Utilitarianism and Distributive Justice: The Civil Law and the Foundations of Bentham's Economic Thought

Utilitas ◽  
1989 ◽  
Vol 1 (1) ◽  
pp. 62-81 ◽  
Author(s):  
P. J. Kelly
Keyword(s):  
Nineteenth Century ◽  
Political Economy ◽  
General Structure ◽  
Economic Thought ◽  
Point Of View ◽  
Political Life ◽  
Prison Reform ◽  
Early Nineteenth Century ◽  
Distinctive Features ◽  
Wealth Of Nations

Between 1787, and the end of his life in 1832, Bentham turned his attention to the development and application of economic ideas and principles within the general structure of his legislative project. For seventeen years this interest was manifested through a number of books and pamphlets, most of which remained in manuscript form, that develop a distinctive approach to economic questions. Although Bentham was influenced by Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations, he neither adopted a Smithian vocabulary for addressing questions of economic principle and policy, nor did he accept many of the distinctive features of Smith's economic theory. One consequence of this was that Bentham played almost no part in the development of the emerging science of political economy in the early nineteenth century. The standard histories of economics all emphasize how little he contributed to the mainstream of late eighteenth and early nineteenth-century debate by concentrating attention on his utilitarianism and the psychology of hedonism on which it is premised. Others have argued that the calculating nature of his theory of practical reason reduced the whole legislative project to a crude attempt to apply economics to all aspects of social and political life. Put at its simplest this argument amounts to the erroneous claim that Bentham's science of legislation is reducible to the science of political economy. A different but equally dangerous error would be to argue that because Bentham's conception of the science of legislation comprehends all the basic forms of social relationships, there can be no science of political economy as there is no autonomous sphere of activity governed by the principles of economics. This approach is no doubt attractive from an historical point of view given that the major premise of this argument is true, and that many of Bentham's ‘economic’ arguments are couched in terms of his theory of legislation. Yet it fails to account for the undoubted importance of political economy within Bentham's writings, not just on finance, economic policy, colonies and preventive police, but also in other aspects of his utilitarian public policy such as prison reform, pauper management, and even constitutional reform. All of these works reflect a conception of political economy in its broadest terms. However, this conception of political economy differs in many respects from that of Bentham's contemporaries, and for this reason Bentham's distinctive approach to problems of economics and political economy has largely been misunderstood.

The Crimea between East and West according to Late Eighteenth and Early Nineteenth Century British Travelogues

2020 ◽  
pp. 81-97
Author(s):  
Nikita I. Khrapunov ◽  
Keyword(s):  
Nineteenth Century ◽  
Well Being ◽  
The West ◽  
Early Nineteenth Century ◽  
Negative Stereotypes ◽  
Grand Tour ◽  
Archaeological Heritage ◽  
Distinctive Features ◽  
Late Eighteenth ◽  
The Crimea

Following its annexation by Russia in 1783, the Crimea became a stage on the Western grand tour. Foreign travelogues informed their readers about the country, previously almost unknown in Europe. This paper addresses the British travelogues that played an important role in shaping notions of the Crimea and Russia's role in its history, many of which still exist today. The travellers created works of different kinds: unedited letters and journals, encyclopaedic descriptions, imagined journeys, and pseudo-correspondences. Their authors had varied levels of intelligence, motivations, and passions, intricately entwining empirical observations with stereotypes. Geographically located in Europe, the Crimea was understood as a country featuring distinctive features of the East. Its image possessed traits of paradisiacal nature, inhabited by naïve and lazy persons resembling Rousseau's utopia, with an extraordinarily rich archaeological heritage, the romantic culture of Islam, and various ethnic and religious types. The British offered plans for the establishment of Western colonists in the Crimea, as well as the development of communications, trade, agriculture, and industry. William Eton and Matthew Guthrie considered the Russian occupation of the Crimea historically progres-sive, which would bring prosperity and well-being to the country and its residents. However, Edward Clarke interpreted the Russians as the avatar of barbarism and developed a plan to return the peninsula to the Ottomans. Some negative stereotypes originating from his book continue nowadays and are restated in periods of aggravated relations between Russia and the West.

