CONTENTS
INTRODUCTION = 3-7
Book Ⅰ.-Ancient Philosophy.
CHAPTER Ⅰ.-PLATO.
Section Ⅰ.-CONCEPTION OF WEALTH
Only incidentally Defined = 11
Two Senses, Competency and Superfluity = 12
"City of Pigs" the First Ideal of the Republic = 13
Ascetic Conception of Wealth Dominant = 14
Section Ⅱ.-CONCEPTION OF PRODUCTION AND DISTRIBUTION
Division of Labour = 15
A Philosophical Principle = 16
Analogy of the Arts = 16
The Division not Spontaneous = 17
Except in City of Pigs = 17
Economical v. Historical Categories = 17, 18
Larger Philosophical Classifications = 19, 20
Artisans = 20, 21
Value = 20, 21
No Commercial Ambition Allowed = 22
Usury = 22
Money = 22
Section Ⅲ.- CONCEPTION OF CIVIL SOCIETY.
Tabula rasa, but not a New Tablet = 23
Basis of Unwritten Primeval Custom a Middle Term between Old and New Laws = 24
Laws due to Human Weakness, to Strengthen Human WILL = 25
Laws to be Worked into Existing Custom, and Share its Authority = 25
Does this imply that νσμοs is prior to φνσιζ? = 26
Plato's Attitude in the Middle = 26
The Philosopher's Principles Declaratory = 27
The seems to Involve Ratification e.g. of Slavery = 27
Position of Women = 28
Labouring Population = 29
The State and Society = 30, 31
Note : Xenophon = 31
CHAPTER Ⅱ.-ARISTOTLE.
Section Ⅰ.-CONCEPTION OF WEALTH
Teleology = 32
Bios Tελειοζ = 32
Limit of Wealth = 33
Leisure = 33
No Universal Philanthropy = 34
Section Ⅱ.-CONCEPTION OF PRODUCTION AND DISTRIBUTION.
Division of Labour = 34
Drawbacks = 35
Production Distinguished from Action = 35
Analogy of Arts Criticized = 35
Industrial Arts in Detail = 36
Natural and Not Natural = 37
Exchange and Money = 37, 38
Money-Making = 38
Usury = 38
Distributive Justice and Value = 39, 40
Section Ⅲ.-CONCEPTION OF CIVIL SOCIETY.
Man by Nature Political = 40
What Nature implies = 41
No Tabula rasa therefore = 41
Virtue a Mean = 42
The Final Appeal to Traditional Morality = 42, 43
Convention Hard to Distinguish from Nature = 43
Against Platonic Equality = 43, 44
Friendship a Middle Term = 44
His Political Philosophy a vin media = 45, 46
Note: Interest = 46
CHAPTER Ⅲ.-STOICS AND EPICUREANS.
Cynic and Cyrenaic Notion of Independence = 47
Epicureanism = 48
Stoicism = 49, 50
CHAPTER Ⅳ.-CHRISTIANITY.
The Spiritual State and the Visible Church = 51
Idea of Community of Goods = 52
Canon Law = 53
Cosmopolitanism = 53
Clergy and Laity = 54
One Church and One State = 54
End of the Middle Ages = 55
Book Ⅱ.- Modern Philosophy: Matural Law.
CAHPTER 1.-PRECURSORS OF GROTIUS.
Section Ⅰ.-MACHIAVELLI.
When Modern Political Economy begins = 59
Machiavelli strictly Political = 60
Historical Method? = 60
Economical Element Recognised = 60
"Fixed Quantity of Happiness" = 61
One Bargainer Loses = 61
Section Ⅱ.-MORE.
Social Problems Predominate = 62
Parallel to Plato = 62
Notion of Wealth and Production = 62
Spontaneous Division of Labour = 63
Short Hours of Labour = 63
Communism unlike Plato's = 64
Contribution to Political Philosophy = 64, 65
Law and Custom = 66
Francis Bacon = 66, 67
Section Ⅲ.-BODIN.
