The article explores early criticisms of Adam Smith, with particular reference to long-distance commerce, the Portuguese empire, and the writings of William Julius Mickle. The changing relationship between merchants and sovereigns, and between economic and political power, was of central importance, the article suggests, to disputes over Smith's ideas of self-interest.

In his new book The Idea of Justice, Amartya Sen argues that political theory should not consist only in the characterisation of ideal situations of perfect justice. In so doing, Sen is making, within the context of political theory, a similar argument to another he also made in economic theory, when crtiticising what he called the ?rational fool? of mainstream economics. Sen criticised the ideal and fictitious agent of mainstream economics, while advocating for a return to an integrated (...) view of ethics and economics, which characterised many classical political economists who inspired Sen's theory of justice, from Adam Smith to Karl Marx. I will examine Sen's revival of classical political economy, and argue that a revival of classical political economy, which was undertaken earlier by Piero Sraffa, has much potential for bringing a more plural and realist perspective to economics. (shrink)

: The theory of objective value is the central feature in the paradigm of political economy. The Newtonian heritage plays a major role in giving political economy the status of a self-standing empirical science, and a reconstruction of this heritage casts fresh light on the idea of value and its role in the definition of the subject matter of political economy. Cognitive progress carried by classical political economy turns out to be (...) related with the dilemmas of Newtonian epistemology and the alternative between essentialist realism and instrumental conventionalism. (shrink)

I use the theory of the division of labor as a case-study in the logic of social explanation and to test the explanatory power of a new Aristotelian model for social theory. The classical political economists from Adam Smith to Karl Marx argue that the divisions of labor is both efficient and natural. I claim that this explanation suffers from a two-fold reductionism: the moral dimension of the division of labor is reduced to technical efficiency; and the customary (...) and stipulated dimensions of the division of labor are reduced to nature. This reductionism collapses two important Aristotelian distinctions: that between moral reason and technical reason ; and that between nature , custom , and deliberate stipulation . I revise these concepts in the light of modern natural, social and philosophical sciences into a framework for social theory: I show that, in human conduct, technical reason always presupposes moral reason; and I show that every social institution is the joint product of nature, custom, and stipulation: just as custom presupposes nature, so stipulation presupposes custom. I then use this framework to criticize Aristotle as well as classical political economy. By transcending the positivist dichotomy of ends and means, I restore moral reason to supremacy over technique. By transcending the Sophistic dichotomy between nature and convention, I restore custom to its rightful place at the center of social theory. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Political Economy and Classical AntiquityNeville MorleyThe literature of the ancients, their legislation, their public treaties, and their administration of the conquered provinces, all proclaim their utter ignorance of the nature and origin of wealth, of the manner in which it is distributed, and of the effects of its consumption.... The steadily increasing progress of different branches of industry, the advancement of the sciences, whose influence upon (...) wealth we shall have occasion hereafter to notice, and the direction of public opinion, at length estimating national prosperity as being of some importance, caused the science of political economy to enter into the contemplation of a great number of writers.J.-B. Say 1I. The science of political economy offered an entirely new way of understanding human society. 2 Say’s account of its emergence is teleological and self-serving, figuring his own work as the logical culmination of earlier enquiries, but it accurately reflects the way in which political economy was perceived and presented as a modern innovation. The more that eighteenth- and nineteenth-century political economists turned their attention towards the economic rather than the political state of the nation, the more they became aware of their own originality in doing so. The writings of the ancients might still dominate discussions of political theory, but the moderns noted with satisfaction the failings and fumblings of classical authors in the study of the economy; they alone had discerned its significance and developed the tools with which to [End Page 95] analyze it. Moreover, there was no obvious reason why this new science should confine its attentions to the contemporary world; the economies of the past could be studied in the same manner, and thus political economy offered the possibility of understanding ancient society better than the ancients did themselves.Students of ancient society were slow to respond to this challenge. Neither Edward Gibbon nor George Grote had much to say about the ancient economy, despite their close relationships with economists of the Scottish Enlightenment and the Philosophic Radicals respectively. Gibbon was well aware of contemporary debates on luxury (see below), and he also disputed Montesquieu’s theory that taxes decrease according to the level of despotism in a state, but that was all. 3 A letter written by Grote’s wife suggests that his chapter on Greek colonization was intended to infuse useful doctrines on political economy and the principle of population, but in the published version this intent is limited to vague statements about the importance of agriculture in sustaining a colony. 4 Grote’s advocacy of comparative history—“not omitting the points of resemblance as well as of contrast with the better-known forms of modern society”—was in practice limited to politics and the history of ideas, above all in the debate on the merits of democracy. 5 The sole exception was a comparison of Solon’s legislation restricting Athenian exports with the British Corn Laws, to the advantage of the former. 6With the lone exception of Boeckh’s 1817 treatise on The Public Economy of Athens, the subject of the ancient economy was almost entirely ignored by historians until the middle of the nineteenth century. 7 Their own interests and those of the ancient sources on which they relied led them to conceive of history in terms of events, above all of events in the fields of politics and war. Economic matters were touched upon in their accounts of certain episodes—the reforms of Solon, for example, or the Roman agrarian laws—but never in detail or with much analytical sophistication, let alone drawing upon the theoretical insights of political economy. William Ramsay’s Manual of Roman Antiquities in 1851 devoted much more space to economic topics than had been customary, but was otherwise indistinguishable from its predecessors; the chapter on Roman agriculture was little more than a paraphrase of the writings [End Page 96] of Vergil and Varro, and his account of state revenues merely compiled information from the ancient sources as an end in itself. 8The drought was not ended until 1854, when Theodor Mommsen’s History of Rome not only devoted considerable attention to such subjects as agriculture, commerce, and... (shrink)

