Catalysing Action and Transdisciplinary Pathways towards Sustainable Transitions

Prelude – Special Issue Motivation The year 2023 marked the 300th anniversary of the birth of Adam Smith, the Scottish economist whose work has impacted how we think about economic principles and the dynamics implied in politics, business, and society. Known for his seminal work “The Wealth of Nations” published in 1776, Smith argued for an economic system with little unnecessary government interference. A model built on the division of labor, guided by an ‘invisible hand’, is part of the argument for free markets directed through price mechanisms and the moral conscience of self-interested people to achieve outcomes that benefit society (Stevens, 2023). Smith’s intention to articulate a liberal economic model that prioritized contributing positively to society's welfare1 however, stands in contrast to 20th-century business doctrine, which asserted that ‘their sole social responsibility was to generate as much profit as possible for their stockholders’ (Friedman, 1962, p. 133). (Continues, please read PDF)