State as an Aggregate of Families = 67
Importance of Geographical and Historical Conditions = 68
Importance of Middle Class = 68
Absolutism and Mercantile Theory = 69
CHAPTER Ⅱ.-GROTIUS.
Any International mediator? = 71
Man a Social Ammal = 72
"Uniltas" a Secondary Consideration = 72
Law of Nature = 73
Property = 73
Law of Ntions = 74
Economical Analysis = 74
Contracet = 75
State of Nature = 75
Grotius not Atotle Redivivus = 75
His Economical Importance = 76
Two Subsequent Lines of Inquiry = 76
Note: Richard Hooker = 76
CHAPTER Ⅲ.-HOBBES.
Like and Unlike Grotius = 78
Bellum ommium, Compact of Peace = 79
The Leviathan = 79
Criticism of his Political Theory = 80
Economical Applications = 80
Economics not at least οτκονομια = 81
"Nutrition" of a State = 82
"Concoctio Bonorum" = 82
Money as the "Blood" = 82
Value and Price = 82
Taxation and Luxury = 83
Relief and Luxury = 83
Economics Growing up with Political Philosophy = 84
Sponte Acta = 86
Difficulry of getting out of the Individual = 86
Note: Spinoza and Pufendorf = 86
CHAPTER Ⅳ.-HARRINGTON.
"Oceana" a Political Utopia = 87
Popular Government a Government of the Laws, and not of Men = 87
Two Elements-(1) Force, Depending on Good Forture, (2) Au-thority, Depending on Goods of hte Mind = 88
Nature of Former Dependent on Property in Land = 88
Agrarian Law Essential = 88
Agriculture Paramount = 89
Population Encouraged by Exemptions from Taxation = 89
Council of Trade to help Useful and hinder Hurful Trades = 89
Education, Free, National and Compulsory = 89
"Balance" why only of property in Land? = 90
Influence on Harrington of Contemporary Politics = 90
CHAPTER Ⅴ.-LOCKE.
Conception of Wealth = 91
Wealth and Happiness = 92
Not Science but Labour All-important = 93
"Intrinsic" and other Value = 94
Natural Law = 96
Gold and Silver Money = 97
Utilitarian Difficulties = 97
Political Philosophy = 98
Property Due to Labour = 99
State and Society = 99
Parallel to Plato and Adam Smith = 101
Criticism of Locke's Theory of Property = 101
Sponte Acta and Laissez-faire = 102
CHAPTER Ⅵ.-DAVID HUME.
Berkeley and Mandeville = 104
Hume:
Possibility of a Science of Economics = 105
Description of it = 105
Public Spirit versus Avarice = 107
Mandeville answered, "Useful and therefore not a Vice" = 108
Hume's Ethics = 108
Ethical and Psychological Questions connected with Economical = 109
Hume's view of Happiness and Wealth = 111
Present v. Future = 114
The Will = 115
Growth of National Wealth = 116
Hume not Physiocrat = 117
Not Mercantilist = 118
Hume Posing as a Sceptic = 119
Economical and Historical Categories = 120
General Conclusions from Action of Great Numbers = 121
Society and State = 121
Golden Age and State of Nature = 122
"Natural?" = 123
Justice = 124
Intellectual Virtues = 124
Love of Equality = 125
Montesquieu = 126
Common Element in Laws and Institutions = 126
Relation to Locke = 127
Justice as in Plato = 127
Government founded on Ppinion = 128
Popular and Absolute Governments = 128
Note : Literature = 129
CHAPTER Ⅶ.-PHYSIOCRATS.
Mercantile System = 130
Physiocrats = 133
Precursors-Literary and Financial = 133
Quesnay:
Impoverishment bad Policy = 135
Original Wealth of a Nation = 135
Farmers as Entrepreneurs = 135
Relation of Commerce and Agriculture = 136
Political Economy and Political Philosophy = 137
Value-"V$$\acute e$$ nale" and "Usuelle" = 138
The Three Classes. The Net Produce = 138
"Advances" and Capital = 139
Natural Law, Rights, Order = 140
Free Trade, Single Tax, Monarch = 142
Right of All to All? = 142
Property in land = 143
Right to Live, etc = 145
Laissez-faire = 145
Services to Politics and to Economics = 145
Note : Literature = 145
CHAPTER Ⅷ.-ADAM SMITH.