Economic Thought and Practice in America

2020 ◽  
Author(s):  
Christopher W. Calvo
Keyword(s):  
Political Economy ◽  
Economic History ◽  
Private Property ◽  
The United States ◽  
Economic Thought ◽  
Market Society ◽  
Material Development ◽  
Private And Public ◽  
New Nation ◽  
Wealth Of Nations

The conspicuous timing of the publication of Adam Smith’s The Wealth of Nations and America’s Declaration of Independence, separated by only a few months in 1776, has attracted a great deal of historical attention. America’s revolution was in large part motivated by the desire to break free from British mercantilism and engage the principles, both material and ideological, found in Smith’s work. From 1776 to the present day, the preponderance of capitalism in American economic history and the influence of The Wealth of Nations in American intellectual culture have contributed to the conventional wisdom that America and Smith enjoy a special relationship. After all, no nation has consistently pursued the tenets of Smithian-inspired capitalism, mainly free and competitive markets, a commitment to private property, and the pursuit of self-interests and profits, more than the United States. The shadow of Smith’s The Wealth of Nations looms large over America. But a closer look at American economic thought and practice demonstrates that Smith’s authority was not as dominant as the popular history assumes. Although most Americans accepted Smith’s work as the foundational text in political economy and extracted from it the cardinal principles of intellectual capitalism, its core values were twisted, turned, and fused together in contorted, sometimes contradictory fashions. American economic thought also reflects the widespread belief that the nation would trace an exceptional course, distinct from the Old World, and therefore necessitating a political economy suited to American traditions and expectations. Hybrid capitalist ideologies, although rooted in Smithian-inspired liberalism, developed within a dynamic domestic discourse that embraced ideological diversity and competing paradigms, exactly the kind expected from a new nation trying to understand its economic past, establish its present, and project its future. Likewise, American policymakers crafted legislation that brought the national economy both closer to and further from the Smithian ideal. Hybrid intellectual capitalism—a compounded ideological approach that antebellum American economic thinkers deployed to help rationalize the nation’s economic development—imitated the nation’s emergent hybrid material capitalism. Labor, commodity, and capital markets assumed amalgamated forms, combining, for instance, slave and free labor, private and public enterprises, and open and protected markets. Americans constructed different types of capitalism, reflecting a preference for mixtures of practical thought and policy that rarely conformed to strict ideological models. Historians of American economic thought and practice study capitalism as an evolutionary, dynamic institution with manifestations in traditional, expected corners, but historians also find capitalism demonstrated in unorthodox ways and practiced in obscure corners of market society that blended capitalist with non-capitalist experiences. In the 21st century, the benefits of incorporating conventional economic analysis with political, social, and cultural narratives are widely recognized. This has helped broaden scholars’ understanding of what exactly constitutes capitalism. And in doing so, the malleability of American economic thought and practice is put on full display, improving scholars’ appreciation for what remains the most significant material development in world history.

Dugald Stewart on intellectual character

1997 ◽  
Vol 30 (3) ◽  
pp. 307-320 ◽  
Author(s):  
JENNIFER TANNOCH-BLAND
Keyword(s):  
Nineteenth Century ◽  
Political Economy ◽  
Moral Philosophy ◽  
Common Sense ◽  
Scottish Enlightenment ◽  
Intellectual Culture ◽  
Thomas Reid ◽  
Early Nineteenth Century ◽  
Intellectual Character ◽  
History Of

Dugald Stewart (1753–1828) lectured in astronomy and political economy, held the chair of mathematics at Edinburgh University from 1775 to 1785, then the chair of moral philosophy from 1785 to 1810, and wrote extensively on metaphysics, political economy, ethics, philology, aesthetics, psychology and the history of philosophy and the experimental sciences. He is commonly regarded as the last voice of the Scottish Enlightenment, the articulate disciple of Thomas Reid, father of Scottish common sense philosophy. Recently some historians have begun to rediscover elements of the contribution Stewart made to early nineteenth-century British intellectual culture, and his Collected Works have been republished with a new introduction by Knud Haakonssen.

The Idea of ‘Character’ in Victorian Political Thought

1985 ◽  
Vol 35 ◽  
pp. 29-50 ◽  
Author(s):  
Stefan Collini
Keyword(s):  
Nineteenth Century ◽  
Political Economy ◽  
Political Thought ◽  
Social Problems ◽  
Early Nineteenth Century ◽  
Classical Economics ◽  
The People ◽  
The Face ◽  
The Way

When in the summer of 1902 Helen Bosanquet published a book called The Strength of the People she sent a copy to Alfred Marshall. On the face of it, this might seem a rather unpromising thing to have done. Mrs Bosanquet, an active exponent of the Charity Organisation Society's ‘casework’ approach to social problems, had frequently expressed her dissatisfaction with what she regarded as the misleading abstractions of orthodox economics, and in her book she had even ventured a direct criticism of a point in Marshall's Principles. Marshall, then Professor of Political Economy at Cambridge and at the peak of his reputation as the most authoritative exponent of neo-classical economics in Britain, was, to say the least, sensitive to criticism, and he had, moreover, publicly taken issue with the C.O.S. on several previous occasions. But perhaps Mrs Bosanquet knew what she was about after all. In her book she had taken her text from the early nineteenth-century Evangelical Thomas Chalmers on the way in which character determines circumstances rather than vice versa, and, as the historian of the C.O.S. justly remarks, her book ‘is a long sermon on the importance of character in making one family rich and another poor’. Although Marshall can hardly have welcomed the general strictures on economics, he was able to reassure Mrs Bosanquet that ‘in the main’ he agreed with her: ‘I have always held’, he wrote to her, ‘that poverty and pain, disease and death are evils of greatly less importance than they appear, except in so far as they lead to weakness of life and character’.