Lays out an account of the origins and development of liberal political and economic theoryIncludes case studies that cover thinkers and ideas from the English Civil War through to liberalism's first encounters with socialism Provides comparative analysis of distinct intellectual traditions including English natural rights theory, the Scottish Enlightenment, Victorian-era utilitarianism and classical political economyIntegrates history of economic thinking into broader milieu of modern political, moral and natural philosophyExamines secondary literature and research from a range of (...) disciplinary areas including political theory, modern intellectual history, economic thought and modern British history and philosophyThis book re-examines the philosophical roots of classical liberal political economy, as well as addressing the relationship between the empire and liberalism. It proposes an interpretive model based upon the interconnection between distinct theories of natural rights and the harmony of interests. It takes a fresh look at classical liberalism by exploring economic arguments in thinkers like Thomas Hobbes, Thomas Paine, John Trenchard and Thomas Gordon, who are not typically viewed as economic thinkers, and by highlighting the importance of Bernard Mandeville and Adam Smith in the development of interest-based liberalism. It also re-examines lesser-known economic tracts by thinkers such as John Locke, David Hume and John Stuart Mill in light of their more well-known political writings. With classical liberal assumptions still prominent in contemporary debates about economic justice, it is vital for every democratic citizen to understand the complex origins and development of the ideas that did so much to shape our world today. (shrink)

Economics has become a monolithic science, variously described as formalistic and autistic with neoclassical orthodoxy reigning supreme. So argue Dimitris Milonakis and Ben Fine in this new major work of critical recollection. The authors show how economics was once rich, diverse, multidimensional and pluralistic, and unravel the processes that lead to orthodoxy’s current predicament. The book details how political economy became economics through the desocialisation and the dehistoricisation of the dismal science, accompanied by the separation of economics from (...) the other social sciences, especially economic history and sociology. It is argued that recent attempts from within economics to address the social and the historical have failed to acknowledge long standing debates amongst economists, historians and other social scientists. This has resulted in an impoverished historical and social content within mainstream economics. The book ranges over the shifting role of the historical and the social in economic theory, the shifting boundaries between the economic and the non-economic, all within a methodological context. Schools of thought and individuals, that have been neglected or marginalised, are treated in full, including classical political economy and Marx, the German and British historical schools, American institutionalism, Weber and Schumpeter and their programme of Socialökonomik, and the Austrian school. At the same time, developments within the mainstream tradition from marginalism through Marshall and Keynes to general equilibrium theory are also scrutinised, and the clashes between the various camps from the famous Methodenstreit to the fierce debates of the 1930s and beyond brought to the fore. The prime rationale underpinning this account drawn from the past is to put the case for political economy back on the agenda. This is done by treating economics as a social science once again, rather than as a positive science, as has been the inclination since the time of Jevons and Walras. It involves transcending the boundaries of the social sciences, but in a particular way that is in exactly the opposite direction now being taken by "economics imperialism". Drawing on the rich traditions of the past, the reintroduction and full incorporation of the social and the historical into the main corpus of political economy will be possible in the future. (shrink)

