Adam Smith: Morality and Markets

1. In what way is self-interest, trust, and morality underpinning trust key to a successful market?

2. What is the role of the "impartial spectator"? How does it affect fairness? How are fairness and justice related, and how do they inform how governments should behave (with respect to markets)?

3. Smith states that the "invisible hand promotes an end that was not its intention". What is the invisible hand and what is the "end" that it promotes? What does "self-interest" have to do with this? Additionally, use the example of wine/beer, why is it easy to find a seller of umbrellas when it is raining or sun-glasses on the beach, or describe using the scones example.