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

By Douglas Dowd

This vintage e-book is a perfect creation to fiscal suggestion and the dominance of capitalism, perfect for college kids of monetary idea and historical past. Now completely revised and up-to-date, this new version incorporates a new preface and an extra bankruptcy via the writer. Analysing the connection among financial suggestion and capitalism from 1750 to the current, Douglas Dowd examines the dynamic interplay of 2 procedures: the historic realities of capitalism and the evolution of monetary concept. He demonstrates that the examine of economics celebrates capitalism in ways in which make it essential to classify fiscal technology as natural ideology. A completely sleek historical past, this booklet exhibits how economics has develop into ideology. an intensive critic of capitalism, Dowd surveys its hazardous effect around the globe and all through background. The publication comprises biographical sketches and short analyses of the foremost 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.


‘Addresses the most the most important questions of the present period. ... Dowd brings bold traits to this demanding 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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Extra info for Capitalism and its Economics: A Critical History (New Edition)

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Just as Smith was able to discern the possibilities of modern industrialization in its embryonic beginnings of his own time, so too was Ricardo prescient in seeing that Britain was on the verge of becoming an industrial economy (as distinct from an economy with some industry in it) and that, as such, it would have to import ever-increasing volumes of always more diverse commodities, and would need rising exports to help pay for those imports. The imports would consist increasingly of foodstuffs and industrial raw materials, the exports of industrial Printed by Pressworks.

If Malthus possesses any virtue at all, it resides in the brutal honesty revealing his hatred of the poor. ” Now hear this: It is an evident truth that, whatever may be the rate of increase in the means of subsistence, the increase in population must be limited by it, at least after the food has once been divided into the smallest shares that will support life ... All the children born, beyond what would be required to keep up the population to this level, must necessarily perish, unless room be made for them by the deaths of grown persons ...

11 In the world of ideas, then as now, there were advocates of lunging industrial capitalism who possessed the moral ingenuity to cheer it on, no matter what. One such in industrialism’s infancy was Jeremy Bentham, whose “utilitarianism” and “science of moral arithmetic” will be discussed below. Bentham, referring to small children, argued that the new industrial technology of the cotton mills demonstrated that “infant man, a drug at present so much worse than worthless, may be endowed with an indubitable and universal value” (Stark, 1954).

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