Impartial Spectator in the Marketplace of Ideas: The Principles of Adam Smith as an Ethical Basis for Regulation of Corporate Speech

Abstract

The corporate voice is arguably the loudest in mass communication today and has been the subject of a series of landmark Supreme Court decisions since 1978. This integrative essay offers an ethical basis for justifying regulation of corporate speech, based on the neglected moral and political theories of Adam Smith. His essential tenets on free markets are applied to the First Amendment marketplace of ideas concept that has been prominent in developing corporate free-speech rights. This essay argues that regulation of corporate speech on this basis can actually enable more ideas to flourish in the political marketplace—advancing utilitarian ideals of the common good.