Rethinking Exchange: An Historical Inquiry into Self-love, Speech and Sociability

Project Information

RETHEX

Grant agreement ID: 101030264

DOI

10.3030/101030264

Project closed

EC signature date 21 July 2021

Start date 1 September 2022

End date 7 April 2025

Funded under

• EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions

Total cost

€ 171 473,28

EU contribution

€ 171 473,28

Coordinated by

UNIVERSITA DEL SALENTO
Italy

Periodic Reporting for period 1 - RETHEX (Rethinking Exchange: An Historical Inquiry into Self-love, Speech and Sociability)

Reporting period: 2022-09-01 to 2024-08-31

Summary of the context and overall objectives of the project

The RETHEX project identified a critical problem in modern economic discourse: the dominance of a single, restrictive notion of economic exchange based exclusively on rational and morally neutral self-interest. This theoretical perspective has created a reductionist understanding of human economic interactions that strips away moral, social, and relational dimensions of exchange. At the same time, the project identified a problematic dichotomy in contemporary economic theory, that forces scholars and practitioners to choose between accepting the limitations of self-interested exchange or rejecting exchange mechanisms entirely in favour of sharing models. The project argues that this binary thinking prevents the development of more nuanced understandings of exchange that could address contemporary challenges and fundamental questions about how human beings create and maintain social bonds through economic interaction. By returning to historical sources – with a focus on the thought of Adam Smith – and examining the development of exchange concepts before the current polarization emerged, the project has redefined economic exchange as a multifaceted social practice rooted in moral and linguistic collaboration. In an era marked by increasing inequality, political polarization, and environmental crisis, understanding how economic exchange can serve social cohesion rather than undermining it becomes crucial for developing sustainable social and economic systems. By transcending disciplinary divides and engaging with pressing societal challenges, the project positions historical scholarship as a vital resource for reimagining 21st-century economies. Its legacy lies not only in academic publications but in fostering a more nuanced public understanding of markets as spaces of ethical possibility.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The RETHEX project explored the notion of exchange in the debates about human nature and self-love, primitive societies and the origin of languages that took place in Europe in the 17th and 18th centuries, within which political economy arose. Drawing on these debates, in which Adam Smith actively participated, the project re-examined the origins of the modern concept of exchange in order to provide a new definition of economic relations and a new hypothesis of economic agency. The central aim of the project was to show that it is possible to arrive at a new understanding of exchange – based on mutual recognition – as the root of sociability rather than the breaking of social bonds. The main publications, including articles high-level peer-reviewed journals (such as The European Journal of the History of Economic Thought and History of Economic Ideas) and special issues in preparation (for History of Political Economy, History of European Ideas and The Adam Smith Review), contribute to disseminating the project's results in the international academic landscape. Participation in international conferences, the organisation of workshops in Cambridge, Paris, Palermo and Lecce, and the organisation of the final conference at the University of Salento have made it possible to disseminate the results globally, stimulating debate and future collaborations. The Cambridge workshop “Adam Smith's Harmonic Society” was organised in collaboration with the Cambridge Centre for Political Thought. The Paris workshop “The words of exchange: Adam Smith and the debates on 'primitive societies' and the origin of languages" was organised with the International Adam Smith Society, PHARE Panthéon-Sorbonne and Lexecon Project University of Pisa. The Palermo workshop “Adam Smith and the nature of commerce” was organised with the International Adam Smith Society and AISPE. The workshop in Lecce was organised in collaboration with the Young Scholar Initiative. The final conference was organised with the International Adam Smith Society in collaboration with The University of Chicago in Paris and with the support of the Bruno Leoni Institute, the Cesare Barbieri Endowment, and the Puglia Foundation. The conference was attended by scholars from all over the world and from various disciplines, such as the history of ideas, moral philosophy, economics, and political theory. The scientific output and dissemination activities have had a significant impact on the academic community and civil society, offering innovative theoretical tools for reformulating the role of the market and exchange in contemporary societies.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

The RETHEX project has made significant progress compared to the state of the art. Through an interdisciplinary and historical analysis of the philosophical, linguistic and moral origins of modern European thought, particularly that of Adam Smith, the project has redefined the concept of economic exchange. Rather than relying on reductive interpretations based on the notion of individual interest, the research proposes a novel approach in which exchange is considered an expression of moral motivations, mutual trust and recognition. These are all fundamental to social cohesion and the formation of market societies. Notably, the project draws on sources and debates from various disciplines, including economics, linguistics, political theory, anthropology, and moral philosophy. This provides a more complex and nuanced perspective on the role of exchange in history and contemporary society. Key results include high-quality publications in peer-reviewed journals, such as reinterpretations of Smith's monetary and value theory and explorations of the relationship between sociability, language, trust and exchange. The forthcoming monograph, Adam Smith's Harmonic Society, offers a broader, multidimensional interpretation of Smith's ideas and makes an original contribution to Smithian scholarship. Furthermore, the researcher's participation as a Visiting Scholar at the Centre for Political Thought at the University of Cambridge has expanded the project's collaborative network and strengthened its international impact. In terms of social and economic impact, the project has influenced discussions on market morality by demonstrating that trust, recognition and persuasion mechanisms are fundamental to effective, sustainable exchange — even in contexts of crisis or increasing political and economic polarisation. The critical review of narratives on human nature and the function of language in the origin of exchange provides theoretical tools to address current challenges, such as the crisis of trust in institutions, tensions between globalisation and protectionism, and new forms of collaborative and sharing economies. Furthermore, dissemination activities, including international conferences and workshops, as well as the publication of three special issues to mark the 250th anniversary of The Wealth of Nations, will broaden the social reach of the project, stimulating a wider public debate on the ethical and social relevance of economic theories. The creation of accessible online resources and the organisation of a final conference open to a wider audience than the academic community have encouraged the engagement of a non-specialist audience, helping to spread a more critical and informed understanding of the role of exchange in forming modern societies. In conclusion, RETHEX has opened up new avenues of research and strengthened our understanding of the moral, linguistic and social role of exchange, potentially impacting academia and civil society in the long term.

RETHEX word cloud