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Although I only rated it three stars, it is an important book to read. In this work, Smith lays out the feelings people have about themselves, one another, actions taken, etc., and how these feelings correspond to the morality of the things triggering the reactions. Smith starts all-of-a-sudden with no introduction, no explanation as to his intention or what he is trying to do, which seems rather abrupt. The book is mainly written based on his informed observations and speculations drawn therefrom. He seems to make the error of mirror-imaging in many cases, though he does allow for variations, he usually seems to think the more extreme variations are rather uncommon. Common crime, the human history of torture and oppression, the sociopaths and psychopaths who seek power over others, etc., indicate to me that perhaps the exceptions to Smith's expectations are unfortunately more common than he seems to allow. Smith was a man of his times and makes certain generalizations about the sexes that might seem quaint to today's readers, though these are fairly few.
Despite these flaws, it is interesting to see Free Market Capitalism's first articulator spell out morality in the terms that he does. I saw "articulator," because surely Smith did not invent that system per se, but merely became the first well-known person to make careful observations about how markets worked, what hindered them, etc. It should be noted that he published Moral Sentiments some years prior to An Inquiry into the Nature and Causes of the Wealth of Nations.
When we think of Smith in some such foundational role for a system that is commonly associated with wealth and privilege and all that is wrong in our world today (though try trading it for what came before Capitalism, namely absolutist monarchy, feudalism, and/or theocracy...), readers today might be surprised in what view Smith held the rich and famous:
This disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least, to neglect persons of poor and mean condition, though necessary both to establish and to maintain the distinction of ranks and the order of society, is, at the same time, the great and most universal cause of the corruption of our moral sentiments...We frequently see the respectful attentions of the world more strongly directed towards the rich and the great, than towards the wise and the virtuous. We see frequently the vices and follies of the powerful much less despised than the poverty and weakness of the innocent. (p 62)
And if we really want to explore what's wrong in our world today, perhaps rather than blaming markets, one might examine Smith's observation more deeply:
In the courts of princes, in the drawing-rooms of the great, where success and preferment depend, not upon the esteem of intelligent and well-informed equals, but upon the fanciful and foolish favour of ignorant, presumptuous, and proud superiors; flattery and falsehood too often prevail over merit and abilities. In such societies the abilities to please, are more regarded than the abilities to serve. (p 64)
Although those of the Liberal persuasion (and by "Liberal" I mean in favor of a system of Liberty, not to be confused with anti-Liberal "liberals" who are actually Progressives) are often today seen as hostile toward or at least skeptical of religion, Smith was a Christian and quite confident that God had things well in hand. Indeed, he noted that our natural inclinations pushed us toward actions that tended toward the good, even when we ourselves might not be aware of the larger benefits, seeking only to satiate our natural appetites or otherwise seek what seems to be our self-interest. Smith does express sufficient hostility to the Roman Catholic Church for an 18th-century Englishman of good standing. He does, however, advocate for religious tolerance as an open-ended maxim.
One of Smith's indulgences to mirror-imaging comes as he expresses disapproval for the entire basis of today's "social justice":
To disturb his happiness merely because it stands in the way of our own, to take from him what is of real use merely because it may be of equal or more use to us, or to indulge, in this manner, at the expense of other people, the natural preference which every man has for his own happiness above that of other people, is what no impartial spectator can go along with. (p 86)
Perhaps Liberalism's greatest practical benefit is that while it works best if people are angelic, it functions reasonably well enough even if people in society are only coldly proper with one another and refraining from gross aggression and injustice:
All the members of human society stand in need of each others [sic] assistance, and are likewise exposed to mutual injuries. Where the necessary assistance is reciprocally afforded from love, from gratitude, from friendship, and esteem, the society flourishes and is happy...Society may subsist among different men, as among different merchants, from a sense of its utility, without any mutual love or affection; and though no man in it should owe any obligation, or be bound in gratitude to any other, it may still be upheld by a mercenary exchange of good offices according to an agreed valuation. (p 90)
Other systems, like Communism, frequently call for the incarnation of "Communist Man" as necessary to their proper function, which these systems may claim to also engender, though historical experience shows otherwise.
Smith's emphasis on the religious, spiritual, and intangible priorities in life will probably surprise readers that associate Capitalism with materialism. In Smith's mind, the moral system he advocates and the system of freedom associated with Capitalism are intrinsically linked, though, as noted, a mere abstinence from aggression is sufficient for a system of liberty to function.
So what then does Smith advocate in favor of, in terms of his morality? He sees a mixture of concern, each person for him or herself, together with concern with the well-ordering of society and the welfare of his or her fellows. In short: prudence, justice, beneficence are the virtues to be sought; and self-love, reason, and sentiment the methods by which we perceive and understand the moral worth of any particular act. Smith focuses on Ethics and Jurisprudence as the two "useful" (p 348) parts of moral philosophy.
In short, The Theory of Moral Sentiments does not quite reach the level of a "must-read," but is an important work to consider picking up. Much like Wealth of Nations, Smith lays out an important framework that was useful as a foundation to those who came after and built still more useful understandings on it. The ideas Smith had about morality and the ideal society were implicit assumptions in his understanding of the operation of markets; attempting to understand a system of liberty or the operation of markets independent of a moral framework of one kind or another is futile. But as important as this work is, Smith's style makes for somewhat difficult reading. It is not that it is so very technical or over an average reader's ability to comprehend, but it lacks in organization, focus, it can be rambling and repetitive, not to mention dry. Still, there are some very good nuggets found throughout that a diligent reader will feel well-rewarded for persevering and discovering.