By Douglas Dowd
This vintage ebook is a perfect creation to fiscal notion and the dominance of capitalism, perfect for college kids of monetary idea and historical past. Now completely revised and up-to-date, this re-creation encompasses a new preface and an extra bankruptcy through the writer. Analysing the connection among fiscal concept and capitalism from 1750 to the current, Douglas Dowd examines the dynamic interplay of 2 tactics: the historic realities of capitalism and the evolution of financial idea. He demonstrates that the examine of economics celebrates capitalism in ways in which make it essential to classify fiscal technological know-how as natural ideology. A completely glossy background, this publication exhibits how economics has turn into ideology. a thorough critic of capitalism, Dowd surveys its unsafe impression around the globe and all through historical past. The publication contains biographical sketches and short analyses of the main proponents and critics of capitalism all through background, together with Adam Smith, Thomas Malthus, Jeremy Bentham, John Stuart Mill, Karl Marx, Thorstein Veblen, Rosa Luxemburg, John Maynard Keynes, Paul Samuelson, Milton Friedman, and Eric Hobsbawm.
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Extra resources for Capitalism and Its Economics: A Critical History (2004)
18 Comprehensive though he was, and as is to be expected with all innovators, Smith had provided “only” a framework. First, Smith’s main arguments will be examined. Then, more briefly, we take up the leading ideas of Ricardo, Malthus, Bentham, Jean-Baptiste Say (1767–1832), and Mill. They pursued Smith’s reasoning and completed the structure with more particular analyses: Ricardo on foreign trade, Malthus with a pseudo-scientific rationale for social harshness,19 Bentham (in addition to his two cheers for child labor) the theory of human nature that still underlies economic theory, Say the basis for the “macroeconomic theory” (or, more accurately, the rationale for its absence, until Keynes), and Mill the synthesis (and what may be seen as the requiem) for classical political economy.
Dtp, page 23. S. workers (among others) in their economic processes. But there is more that is common than diverse as between those conditions: in all cases, those who were the State or whose voices resounded in its figurative halls were – as they are still – prominent among those directly responsible for and profiting from those same conditions. It seems necessary – especially in a capitalist society – repeatedly to remind ourselves that the links between economic and political power are forged of the most durable steel.
The foregoing is an instance of capitalism’s fusion with industrialization; all along that way, colonialism and nationalism were also doing their part. Wool was “grown” in English acres; cotton came from British colonies – first from the slave plantations of the British West Indies, then from their counterparts in North America – as, surprisingly, did most of the markets. As Hobsbawm points out, Until 1770 over ninety per cent of British cotton exports went to colonial markets ... mainly to Africa.