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In the theory of moral sentiments, Adam Smith's first work, written in 1759 and modified until the author's death, Adam Smith places in this work the social relations of the society of his time and makes critical analyzes of how much relative morals can hinder society. as a whole.Although The Wealth of Nations is considered the work that determined a turning point in labor and capital relations, Smith himself considered The Theory of Moral Sentiments a work superior to the wealth of nations.It also follows that his work on morals deals with intrinsic values ??of society, with intangible values, while the wealth of nations must be considered in the context of the time and its reading, nowadays, must come from some historical knowledge, mainly from commercial barriers between England and the English colonies in America - which would later become the United States.Also because of his visit to France and the brutal difference between English and French society in terms of management and worldview: the English, with a vision of mass production, and the French, with the production of luxury goods. In addition, 1500 years of animosities between the two nations for control of the world.In his work on morals, Smith critically examines the moral thinking of his time. It suggests that the consciousness and fabric of reality, for ordinary people, arises from social relationships. It intended to explain the origin of humanity's ability to form moral judgments, despite men's natural tendency to self-interest.This relationship between human selflessness and self-interest always permeates all of Smith's works, but without getting into the question of self-centeredness or selfishness. Only Smith puts the negotiations in function of human motivations for the situations - mainly the social ones and, in this context, the labor and government control.Smith proposes a theory of sympathy, in which the act of imagining oneself in the shoes of others makes people aware of themselves and the morality of their behavior. That old maxim: "don't do with others what you don't want them to do for yourself!"This concept, at a time when there was a heated discussion about Christian dogma in society and the separation of state and religion, caused some consternation to Smith: he never supported his works in any religious strand, keeping his analyzes centrally mediated in philosophy. anthropocentric.This generated what many historians called the "Adam Smith Problem": a clash between the main theme of the Theory of Moral Sentiments, empathic relationships, against social relationships, as a form of growth and well-being of society and the Wealth of Nations, which focuses on self-interest to drive capital generation, thus leading to the well-being of society as well.In the end, what is agreed, in modern times, is the generation of well-being, whether through social relations or through capital-production relations. Not being mutually exclusive, they just complement each other from different perspectives.The democratic character, resulting from this well-being, is what determines the legal security so that the capital is committed to business, industry and social justice as a whole.The economy, commerce, the means of production, had the positive effect of freeing the poor from their dependence on the rich, as it gave citizens the opportunity to receive capital for the sole effort of their work.There was still no class division, but, similarly, a structure based on the origin of the income obtained and, in this sense, the workers would not be the lower class, but the intermediate one, as they would be the most direct partners in the economic enterprise.Again, one sees Protestant dogmas in a philosophical analysis, as Smith argued that their sacred property right over their work could never be violated.Commerce, properly speaking, was common to everyone, as everyone had to buy or sell things every day in society, making capital circulate. And this makes the worker a moral being, just as it makes moral sentiments the basis of a good and just society.The notion defended by Smith is that nature tends to basic equality between men, who, through education, can become masters of their actions and prosper in society.In the chapter of the first Wealth of Nations book, entitled, "On Stock Profits," Smith uses interest rates as an indicator of stock profits.This is because interest can only be paid out of stock earnings, and so creditors may increase rates in proportion to the increase or decrease in their debtor's earnings.Smith argues that profits from stock are inversely proportional to wages from labor: because the more money you use to compensate for labor, the less you have for personal gain.This reflects again the clash of thoughts between social well-being and capital well-being.About this, it states that societies where competition among workers is greater in relation to competition among employers, profits will be much greater.Comparing the interest rates in England and Scotland, it appears that, while in England, the government's laws against usury kept the maximum interest rates very low, which discouraged the entry of capital in these relations, in Scotland, the interest rates were much higher.The result of a higher proportion of capitalists in England is that even lower rates were still more attractive than in Scotland, because competition for capital and jobs among workers increased wages and lowered the risk of default.Looking at the colonies, he observes that interest rates are also much higher. He infers that this is due to the fact, he says, that when an empire takes control of a colony, the prices of an enormous abundance of land and resources are extremely cheap. This allows capitalists to increase their profit, but simultaneously attracts many capitalists to the colonies, increasing labor wages. When this is done, however, the profits of stocks in the metropolis increase (or at least stop falling), since most of them have already migrated to the sea.However, in practice, what was seen, in the ensuing years, until the independence of the United States, was the control over wages, over prices, with the English State acting heavily on trade.This interference with trade is what causes independence, in fact. For Smith, no revolution takes place without economic elements of breakdown.Smith's view of the relationship of interest, capital and productive means continues to this day in the traditional financial market.In the case of the digital market, of cryptocurrencies, this is also true, despite the knights of the apocalypse who say otherwise. But in the case of bitcoin, ethereum, and other stable currencies, the effort that translates into "salary" is called mining.And the relations between capital and production became mathematically governed.It is precisely this moral, mechanical and productive relationship that guarantees the delivery of capital to the "workers" of cryptocurrencies.The interest-earnings ratio is also the same, as the risks that keep earnings come from trading and the need and use of currencies.Anyway, in the world of cryptocurrencies, what happens is the fair distribution of capital to the normal citizen, giving him social well-being, regardless of where he is.Adam Smith, therefore, remains current.
