The ethical analysis of The Theory of Moral Sentiments as well as 'n Inquiry into the Nature and Causes of the Wealth of Nations presents A. Smith's (1723-1790) works in a completely new light than it is conventionally presented in the neoliberal interpretation. One of the most important issues appears to be the classification of moral sentiments. He divides them into social, neutral, and antisocial. The neutral sentiment - the so-called 'self love' forms the basis of acting in the best interests of oneself and as such it constitutes the foundations of the development of entrepreneurship. This can be transferred into an antisocial sentiment, i.e. selfishness. In such a case it has a devastating influence on economic activity, social life as...