Economics and Theology in Europe from the Nineteenth Century

2014 ◽  
pp. 112-134 ◽  
Author(s):  
Pedro Teixeira ◽  
António Almodovar
Keyword(s):  
Nineteenth Century ◽  
Political Economy ◽  
Economic Thought ◽  
Economic Life ◽  
Catholic Theology ◽  
Social Doctrine ◽  
Late Twentieth ◽  
Ethical Critique ◽  
Late Twentieth Century ◽  
Market Economics

This chapter analyzes the historical evolution of European Catholic theology and economic ideas from the turn of the nineteenth century to the late twentieth century. It focuses on the evolution of Catholic economic thought and its effort to evaluate the workings of economic life according to a definite set of religious principles, with particular attention to the attempts of building a distinctive Catholic approach to political economy (and later in economics). We will emphasize the commonalities identified among authors and to the Catholic efforts to engage with economics and to be accepted into the arena of political economy. The analysis will show how Catholic economic has changed during this period, with the attempts to undermine the foundations of liberal market economics and, if possible, to develop an alternative economic system giving way to a social doctrine that essentially performs an ethical critique of existing systems.

2. The Nineteenth-Century Roots of Theoretical Traditions in Global Political Economy

2020 ◽  
pp. 25-51
Author(s):  
Matthew Watson
Keyword(s):  
Nineteenth Century ◽  
Political Economy ◽  
Free Trade ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Trade Policies ◽  
Friedrich List ◽  
Global Political Economy ◽  
History Of ◽  
Historical Origins

This chapter focuses on the historical origins and the subsequent intellectual lineage of the three core theoretical positions within contemporary global political economy (GPE): realism, liberalism, and Marxism. ‘Textbook GPE’ privileges nineteenth-century understandings of political economy when discussing the pre-history of its own field. This helps explains GPE's treatment of feminist scholarship within the textbooks; feminism remains largely marginalized from textbook GPE, presented as something of a postscript to avoid accusations of it having been omitted altogether rather than being placed centre stage in the discussion. The chapter then looks at how the nineteenth-century overlay operates in textbook GPE. To do so, it makes sense to concentrate in the first instance on the issue that did most to divide nineteenth-century economists: namely, the free trade policies resulting from the general ascendancy of laissez-faire ideology. The most celebrated of the critics, Friedrich List, is treated much more as a dependable authority figure in GPE than he is in the history of economic thought. Indeed, in textbook GPE, the disputes between realist and liberal positions is very often presented initially through an account of List's work, despite the pre-history of liberalism being much the longer of the two.

scholarly journals Ricardo's Theory of Profit and the Third Edition of the Principles

1993 ◽  
Vol 15 (1) ◽  
pp. 90-106 ◽  
Author(s):  
John B. Davis
Keyword(s):  
Nineteenth Century ◽  
Political Economy ◽  
Historical Context ◽  
Economic Thought ◽  
General Nature ◽  
Distributional Analysis ◽  
The Third ◽  
In The Beginning

David Ricardo's “On Machinery” chapter continues to interest theorists and historians of economic thought (Blaug 1958, Hollander 1979, Kurz 1984, Samuelson, 1988, 1989, Morishima 1989, Negishi 1990). Yet the addition of the chapter to the third edition of Ricardo's Principles of Political Economy and Taxation arguably overturns much of the view for which Ricardo is so well known (Davis 1989). In the added chapter Ricardo allows, contrary to his original view in the first two editions, that the introduction of machinery is indeed injurious to the class of laborers. More interestingly, because machinery substitutes for labor, wages cannot rise and profits are no longer threatened by rising rents. Effectively the contest between capitalists and landlords of the first two editions of the Principles is replaced in the final edition by one between capitalists and laborers. However, not only does the “On Machinery“ chapter substantially change the distributional argument customarily attributed to the Principles, but it also permits an examination of Ricardo's thinking about distribution in two distinct, but related frameworks. The discussion here compares the distributional analysis in the first two editions with that of the third to explain the general nature of the Ricardo's theory of profit. It does so by providing a novel interpretation of Ricardo's characterization of profit as a residual, and by emphasizing the historical context in which distribution occurred in the beginning of the nineteenth century.

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