CHAPTER IX

DAVID RICARDO AND HIS THEORY OF DISTRIBUTION

The literature produced by the controversy over the corn-laws, especially the pamphlets of Malthus, were read by David Ricardo, a gentleman of independent means, who during the so-called “bullion controversy” had acquired an excellent reputation as a sound thinker and economist. These writings inspired him to prepare in 1815 a pamphlet entitled Essay on the Influence of a Low Price of Corn on the Profits of Stock.

CHAPTER X

THE PERIOD INTERVENING BETWEEN 1815 AND 1848

A. Economic Conditions

The period which intervened between the publication of Ricardo’s Principles and Mill’s Principles was, in many respects, a continuation of the preceding one. In England it witnessed the practical completion of the process of the substitution of capitalist cultivators and agricultural laborers for die yeomen farmers, and the extension of the factory system to the point of dominance in the industrial life of the nation.

CHAPTER XI

JOHN STUART MILL

John Stuart Mill occupies a unique place in the development of the Classical Political Economy of England. His work marked the end of one period and the beginning of another, and his familiarity with political science, history, and philosophy gave him a breadth of view and a capacity to see the connection between theory and practice possessed by no other member of the school except Adam Smith. He described in the following words the goal he placed before himself in writing his treatise on political economy:

CHAPTER XII

THE NATIONALISTS

A. Introduction

At no stage in its development did the Classical Political Economy enjoy immunity from criticism. The objections brought against it varied widely in importance and character, some of them relating to non-essentials and others to essentials, and some of them being sound and others unsound.

CHAPTER XIII

THE OLD HISTORICAL SCHOOL

A. Historical Background

The conception of the state which he developed was in marked contrast to that of the eighteenth century philosophers based upon the doctrines of individualism and natural rights.

Chapter XIV

THE OPTIMISTS

A. Introduction

A reaction against certain features or doctrines of the classical school, particularly those for which Ricardo and Malthus were primarily responsible, was represented by Henry C. Carey and Claude Frédéric Bastiat.

CHAPTER XV

THE SOCIALISTS

An Introduction and an Account of Sismondi

A. The Modern Socialistic Movement

The modern socialistic movement immediately followed the French Revolution and the industrial revolution of the closing years of the eighteenth century and seems to have been in part at least a result of them. Radical theories regarding social matters seem to be a natural product of political and social upheavals, and in this case the reasons for a close connection between the two are quite evident.

CHAPTER XVI

COLLECTIVISM AND ASSOCIATIONISM

A. Saint-Simon and Collectivism

With this great mission in mind and with absolute confidence in his own ability to realize it, after the Revolution he devoted his time chiefly to philosophy and science.

CHAPTER XVII

SCIENTIFIC SOCIALISM

In Germany conditions were different. Absolute monarchy was still the dominant type of government there, agitation for constitutions having weakened it considerably and modified it here and there but not supplanted it by popular government. Social experimentation of the kind prevalent in France was there impossible. The need for reform was great, however, and the desire for it widespread.