Essential John Stuart Mill in 2021 and edited Hayek on Mill: The Mill-Taylor Friendship and Related Writings in 2015. In 2024, she was awarded the History of Economics Society Distinguished Scholar Award and she served as a Fulbright Specialist at the Universidad del Desarrollo in Santiago, Chile. With David Levy, she has written Equality and Specialization: Economic Ideas in Tension, currently in production with Palgrave’s Macmillan.
Democracy

Adam Smith’s Moral Philosophy Complicates Interpretations by the Chicago School and Its Critics

Sandra Peart
The connections between Adam Smith’s Wealth of Nations and Theory of Moral Sentiments reveal a much more complicated understanding of how markets work than developed in the common interpretation by the Chicago School of economics or that of its critics. Smith’s political economy based on commerce, sympathy, and competition produced social good but only when complemented and checked by other forces. When not checked, Smith worried about “factions” that produce bad outcomes, write Sandra J. Peart and David M. Levy.

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