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Abstract
Adam Smith is usually thought to argue that the result of everyone pursuing their own interests will be the maximization of the interests of society. The invisible hand of the free market will transform the individual's pursuit of gain into the general utility of society. Smith does use the invisible hand argument; however, a close reading of the Wealth of Nations reveals that Smith thought the interests of merchants and manufacturers were fundamentally opposed to those of society in general, and that they had an inherent tendency to deceive and oppress society while pursuing their own interests. It is argued that the invisible hand argument when applied to merchants and manufacturers is extremely restrictive, and that similar restrictions must apply to the moral corollary. In particular, the invisible hand argument applies only to investing capital in one's own country for maximum profit.