This book is about the conceptual foundations of an intermediate way between liberalism and socialism: a synthesis of classical and Keynesian political economy. Classical theory deals with proportions between individuals or collectives and society in tackling problems of distribution and value. Keynesian theory is concerned with the scale of economic activity as explained by effective demand. The economy considered is primarily a monetary production economy, not a market or a planned economy. The author (...) sets up a system linking political economy with other social sciences, i.e. sociology, law and politics in the traditional sense, thus establishing the unity of the social sciences. To complete the picture, issues of method associated with the theory of knowledge in the social sciences and the problem of linking theory with historical reality are also covered. (shrink)

Revolutionary in its own time and controversial to this day, this work is a permanent classic of political theory and a key source of democratic belief. Rousseau's concepts of "the general will" as a mode of self-interest uniting for a common good, and the submission of the individual to government by contract inform the heart of democracy, and stand as its most contentious components today. Also included in this edition is Rousseau's Discourse on Political Economy", a key (...) transitional work between his Discourse on Inequality and The Social Contract. This new translation offers fresh insight into a cornerstone of political thought, which is further illuminated by a comprehensive introduction and notes. (shrink)

Economics has long been the ‘dismal science’. The crisis in classical political economy at the end of the nineteenth century produced radically differing intellectual responses: Marx’s reconstitution of value theory on the basis of his dialectical method, the marginalists’ development of subjective value theory, and the historical school’s advocacy of inductive and historical reasoning. It is against this background that economics was established as a discrete academic discipline, consciously modelling itself on maths and physics and developing its (...) focus on theorising exchange. This entailed extraordinary reductionism, with humans regarded as rational, self-interested actors, and class, society, history and ‘the social’ being excised from economic analysis. On the basis of this narrowing of its concerns, particularly from the 1980s onwards, economics has sought to expand its sphere of influence through a form of imperialism which seeks to apply mainstream economic approaches to other social sciences and sees economics as ‘the universal grammar of social science’. The implications of this shift are discussed in Ben Fine and Dimitris Milonakis’s two volumes, where they analyse the fate of the social, the political and the historical in economic thought, and assess the future for an inter-disciplinary critique of economic reason. (shrink)

Mark Pennington’s Robust Political Economy is a systematic exposition of a framework for analyzing institutional performance. The Robust Political Economy framework evaluates institutions according to their ability to solve knowledge and incentive problems. On grounds of robustness, Pennington combines insights from Austrian market-process theory and public-choice theory to defend classical liberalism from several compelling critiques. These include theories of market failure in economics; communitarian, deliberative-democratic, and liberal-egalitarian theories of justice; and concerns with social capital, domestic (...) and international poverty, and ecology. (shrink)

Germany is widely seen as a “dualized” economy driven by a powerful and stable “insider” coalition in the manufacturing sectors. In this article, that picture is challenged. An examination of the political economy of the outsider-friendly 2014 Minimum Wage Act, using public opinion data, document analysis, and qualitative interviews, shows how earlier dualizing reforms led to unintended negative feedback effects: First, public opinion reacted negatively to increasing inequality in the years preceding the introduction of the minimum wage. (...) Second, a remarkable shift is found among trade unions toward support of a minimum wage, even in manufacturing. Although the threat of low-wage competition and flexibilization did play a role, trade union solidarity was at least as important. Those endogenous dynamics came together in a self-undermining process unfolding over a relatively short period of time. Potential alternative explanations are explored, including classical partisan politics, party competition, and employer preferences. (shrink)

It seems to me that no substantial support can be provided for the thesis that the Darwinian theory of evolution drew significantly upon ideas in contemporary Political Economy. What Darwin may have derived from Malthus was not an integral part of the theory of population that the classical economists, including Malthus, put forward. He did not know the literature of Political Economy; and if he had been acquainted with it, he would not have been able (...) to derive anything from it that was important for the theory of natural selection. The judgment that “with Darwin's theory there was a real transfer of knowledge from political economy to biology” (Pancaldi 1985:262) cannot be sustained. (shrink)

