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This book examines the effect of Classical political economy - the economic and monetary writings of Adam Smith, Ricardo, Malthus, the Mills and others - on the policy-making of the British government in India in the late eighteenth and nineteenth centuries. Professor Ambirajan shows how the economic doctrines of laissez-faire individualism and the freedom of market forces were instilled into the British administrative class. The East India Company's college at Haileybury was the most obvious agent but it is clear that a whole nexus of taught and unconscious attitudes predisposed the administrators to accept the ideas and ideologies of the economists.
Classical Political Economy addresses the question of what determines the social division of labour, the division of society into independent firms and industries and develops the theoretical implications of primitive accumulation. It also offers a significantly different interpretation of classical political economy, demonstrating that this school of thought supported the process of primitive accumulation. Classical political economy presents an imposing facade. For more than two centuries, the accepted doctrine dictates that a market generates forces that provide the most efficient method for organising production. This laissez faire approach is an ideology that gives capital absolute freedom of action, and yet called for intervention to coerce people to do things that they would not otherwise do. Classical political economy therefore encouraged policies that would hinder people's ability to produce for their own needs. Michael Perelman, however, in this innovative take on the subject, seeks to challenge the ideologies that would allow things to continue in this line unchecked.
Historians have traditionally used the discourses of free trade and laissez faire to explain the development of political economy during the Enlightenment. But from Sophus Reinert’s perspective, eighteenth-century political economy can be understood only in the context of the often brutal imperial rivalries then unfolding in Europe and its former colonies and the positive consequences of active economic policy. The idea of economic emulation was the prism through which philosophers, ministers, reformers, and even merchants thought about economics, as well as industrial policy and reform, in the early modern period. With the rise of the British Empire, European powers and others sought to selectively emulate the British model. In mapping the general history of economic translations between 1500 and 1849, and particularly tracing the successive translations of the Bristol merchant John Cary’s seminal 1695 Essay on the State of England, Reinert makes a compelling case for the way that England’s aggressively nationalist policies, especially extensive tariffs and other intrusive market interventions, were adopted in France, Italy, Germany, and Scandinavia before providing the blueprint for independence in the New World. Relatively forgotten today, Cary’s work served as the basis for an international move toward using political economy as the prime tool of policymaking and industrial expansion. Reinert’s work challenges previous narratives about the origins of political economy and invites the current generation of economists to reexamine the foundations, and future, of their discipline.
This important book offers a comprehensive defence of classical liberalism against contemporary challenges. It sets out an analytical framework of 'robust political economy' that explores the economic and political problems that arise from the phenomena of imperfect knowledge and imperfect incentives. Using this framework, the book defends the classical liberal focus on markets and the minimal state from the critiques presented by 'market failure' economics and communitarian and egalitarian variants of political theory. Mark Pennington expertly applies the lessons learned from responding to these challenges in the context of contemporary discussions surrounding the welfare state, international development, and environmental protection. Written in an accessible style, this authoritative book would be useful for both undergraduate and graduate students of political economy and public policy as a standard reference work for classical liberal analysis and a defence of its normative prescriptions. The book's distinctive approach will ensure that academic practitioners of economics and political science, political theory and public policy will also find its controversial conclusions insightful. Contents: 1. Introduction: Classical Liberalism and Robust Political Economy; Part I: Challenges to Classical Liberalism; 2. Market Failures 'Old' and 'New': The Challenge of Neo-Classical Economics; 3. Exit, Voice and Communicative Rationality: The Challenge of Communitarianism I; 4. Exit, Trust and Social Capital: The Challenge of Communitarianism II; 5. Equality and Social Justice: The Challenge of Egalitarianism; Part II: Towards the Minimal State; 6. Poverty Relief and Public Services: Welfare State or Minimal State?; 7. Institutions and International Development: Global Governance or the Minimal State?; 8. Environmental Protection: Green Leviathan or the Minimal State?; 9. Conclusion; Bibliography; Index
In 1817, in a region of the eastern coast of British India then known as Cuttack, a group of Paiks, the area's landed militia, began agitating against the East India Company's government, burning down government buildings and looting the treasury. While the attacks were initially understood as an attempt to return the territory's native ruler to power, investigations following the rebellion's suppression traced the cause back to the introduction of a model of revenue governance unsuited to local conditions. Elsewhere in British India, throughout the first half of the nineteenth century, interregional debates over revenue settlement models and property disputes in villages revealed an array of practices of governance that negotiated with the problem of their applicability to local conditions. And at the same time in Britain, the dominant Ricardian conception of political economy was being challenged by thinkers like Richard Jones and William Whewell, who sought to make political economy an inductive science, capable of analyzing the real world. Through analyses of these three interrelated moments in British imperial history, Upal Chakrabarti's Assembling the Local engages with articulations of the "local" on multiple theoretical and empirical fronts, weaving them into a complex reflection on the problem of difference and a critical commentary on connections between political economy, agrarian property, and governance. Chakrabarti argues that the "local" should be reconceptualized as an abstract machine, central to the construction of the universal, namely, the establishment of political economy as a form of governance in nineteenth-century British India.
Impressive and authoritative, this essential book brings together a collection of essays in honour of Peter Groenewegen, one of the most distinguished historians of economic thought of a generation. His work on a wide range of economic theorists such as Adam Smith, François Quesnay and Alfred Marshall approaches a level of near insuperability.
Explores the relationship between long-distance trade and the economic and political structure of southern India.