he is the author of "adam smith's marketplace of life," 2000 from cambridge university press and "actual ethics." the latter won the 2007 templeton enterprise award. he is the editor of "the levelers." i thought we were against them, but i guess that's probably not right. >> [inaudible] >> okay. okay, see. you can always get straighten bed out at these things. and he's also the editor of "adam smith: selected philosophical writings." his book will be published by continuum press in 2011, and he is currently working on a book -- and he is very industrious, won't you agree? -- he's currently working on a book on the moral status of socialism. would you please welcome jim otisson. [applause] >> i think, again, i'm not too familiar, but i think that'll do it. >> thank you. it's a pleasure to be here. as you all will know, adam smith is one of the most beloved and the most hated, the most cited and yet probably for that reason the least-read figures in the pantheon of the great western writers. his ideas have helped transform political and economic policy throughout much of the world, and his

my name is vitor, i'm the author of a forthcoming book with cambridge university press on the role of the state, so i had to discuss some of these issues. i have just one comment and one question, you know? the comment is that the view that adam smith had a very limited role of the state is really not correct for the time. this was an enormous expansion of the role of the state. what he wanted was to redirect the role of the state away from mercantilism, more efficient role. you know, that's my comment. the question is that adam smith had a lot of confidence in markets, you know, clearly. this is very central. at the same time, he was very skeptical about merchants, lots of statements, you know, through the wealth of nations and so forth. so my question, if you were leaving today after two years of financial market chaos, you know, what role would he assign to the state in terms of regulations? >> may i make a preface before you give your answer? is. >> of course you can. >> i'd give one addendum to your comment which smith was certainly quite critical of merchants, but he was critica