My original research on the present subject was done a number of years ago as I was preparing a doctoral dissertation at Colum bia University. I wish to thank Prosessor Joseph Dorfman for the help he so unstintingly offered at that time. Only my reluctance to implicate him in the shortcomings of this book prevents me from acknowledging the full measure of my obligation to Professor Leo Strauss of the University of Chicago. His influence upon this study is not to be reckoned in terms of his concurrence with its substance, as to which I cannot testify, or in terms of the credit that this study does to his influence, as to which I can but entertain modest hopes. I must finally express my gratitude to my parents, to whom this volume is dedicated, for the patient sacrifice which made my training possible. J. C. New York March,1956 INTRODUCTION One axiomatic premise of this study is that capitalism is an embodiment of Smithian principles. Hence the interpretation of Smith’s teaching must also be an interpretation of capitalistic society. A second such premise is that it is at least as likely that Smith had a single view of existence that pervaded both his books as that he had two views of existence which contended in each of his books. Hence the possibility is not excluded that the tension of outlooks reflected in Smith’s writings betokens not an inconsistency but an intention.