The methodology of classical economics presents a fascinating glimpse of Enlightenment scientists wrestling with ancient epistemological problems that were considered overcome in the new age. The tension between hypotheses and empirical investigation abolished by transcending the old metaphysical and religious idols recurs as efforts are made to clarify the new practice of physical science and to extend this practice to the study of human action; debates arise over the source and use of “hypotheses” and the ancient Platonic-Aristotelian split is (...) given new life. Deborah Redman has written a magisterial review of this development. (shrink)

Situating Manuel Castells's three-volume work, The Information Age, within a broad tradition of classical social theory that has sought to come to terms with the emergence of new forms of social, economic and cultural life, critical consideration is given to a series of concerns, including questions of analytic perspective and in particular the relevance of the work of Marx; the concept of the network society; the movement from production to consumption as the primary medium through which individuals are engaged (...) within contemporary society; and issues of identity and community. In contrast to Castells's identification of an ethical foundation or spirit of informationalism, it is argued that an aesthetics of consumption is central to modern society in its informational capitalist phase and that as society has become more exposed to the consequences of informationalism and the associated globalization of capital, the prospect of living in an ethically responsible manner has diminished significantly. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Diacritics 29.4 (1999) 116-127 [Access article in PDF] Authority, Solidarity, and the Political Economy of Identity: The Case of the United States David A. Hollinger Theorists of nationalism tend to circle around the United States like boy scouts who have spotted a clump of poison oak. The nationalism of the United States has figured small in the robust and wide-ranging discourse about nationalism that has involved sociologists, (...) historians, political scientists, philosophers, and literary scholars during the past two decades. Although there are significant exceptions to this pattern of avoidance--David Miller and Liah Greenfeld are convenient examples--several prominent cases illustrate the pattern. The United States is mentioned in only a single footnote in Ernest Gellner's Nations and Nationalism. The United States is given short shrift in three of the most important collections of the 1990s: Homi Bhabha's Nation and Narration, John Hutchinson and Anthony D. Smith's Nationalism, and Geoff Eley and Ronald G. Suny's Becoming National. Montserrat Guibernau mentions the United States only twice, and in passing, in her Nationalisms: The Nation-State and Nationalism in the Twentieth Century. The United States gets less attention than Canada and the Ukraine in John A. Hall's rich, state-of-the-art collection of 1998, The State of the Nation. Ronald Beiner's Theorizing Nationalism has much more to tell us about Quebec than about the United States, which is alluded to even in passing by only half the contributors to this valuable anthology of 1999. That "nationalism is unknown" in the United States is claimed by Elie Kedouri, even in the fourth edition of his classic text Nationalism [143]. But the most interesting case of all is that of nationalism's most creative and influential theorist, Benedict Anderson.Anderson provides only episodic treatment of the United States while discussing "creole nationalism" in his influential book Imagined Communities. To be sure, Anderson's demonstration of the similarities between a large number of similarly situated, comparably developing national projects among creole populations in the New World is no cause for complaint. It is a signal contribution, and still insufficiently absorbed by a persistently Europe-centered discourse about nationalism. Anderson's recent book, The Spectre of Comparisons, also deals episodically with the United States, which Anderson now tells us explicitly has proved "too sui generis for ready-to-hand" [336] comparisons with other national projects in the Western Hemisphere. Most of Spectre of Comparisons is about Southeast Asia, just as the preponderance of Imagined Communities is about Latin America. Fair enough. [End Page 116]My point is not to find fault with Anderson for being an Area Studies specialist in so many areas of the world outside the United States. Nor do I have any significant quarrel with what little Anderson does say about the United States. What is worth remarking upon is simply that even the least Eurocentric of our era's leading theorists of nationalism in general has emerged not from the study of the United States, but from the study of Southeast Asia and Latin America. This is less a comment about Anderson than about the class of theorists of which he is a member. The scholars whose careers focus on the United States are "area studies specialists" of a kind, but few of them have intervened tellingly in the cross-disciplinary discussion of nationalism. One who did was the historian David Potter, whose still-powerful article "Historian's Use of Nationalism and Vice Versa" was published nearly forty years ago but is rarely cited today.The poison oak effect among theorists of nationalism would not be worthy of notice were it not for one fact that might be expected to attract rather than repel these theorists: the United States is the most successful nationalist project in all of modern history. What makes it "successful" is its longevity, its absorption of a variety of peoples, and its sheer power. Two-and-one-quarter centuries after its founding and 135 years after its Civil War, it is by far the most powerful nation-state... (shrink)

