Foucault on Adam Smith’s Liberalism

Abstract

This article examines the interpretation of Adam Smith’s writings in The Birth of Biopolitics, where Foucault delves into market processes, the government’s role, the nature of economic knowledge, the dynamics of the “invisible hand,” and the complex relationship between society and the state. However, despite their shared interest in studying the forms of political power, the two authors differ significantly, since Smith espoused ideas that the French philosopher refused to endorse. It is the extensive readership of Foucault that justifies his inclusion in the study of contemporary receptions of Smith’s liberalism. We present Foucault’s lectures that deal with Smith’s ideas and evaluate the strengths and tensions in his analysis.