Capitalism and its Economics: A Critical History (New by Douglas Dowd

By Douglas Dowd

This vintage e-book is a perfect creation to fiscal inspiration and the dominance of capitalism, perfect for college students of monetary conception and heritage. Now completely revised and up-to-date, this re-creation contains a new preface and an extra bankruptcy by way of the writer. Analysing the connection among financial inspiration and capitalism from 1750 to the current, Douglas Dowd examines the dynamic interplay of 2 techniques: the ancient realities of capitalism and the evolution of monetary conception. He demonstrates that the research of economics celebrates capitalism in ways in which make it essential to classify monetary technology as natural ideology. A completely smooth historical past, this ebook exhibits how economics has develop into ideology. a thorough critic of capitalism, Dowd surveys its harmful effect around the globe and all through background. The publication comprises biographical sketches and short analyses of the key proponents and critics of capitalism all through historical past, 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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‘Addresses essentially the most an important questions of the present period. ... Dowd brings bold characteristics to this tough job. a powerful achievement.’ --Noam Chomsky

'This is a piece of enlightenment that may be intelligible to scholars and non-economists.’ --Edward S. Herman

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Dtp, page 31. INDUSTRIAL REVOLUTION AND CLASSICAL POLITICAL ECONOMY 31 economic analysis with a social philosophy to a remarkable degree. And it may be seen as being as much a scientific work as is reasonable to expect of social analysis – where “scientific” is meant to comprise some combination of observed fact, logic, and testable hypotheses. There have been all too few others in the mainstream tradition who have worked in comparable terms. Comprehensive as Smith’s Wealth was though, it slighted at least two major economic processes: those that became the province of foreign trade and of macroeconomic theory.

Utilitarianism and its offspring, the utility theory of economics, shifted the focus away from such matters – matters of production – and toward the psychological/mental states of all economic “units” – consuming, working, business, whatever, “units” – and “the market,” where things (all commodities, including work “units”) are bought and sold, and where the buyers and sellers behave in response to anticipated pleasure or pain. In the next chapter I discuss this doctrine more fully. It is one that depends on everyone, everywhere, all the time, being calculating, rational human beings: no classes, no history, no past, no tomorrow (that could be Printed by Pressworks.

On the population side of that extraordinarily counter-factual theorem, Malthus contended, the fault lay with the poor. It helps us to understand Malthus’s attitudes if we recall that in 1798, when he wrote his (first) Essay on Population (1970),35 there was considerable social unrest and agitation, prompted by the socioeconomic devastations following the enclosure movement (heated up more than a little by the hysteria crossing the Channel from revolutionary France). The Poor Laws (dating back to medieval England, and revised in Elizabeth’s reign), where “poor” signifies unemployed, required that the poor in each parish be assisted through what we would call local taxation, levied principally on the landed gentry of that same parish: the very social class of which Malthus was a member.

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