Vilfredo Pareto's Manual of Political Economy is a 'classic' study in the history of economic thought. It is not only one of the leading works in the Lausanne tradition of economics, which centres on the theory of general equilibrium, it is one of the most important books in the history of neoclassical economics. This 'critical edition' of Pareto's Manual of Political Economy is a very significant work for two main reasons. First, it is the only variorum (...) translation of the 1906 Italian language Manuale di Economia Politica and the 1909 French language Manuel d'Économie Politique. Second, it includes extensive contributions by the editors, all of whom are authorities on the work of Pareto. It total, the editorial contribution are around two hundred pages and range from brief annotations, to extended editors' notes and detailed notes on the 1909 mathematical appendix. (shrink)

This collection of essays provides a comprehensive view of the economic thought of the Scottish Enlightenment. Organized as a chronological account of the rise and progress of political economy in eighteenth century Scotland, each chapter discusses the way in which the moral and economic improvement of the Scottish nation became a common concern. Contributors not only explore the economic discourses of David Hume, James Steuart and Adam Smith but also consider the neglected economic writings of Andrew Fletcher, Robert (...) Wallace, Francis Hutcheson, William Robertson, John Millar and Dugald Stewart. This book addresses the question of how these economic writings interacted with the moral, political and historical arguments of the time and shows how contemporary issues related to the union with England, natural jurisprudence, classical republicanism and manners and civilization all contained an economic dimension. Key chapters include: The ancient modern controversy in the Scottish Enlightenment The 'Scottish Triangle' in the shaping of political economy: David Hume, Sir James Steuart and Adam Smith Civilization and history in Lord Kames and William Robertson Adam Smith in Japan This view of the origin of economic science in Britain is markedly different from traditional accounts and will be of interest to economic, political and social historians. (shrink)

It has been more than sixty years since R. D. Collison Black published his Economic Thought and the Irish Question, a book which ever since has been widely regarded as a classic in the history of e...

Censored in its own time, the Social Contract remains a key source of democratic belief and is one of the classics of political theory. It argues concisely but eloquently, that the basis of any legitimate society must be the agreement of its members. As humans we were `born free' and our subjection to government must be freely accepted. Rousseau is essentially a radical thinker, and in a broad sense a revolutionary. He insisted on the sovereignty of the people, and (...) made some provocative statements that are still highly controversial. His greatest contribution to political thought is the concept of the general will, which unites individuals through their common self-interest, thus validating the society in which they live and the constraints it imposes on them. This new translation is fully annotated and indexed. The volume also contains the opening chapter of the manuscript version of the Contract, together with the long article on Political Economy, a work traditionally between the Contract and Rousseau's earlier masterpiece, the Discourse on Inequality. (shrink)

The article examines the role of Hegel's theory of finite cognition in Marx's critique of classical political economy. I argue that Hegel's distinction of finite cognition between analytic and synthetic in the Science of Logic constitutes the methodological framework through which Marx delineates the different stages of the development of political economy. Focusing on the Grundrisse, I reveal the Hegelian influence behind Marx's statements on previous political economists’ methods. Thus, Marx's immanent critique of the (...) classical political economy is construed as undertaken from the level of the systematic dialectical method of Capital, and is modelled on Hegel's immanent critique of analytic and synthetic cognition from the perspective of absolute cognition. In this context, and focusing on Marx's critique of Ricardo's method, I argue that the latter's limitations are associated with the deficiencies of synthetic cognition as presented by Hegel. Therefore, the article sheds light on an important yet underexplored topic of the Hegel-Marx relationship. By indicating the centrality of Hegel's theory of finite cognition in Marx's methodological underpinnings, the article provides a new perspective on Hegel-Marx scholarship. (shrink)

