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In this concise text, the distinguished American philosopher John Dewey compiled excerpts from the massive Progress and Poverty to provide those unfamiliar with Henry George's work with the essence of the author's thinking on economics. In his Foreword, Dewey noted, "It would require less than the fingers of the two hands to enumerate those who from Plato down rank with [George]. No man, no graduate of a higher educational institution, has a right to regard himself as an educated man in social thought unless he has some first-hand acquaintance with the theoretical contribution of this great American thinker." Fifteen brief chapters feature passages from George's highly influential book and examine why poverty persists throughout periods of economic and technological progress as well as the basis for economic cycles of boom and bust.
Condemning the post-industrial economy to protracted periods of economic failure, this thought-provoking book documents how the integrity of economics as a discipline was deliberately compromised in the United States towards the end of the 19th century. Several chairs of economics were funded at leading universities to rebrand economics to justify unearned income. The tools for this strategy became neo-classical economics, and, unlike classical economists like Adam Smith who described wealth as the product of three factors--land, labor, and capital--the new theorists reduced these to two: labor and capital, thus treating land as capital. This concealed the benefits enjoyed by those in receipt of the rent from land. The effect, the authors reveal, was to deprive professional economists of the ability to diagnose problems, forecast important trends, and prescribe solutions.
Henry George (1839–1897) rose to fame as a social reformer and economist amid the industrial and intellectual turbulence of the late nineteenth century. His best-selling Progress and Poverty (1879) captures the ravages of privileged monopolies and the woes of industrialization in a language of eloquent indignation. His reform agenda resonates as powerfully today as it did in the Gilded Age, and his impassioned prose and compelling thought inspired such diverse figures as Leo Tolstoy, John Dewey, Sun Yat-Sen, Winston Churchill, and Albert Einstein. This six-volume edition of The Annotated Works of Henry George assembles all his major works for the first time with new introductions, critical annotations, extensive bibliographical material, and comprehensive indexing to provide a wealth of resources for scholars and reformers. Volume II of this series presents the unabridged text of Progress and Poverty, arguably the most influential work of Henry George. The original text is supplemented by notes which explain the changes George made during his lifetime and the many references he made to history, literature, economics, and public policy. A new index augments accessibility to the text and key terms. The introductory essay, “The Rhetoric and the Remedy,” by series co-editor William S. Peirce, provides an overview of the historical context for George’s philosophy of economics and summarizes the argument of Progress and Poverty within the framework of the economic theories of his day. It then looks at some of the early reactions by leading economists and opinion makers to George’s fervent and eloquent call for economic justice. Henry George wrote Progress and Poverty in order to identify and resolve the great paradox of modern industrial life. How was it possible for abject poverty, financial instability, and extreme economic inequality to co-exist with rising productivity and technological progress? He analyzed and rejected the widely held beliefs that poverty inevitably followed from the laws of economics or from a Darwinian struggle for survival of the fittest. George concluded that at the heart of this dilemma was how society treated natural resources, especially urban land. He did not succumb to the panacea of arbitrarily confiscating property or taking from the rich to give to the poor. George argued that taxes on productive labor and capital should be drastically reduced. His “sovereign remedy” declared that public goods could be adequately funded from the returns to land and other natural resources. The activities of society as a whole give land its value. It is therefore both equitable and efficient for the community to tax or recapture land values to support the activities of government.
America's remarkable explosion of industrial output and national wealth at the end of the nineteenth century was matched by a troubling rise in poverty and worker unrest. As politicians and intellectuals fought over the causes of this crisis, Henry George (1839–1897) published a radical critique of laissez-faire capitalism and its threat to the nation's republican traditions. Progress and Poverty (1879), which became a surprise best-seller, offered a provocative solution for preserving these traditions while preventing the amassing of wealth in the hands of the few: a single tax on land values. George's writings and years of social activism almost won him the mayor's seat in New York City in 1886. Though he lost the election, his ideas proved instrumental to shaping a popular progressivism that remains essential to tackling inequality today. Edward T. O'Donnell's exploration of George's life and times merges labor, ethnic, intellectual, and political history to illuminate the early militant labor movement in New York during the Gilded Age. He locates in George's rise to prominence the beginning of a larger effort by American workers to regain control of the workplace and obtain economic security and opportunity. The Gilded Age was the first but by no means the last era in which Americans confronted the mixed outcomes of modern capitalism. George's accessible, forward-thinking ideas on democracy, equality, and freedom have tremendous value for contemporary debates over the future of unions, corporate power, Wall Street recklessness, government regulation, and political polarization.
With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day. Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication.
In the 1790s, for the first time, reformers proposed bringing poverty to an end. Inspired by scientific progress, the promise of an international economy, and the revolutions in France and the United States, political thinkers such as Thomas Paine and Antoine-Nicolas Condorcet argued that all citizens could be protected against the hazards of economic insecurity. In An End to Poverty? Gareth Stedman Jones revisits this founding moment in the history of social democracy and examines how it was derailed by conservative as well as leftist thinkers. By tracing the historical evolution of debates concerning poverty, Stedman Jones revives an important, but forgotten strain of progressive thought. He also demonstrates that current discussions about economic issues—downsizing, globalization, and financial regulation—were shaped by the ideological conflicts of the late eighteenth and early nineteenth centuries. Paine and Condorcet believed that republicanism combined with universal pensions, grants to support education, and other social programs could alleviate poverty. In tracing the inspiration for their beliefs, Stedman Jones locates an unlikely source-Adam Smith. Paine and Condorcet believed that Smith's vision of a dynamic commercial society laid the groundwork for creating economic security and a more equal society. But these early visions of social democracy were deemed too threatening to a Europe still reeling from the traumatic aftermath of the French Revolution and increasingly anxious about a changing global economy. Paine and Condorcet were demonized by Christian and conservative thinkers such as Burke and Malthus, who used Smith's ideas to support a harsher vision of society based on individualism and laissez-faire economics. Meanwhile, as the nineteenth century wore on, thinkers on the left developed more firmly anticapitalist views and criticized Paine and Condorcet for being too "bourgeois" in their thinking. Stedman Jones however, argues that contemporary social democracy should take up the mantle of these earlier thinkers, and he suggests that the elimination of poverty need not be a utopian dream but may once again be profitably made the subject of practical, political, and social-policy debates.
Reprint of the original, first published in 1881.