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2 books about Classical school of economics
2 books about Classical school of economics
The Invention of Capitalism
Classical Political Economy and the Secret History of Primitive Accumulation
Michael Perelman
Duke University Press, 2000
The originators of classical political economy—Adam Smith, David Ricardo, James Steuart, and others—created a discourse that explained the logic, the origin, and, in many respects, the essential rightness of capitalism. But, in the great texts of that discourse, these writers downplayed a crucial requirement for capitalism’s creation: For it to succeed, peasants would have to abandon their self-sufficient lifestyle and go to work for wages in a factory. Why would they willingly do this?
Clearly, they did not go willingly. As Michael Perelman shows, they were forced into the factories with the active support of the same economists who were making theoretical claims for capitalism as a self-correcting mechanism that thrived without needing government intervention. Directly contradicting the laissez-faire principles they claimed to espouse, these men advocated government policies that deprived the peasantry of the means for self-provision in order to coerce these small farmers into wage labor. To show how Adam Smith and the other classical economists appear to have deliberately obscured the nature of the control of labor and how policies attacking the economic independence of the rural peasantry were essentially conceived to foster primitive accumulation, Perelman examines diaries, letters, and the more practical writings of the classical economists. He argues that these private and practical writings reveal the real intentions and goals of classical political economy—to separate a rural peasantry from their access to land.
This rereading of the history of classical political economy sheds important light on the rise of capitalism to its present state of world dominance. Historians of political economy and Marxist thought will find that this book broadens their understanding of how capitalism took hold in the industrial age.
Clearly, they did not go willingly. As Michael Perelman shows, they were forced into the factories with the active support of the same economists who were making theoretical claims for capitalism as a self-correcting mechanism that thrived without needing government intervention. Directly contradicting the laissez-faire principles they claimed to espouse, these men advocated government policies that deprived the peasantry of the means for self-provision in order to coerce these small farmers into wage labor. To show how Adam Smith and the other classical economists appear to have deliberately obscured the nature of the control of labor and how policies attacking the economic independence of the rural peasantry were essentially conceived to foster primitive accumulation, Perelman examines diaries, letters, and the more practical writings of the classical economists. He argues that these private and practical writings reveal the real intentions and goals of classical political economy—to separate a rural peasantry from their access to land.
This rereading of the history of classical political economy sheds important light on the rise of capitalism to its present state of world dominance. Historians of political economy and Marxist thought will find that this book broadens their understanding of how capitalism took hold in the industrial age.
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The "Vanity of the Philosopher"
From Equality to Hierarchy in Post-Classical Economics
Sandra J. Peart and David M. Levy
University of Michigan Press, 2005
The "Vanity of the Philosopher" continues the themes introduced in Levy's acclaimed book How the Dismal Science Got Its Name.
Here, Peart and Levy tackle the issues of racism, eugenics, hierarchy, and egalitarianism in classical economics and take a broad view of classical economics' doctrine of human equality. Responding to perennial accusations from the left and the right that the market economy has created either inequality or too much equality, the authors trace the role of the eugenics movement in pulling economics away from the classical economist's respect for the individual toward a more racist view at the turn of the century.
The "Vanity of the Philosopher" reveals the consequences of hierarchy in social science. It shows how the "vanity of the philosopher" has led to recommendations that range from the more benign but still objectionable "looking after" paternalism, to overriding preferences, and, in the extreme, to eliminating purportedly bad preferences. The authors suggest that an approach that abstracts from difference and presumes equal competence is morally compelling.
"People in the know on intellectual history and economics await the next book from Peart and Levy with much the same enthusiasm that greets a new Harry Potter book in the wider world. This book delivers the anticipated delights big time!"
-William Easterly, Professor of Economics and Africana Studies, NYU, and non-resident Senior Fellow, Center for Global Development
"In their customary idiosyncratic manner, Sandra Peart and David Levy reexamine the way in which the views of classical economists on equality and hierarchy were shifted by contact with scholars in other disciplines, and the impact this had on attitudes towards race, immigration, and eugenics. This is an imaginative and solid work of scholarship, with an important historical message and useful lessons for scholars today."
-Stanley Engerman, John Munro Professor of Economics and Professor of History, University of Rochester
Sandra J. Peart, Professor of Economics at Baldwin-Wallace College, has published articles on utilitarianism, the methodology of J. S. Mill, and the transition to neoclassicism. This is her fourth book. David M. Levy is Professor of Economics at George Mason University and Director of the Center for Study of Public Choice. This is his third book.
Here, Peart and Levy tackle the issues of racism, eugenics, hierarchy, and egalitarianism in classical economics and take a broad view of classical economics' doctrine of human equality. Responding to perennial accusations from the left and the right that the market economy has created either inequality or too much equality, the authors trace the role of the eugenics movement in pulling economics away from the classical economist's respect for the individual toward a more racist view at the turn of the century.
The "Vanity of the Philosopher" reveals the consequences of hierarchy in social science. It shows how the "vanity of the philosopher" has led to recommendations that range from the more benign but still objectionable "looking after" paternalism, to overriding preferences, and, in the extreme, to eliminating purportedly bad preferences. The authors suggest that an approach that abstracts from difference and presumes equal competence is morally compelling.
"People in the know on intellectual history and economics await the next book from Peart and Levy with much the same enthusiasm that greets a new Harry Potter book in the wider world. This book delivers the anticipated delights big time!"
-William Easterly, Professor of Economics and Africana Studies, NYU, and non-resident Senior Fellow, Center for Global Development
"In their customary idiosyncratic manner, Sandra Peart and David Levy reexamine the way in which the views of classical economists on equality and hierarchy were shifted by contact with scholars in other disciplines, and the impact this had on attitudes towards race, immigration, and eugenics. This is an imaginative and solid work of scholarship, with an important historical message and useful lessons for scholars today."
-Stanley Engerman, John Munro Professor of Economics and Professor of History, University of Rochester
Sandra J. Peart, Professor of Economics at Baldwin-Wallace College, has published articles on utilitarianism, the methodology of J. S. Mill, and the transition to neoclassicism. This is her fourth book. David M. Levy is Professor of Economics at George Mason University and Director of the Center for Study of Public Choice. This is his third book.
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