Mandeville's philosophy gave great offence at the time, and has always been stigmatised as false, cynical and degrading. His main thesis is that the actions of men cannot be divided into lower and higher. The higher life of man is a mere fiction introduced by philosophers and rulers to simplify government and the relations of society. In fact, virtue(which he defined as "every performance by which man, contrary to the impulse of nature, should endeavour the benefit of others, or the conquest of his own passions, out of arational ambition of being good") is actually detrimental to the state in its commercial and intellectual progress. This is because it is the vices (i.e., the self-regarding actions of men) which alone, by means of inventions and the circulation of capital (economics) in connection with luxurious living, stimulate society into action and progress.
Mandeville believed it was vicious greed which led to invisible co-operation if properly channelled. Mandeville's qualification of proper channelling further parts his philosophy from Smith's laissez-faire attitude. Essentially, Mandeville called for politicians to ensure that the passions of man would result in a public benefit.The absence of self-love (cf. Hobbes) is the death of progress.
Source:(www.en.wikipedia.org)