This volume is one of the most remarkable works in the history of economic thought. First published in 1893, its principal significance rests in its argument that economic theory, however technical or pragmatic, is necessarily formed by and derives its meaning from larger moral and philosophical systems and assumptions. Bonar traces the inexorable presence of this moral and philosophical element in a vast, though highly nuanced, survey of the economic aspect of major thinkers from Plato to Darwin and demonstrates how (...) modern economic thought, in turn, grew out of one or another branch of philosophy. Bonar begins with a consideration of Plato and Aristotle, examining their conceptions of wealth, production and distribution, and civil society. Discussions of the Stoics, Epicurians, and early Christianity explore complications introduced by these bodies of thought. His analysis of the classical and medieval world is followed by an extensive treatment of the concept of natural law, from the Renaissance through the Enlightenment, describing its influence and its relation to ideas of natural rights. The book's later sections concentrate on the dominant modes of ninteenth-cen-tury thought: utilitarianism, idealism, and materialism. Bonar identifies and explores the philosophical topics on which the conduct of technical economic analysis makes assumptions: human nature and human wants, the nature and role of the state, the relation of the individual to society, the nature and origin of property, and the role of ideals in socioeconomic life. He concludes by examining the implications for economics of the theory of evolution arising from the work of Darwin and others. The continuing interest of this volume for economists, philosophers, and sociologists lies in Bonar's contention that at the heart of the relationship of philosophy to economics is the problem of order: the ongoing need to reconcile conflicts between freedom and control, continuity and change, hierarchy and equality. In his reading, the fundamental question to which philosophy and economics are both brought to bear is that of changing the structure of power and opportunity in the social economy. This is, in short, a classic in the history of economics as well as the economic element in intellectual history. (shrink)

This book is a major new study of the doctrines of productivity and interest in Romanticism and classical political economy. The author argues that the widespread contemporary embrace of cultural historicism and the rejection of nineteenth-century conceptions of agency have hindered our study of aesthetics and politics. Focusing on the difficulty of coordinating paradigms of intellectual and material labor, Mieszkowski shows that the relationship between the imagination and practical reason is crucial to debates about language and ideology.From (...) the Romantics to Poe and Kafka, writers who explore Kant's claim that poetry "sets the imagination free" discover that the representational and performative powers of language cannot be explained as the products of a self-governing dynamic, whether formal or material. A discourse that neither reflects nor prescribes the values of its society, literature proves to be a uniquely autonomous praxis because it undermines our reliance on the concept of interest as the foundation of self-expression or self-determination. Far from compromising its political significance, this turns literature into the condition of possibility of freedom. For Smith, Bentham, and Marx, the limits of self-rule as a model of agency prompt a similar rethinking of the relationship between language and politics. Their conception of a linguistic labor that informs material praxis is incompatible with the liberal ideal of individualism. In the final analysis, their work invites us to think about social conflicts not as clashes between competing interests, but as a struggle to distinguish human from linguistic imperatives. (shrink)

Ward posits the existence of a classical liberalism that runs from Hobbes to John Stuart Mill and is composed of two boxes, rights-talk and interests-talk. He further presumes the existence of poli...

In a modern economy, “equilibrium” means that supply and demand is equal. It is at this point that the allocation of goods and services is at its most efficient, this being because the amount of goods and the amount of goods in demand are equally balanced. The market equilibrium therefore is determined by supply and demand. This paper looks at the concept of “equilibrium” in some of the early Confucian texts and its possible implications in economic activities. In the (...) Confucian context equilibrium, or what can be termed as the ultimate equilibrium, is to be understood in a broader sense where balances and harmony at different levels (e.g. individual and society) need to be sought in order to achieve a model of sustainable development. The ultimate equilibrium may provide an alternative approach to social welfare and economic prosperity creating universal harmony and better living for humans. In Confucian ideology, governing for the welfare of the people is not merely a question of increasing personal income and wealth; it requires implementation on a priority basis, taking into consideration the formation of an orderly society based on the enforcement of moral and ethical standards with the existence of a benevolent government which appropriates things according to the principles of harmony and order to achieve what can be termed as the “great equilibrium”—equilibrium that is not simply defined by balanced economic forces as in modern economic theory; but rather is used to suggest an ideal state of harmony in self fulfilment and socio-political order through incentives and by appropriate means. (shrink)

