In this paper, Prof. Maria Pia Paganelli of Trinity University, draws our attention to the most celebrated quote by Adam Smith:
“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but of their advantages"
The professor contextualizes the quote as it appears in the Wealth of Nations (Vol. 1) and suggests that it is a reflection of the dignity of trade rather than trade being merely driven by self-interest. She considers Smith’s take on three ways of getting dinner - waiting upon the master to be fed, begging and trade. The first two ways are undignified as one is in a state of “servile dependency”, she explains. Trade is a dignified exchange between peers where both parties negotiate the benefits of giving and receiving what they want.