Hidden Hands tells the stories of the artisans, artists, scribes and readers, patrons and collectors who made and kept the beautiful, fragile objects that have survived the ravages of fire, water and deliberate destruction to form a picture of both English culture and the wider European culture of which it is part. From the Cuthbert Bible, to works including those by the Beowulf poet, Margery Kempe, Julian of Norwich, Sir Thomas Malory, Chaucer, the Paston Letters and Shakespeare, Mary Wellesley describes the production and preservation of these priceless objects. Far from extolling the virtues of the "invisible hand" the overall tone of this passage is one that questions the distribution of wealth and laments the fact that the poor receive the "necessities of life" after the rich have gratified "their own vain and insatiable desires". Although elsewhere in The Theory of Moral Sentiments, Smith has described the desire of men to be respected by the members of the community in which they live, and the desire of men to feel that they are honorable beings.

All credit to those women who worked so hard In and around High Wycombe. They were highly skilled but paid peanuts. Love the exhibition that remembers them.” Adam Smith then goes on explaining how this "mechanism" cannot be replaced by bureucratic commands: The first published appearance of the invisible hand metaphor in Smith occurs in The Theory of Moral Sentiments (1759) in Part IV, Chapter 1, where he describes a selfish landlord as being led by an invisible hand to distribute his harvest to those who work for him:

Marquis de Lafayette

The idea of trade and market exchange automatically channeling self-interest toward socially desirable ends is a central justification for the laissez-faire economic philosophy, which lies behind neoclassical economics. [8] In this sense, the central disagreement between economic ideologies can be viewed as a disagreement about how powerful the "invisible hand" is. In alternative models, forces that were nascent during Smith's lifetime, such as large-scale industry, finance, and advertising, reduce its effectiveness. [9]

The book details what the authors describe as "the nature and extent of the Chinese Communist Party’s influence operations across the Western world – in politics, business, universities, think tanks and international institutions such as the UN. This new authoritarian power is using democracy to undermine democracy in pursuit of its global ambitions ". [3] There is only one instance where the invisible hand is explicitly mentioned in The Wealth of Nations, that is in Book IV, Chapter II titled ' Of Restraints Upon the Importation from Foreign Countries of Such Goods as Can Be Produced at Home'.According to Emma Rothschild, Smith was actually being ironic in his use of the term. [38] Warren Samuels described it as "a means of relating modern high theory to Adam Smith and, as such, an interesting example in the development of language." [39] Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily leads him to prefer that employment which is most advantageous to the society. [15]

He then explains that, assuming equal or similar profits, there is a preference for employing capital in home-trade over foreign trade and the latter over carrying trade:

Essentially, the invisible hand refers to the unintended positive consequences self-interest has on the promotion of public welfare. [22] [2] It is also relevant to mention that, although the term “invisible hand” only appears explicitly here, this fundamental idea is present throughout The Wealth of Nations and the case treated in this chapter seems to be a particular example of this principle, rather than the principle itself, as noted by Smith ''is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention" Households maximize a utility function u h ( x h , z h ) {\displaystyle u

Proponents of liberal economics, for example Deepak Lal, regularly claim that the invisible hand allows for market efficiency through its mechanism of acting as an indicator of what the market considers important, or valuable. [40] Understood as a metaphor [ edit ] Podger, Andrew. "Book Review: Hidden Hand – Exposing How the Chinese Communist Party is Reshaping the World". The Conversation . Retrieved 1 December 2021. Some see an early reference to the concept of the invisible hand in 7th century Arabia where the Islamic prophet Muhammad, when asked by a merchant to fix prices of goods whose prices have shot up, Muhammad responds "It is but Allah [God] Who makes the prices low and high.", in other Hadith it is worded "Allah [God] is the one Who fixes prices". [12] [13] This has been interpreted and applied as the first application of a laissez faire free market where not even Muhammad can interfere in the free market. [14] Anders Chydenius [ edit ] Only in The History of Astronomy (written before 1758) Smith speaks of the invisible hand, to which ignorants refer to explain natural phenomena otherwise unexplainable: Historically, women’s paid work has often been belittled and forgotten. The exhibition hunted down the hidden work of women in the Chilterns’ villages that formed a crucial part of the local economy during the 19th and 20th centuries. Luxury goods made by these highly skilled workers contrast with the harsh reality of working long and poorly paid hours from their homes.Smith's theoretical U-turn from a micro-economical to a macro-economical view is not reflected in The Wealth of Nations. Large parts of this book are retaken from Smith's lectures before his visit to France. So one must distinguish in The Wealth of Nations a micro-economical and a macro-economical Adam Smith. Whether Smith's quotation of an invisible hand in the middle of his work is a micro-economical statement or a macro-economical statement condemning monopolies and government interferences as in the case of tariffs and patents is debatable. Book, Report Spark Concern Over China's UK Elite Influence Operations". Radio Free Asia. 17 July 2020 . Retrieved 3 November 2023.