Samuel Hollander is widely recognized as one of the most important and controversial historians of economic thought. This second volume collects together essays extending beyond classical economics, the subject with which he is most associated. This collection includes: * studies in Scholastic, Smithian and Marshallian literature * papers on the Corn-Law pamphlet literature of 1815, the post-Ricardian dissension, and the marginal revolution * essays on T.R. Malthus, including four bibliographical studies The volume also includes an autobiographical section and reviews (...) of a broad range of important books published in the last thirty years. (shrink)

The essay investigates the proposition that economic questions are a fit subject for science. This investigation will involve a selective examination of seventeenth-century writings before looking at again selective Enlightenment texts. The essay is deliberately wide ranging, but it aims to pick out the emergence or crystallization of political economy by noting how theorists sought to establish it as a subject matter and in the process develop ways of studying it that aimed to uncover regularities and exhibit generality, (...) systematicity, and precision. Together these supported its pretensions or claims to be a science that would in a Baconian manner be useful and free of the perceived shackles of a moralistic classical disparagement of economic activity. (shrink)

With a new foreword by Paul Kelly 'I regard Hayek's work as a new opening of the most fundamental debate in the field of political philosophy' - Sir Karl Popper 'This promises to be the crowning work of a scholar who has devoted a lifetime to thinking about society and its values. The entire work must surely amount to an immense contribution to social and legal philosophy' - Philosophical Studies Law, Legislation and Liberty is Hayek's major statement of (...) class='Hi'>political philosophy and one of the most ambitious yet subtle defences of a free market society ever written. A robust defence of individual liberty, it is also crucial for understanding Hayek's influential views concerning the role of the state: far from being an innocent bystander, he argues that the state has an important role to play in defending the norms and practices of an ordered and free society. His arguments had a profound influence on the policies of Thatcher in the 1980s and resonate today in visions of the 'Big Society'. First published in three separate volumes, this Routledge Classics edition makes one of his most important books available in a single volume. Essential reading for understanding the background to the recent world economic turmoil and financial crisis, it also foreshadows the subsequent heated debate about regulation and political governance if such disasters are to be avoided in the future. (shrink)

This classic text, first published in 1893, was the first attempt to present a view of the relations of philosophy and economics through the whole of their history. In tracing the history of this relationship the author begins by examining the work of the ancient philosophers and continues with the followers of the theory of natural law. He then explores the utilitarian economics and the ¿idealistic economics¿. This title will be of interest to students of the history of economic thought.

In the Poroi, Xenophon’s radical solution to Athens’ financial problems includes several ideas vital to the field of political economy. His identification of justice with the pursuit of wealth provides an alternative to the power politics that for half a century had taken Athens into a series of self-destructive imperial wars. He supports his idea of economic growth with arithmetic calculations, and he connects the results to traditional Greek views of public rewards and benefits. From this he crafts (...) a goal-directed strategy for economic growth designed to foster good will through incentives rather than coercion. This brief commentary on the text shows how Xenophon’s positive claims are based not on a modern demand-side conception of economic stimulation, but rather on building productive capital. He is a proto-Saysian, not a Keynesian. Xenophon’s proposals range beyond the polis into a pan-Hellenic vision of increasing trade that is centred on Athens, monetized with Athenian coinage, and idealized into the common peace that the Greeks had so long desired but so little achieved. (shrink)

Is capitalism inherently predatory? Must there be winners and losers? Is public interest outdated and free-riding rational? Is consumer choice the same as self-determination? Must bargainers abandon the no-harm principle? Prisoners of Reason recalls that classical liberal capitalism exalted the no-harm principle. Although imperfect and exclusionary, modern liberalism recognized individual human dignity alongside individuals' responsibility to respect others. Neoliberalism, by contrast, views life as ceaseless struggle. Agents vie for scarce resources in antagonistic competition in which every individual seeks dominance. (...) This political theory is codified in non-cooperative game theory; the neoliberal citizen and consumer is the strategic rational actor. Rational choice justifies ends irrespective of means. Money becomes the medium of all value. Solidarity and good will are invalidated. Relationships are conducted on a quid pro quo basis. However, agents can freely opt out of this cynical race to the bottom by embracing a more expansive range of coherent action. (shrink)

This is a collection of classics in moral and political philosophy containing only public domain and fair-use material. The primary role of this collection is to provide instructors, students, and researchers with a set of free materials. It unites in chronological order the most indispensible historical texts for an introduction to value theory, broadly construed. As such, the collection includes foundational works in intrinsic value theory, practical reason, normative ethics, metaethics, political theory, and political economy. It (...) encompasses the most perennial topics in political philosophy such as justifications of the right to rule (governmental authority, political legitimacy) and the duty to obey (political obligation), competing conceptions of human nature, the significance of individual liberty, the point of equality, assessments of private and common property systems, and the nature of a just distribution of goods. (shrink)

This article develops a diagnostic lens to make sense of the still baffling development of a ‘humanitarian marketplace’. Ambivalently hybrid initiatives such as volunteer tourism, corporate social responsibility or even fair trade do not strictly obey a distributive logic of market exchange, social reciprocity or philanthropic giving. They engender a type of ‘economy’ that must be apprehended in its own terms. The article argues that the large-scale collaborative effects of such a dispersed market can be theorized without resorting to (...) the classical biopolitical move of simplified agency/holistic reification. The argument proceeds counterintuitively, by appropriating the notion of symbiosis as redefined by contemporary biology, contending through historical contextualization and conceptual work that nature itself offers the best example to grasp spontaneous collaboration among unrelated human beings as a non-automatically balanced and intrinsically political affair that calls for critical management through an ex post facto interventionist policy of selective cultivation. (shrink)

This article shows how attention to a third political discourse -- mercantilist thought -- provides a direct understanding of the issues of commerce and market relations in the framing and ratification of the constitution drafted at the Philadelphia convention in 1787. Mercantilist political discourse was readily employable alongside the republican, liberal and other political languages already studied at greater length. In contrast to the vagueness of classical republican references to �commerce�, which made it a metaphor for (...) entire social and political orders, mercantilist thought enabled Anglo-Americans to be precise and elaborate in discussing economic relations in political contexts. Mercantilist thought provided a positive analysis of market activities, but it simultaneously forestalled a complete identification of liberty with economic self-interest. By assuming that economic regulation might serve a public interest, mercantilist thought allowed the hypothetical possibility that regulation of the market need not be a compromise of freedom in a republic. (shrink)

The methodology of Latin American economic structuralism has been generally interpreted as an implicit extension of classic French structuralism of Claude Lévi-Strauss and others, without careful examination of the methodological pronouncements of Latin American economists and social scientists. The present paper provides a detailed treatment of how Latin American structuralist methodology was formed between the 1950s and 1970s, with emphasis on Celso Furtado's views. Furtado was influenced by both C. Lévi-Strauss's and F. Braudel's apparently incompatible approaches to structure and history. (...) Furtado's suggested combination of structure and history was based on the use of economic models to interpret successive historical structures, plus the development of the notion of creativity as a link between structures and processes. It differed in some important aspects from the ‘historical-structural method’ usually associated with other Latin American authors such as Sunkel, and Cardoso and Faletto, built on ex.. (shrink)

The aim of this paper is to show that Foucault’s genealogy of liberal governmentality necessitates reconsideration in light of the history of biology and its societal implications. In his lectures at the Collège de France in the late 1970s, Foucault argued that the natural growth of the market is what ultimately verifies or falsifies the excellence of liberal governmentality. Liberal governmentality recognizes the intimate correlation between the physical and social dimensions in order to adapt its political action to the (...) natural processes of the market. It follows that liberal governmentality rests upon a certain kind of naturalism and the knowledge that defines this form of naturalism is political economy, which explicates both the foundations and the limits of governmental action in the name of the nature of the market. Foucault thus accords significant importance to the concept of nature in liberal governmentality. However, his genealogy is confined to an inquiry into the naturalism of classical political economy, without considering the economicism of the emerging biological sciences. To expand upon Foucault’s genealogy, the present paper focuses on the influence of political economy in the development of the theory of evolution by natural selection. The locution “economy of nature” is introduced to denote the discursive formation that brings together the naturalism of classical political economy and the economism of early evolutionary biology. This study contends that this construct played a critical role in shaping liberal governmentality. (shrink)