Precursors = 146
His Programmes, especially in Moral Philosophy = 147
Notion of Philosophy in General = 150
Notion of Political Economy-Wide and Narrow = 151
Definition of Wealth. Luxury and Necessary = 153
Distinction from Happiness = 154
Division of Labour = 155
Exchange and Value = 155
Labour as Measure of Value = 157
Labour "a Commodity" = 158
Three Kinds of Revenue = 160
The Public as the Consumer = 161
Productive and Unproductive Labour = 161
System of Natural Liberty = 162
'Never Mind the Universe" = 162
Unintended Results = 163
Commercial Ambition and its Rivals = 163
Natural Order of Affections = 164
Generic Identity of Men = 164
Groups and Individuals = 165
Moral Ideas Social = 165
Justice in paricular = 168
Not Due to Mere Utility = 168
Moral Laws = 169
"Fortuna, che$$\acute e$$ ?" = 169
Proper Means to Ends = 170
Happiness equally diffused = 170
Illusiveness of Life = 172
An "Invisible Hand" = 173
Commercial Ambition, a Principle of Development = 174
Natural Order, not Historical, but Rational = 174
Limitations of Lassez-faire = 174
Patriotism, Concentric Circles, Economical and Ethical = 176
"Nature" = 177
Objective Economic Standard = 178
Abstract Deductive Method = 178
Historical and Theoretical not Clearly Distinguished = 179
Society and State = 179
Taxation as Quid pro Quo = 180
Notes : Rousseau and Mandeville-Duties as Divine Com-mandments-Machines = 180
CHAPTER Ⅸ.-NATURAL RIGHTS AND LAW OF NATURE.
Common Use of "Natural" as Instinctive = 184
Suggestion of a Natural Order, Wrought Out by Absence of Human Interference = 184
Locke's Connection of Law of Nature with Rights = 186
Rousseau on Rights before and after Institution of Society = 186
Rights in Declaration of Independence = 187
Rights in Declaration of the Constituante, 1789 = 188
Burke, Bentham, and Paine as Critics of them = 188
State of Nature = 189
Rights imply Society but not State = 189
But Recognition comes Late and is Deliberate = 190
Rights as a Postulate of Moral Ideal, the External Conditions of a Moral Life = 190
"Right to Live" = 191
"Right to Work" = 192
"Right to have Leisure" = 193
Term Natural, How Far Convenient = 193
Term Law in Economics = 193
Note : Spencer and Green = 196
Book Ⅲ.-Modern Philosophy: Utilitarian Economics.
CHAPTER Ⅰ.-MALTHUS.
Next Step through the Political Philosophy of Godwin = 199
Governments viewed as Injuring not only Trade but Thought = 199
Justice＝$$\acute α$$ ρετ$$\acute η$$ $$\acute η$$ πρ
$$\acute ο$$ s ετερομ = 200
Greatest Sum of Pleasure = 201
Political Philosophy, a Branch of Ethics. Virtue and Happiness to Come from Enlightenment = 201
Perpetual Improvement = 201
Ideal Society, Plain Living and High Thinking, Leisure for All = 201
Objection from Population = 202
Godwin an "Anarchist" = 203
Reason Possible without Passion? Human nature uniform = 203
Condorcet = 204
Malthus adducing One Passion in Particular = 205
Vice and Misery, Geometrical and Arithmetical Rations = 205
Influence of this Passion as Stimulus to Exertion = 206
Second Essay, introduction of Moral Restraint = 206
How Far Malthus altered His Views = 206
Abstract Method = 207
Utilitarianism = 207
Individual Responsibility = 207
Influence of Theory of Malthus (1) on Political Philosophy = 208
(2) on Economics = 211
Utilitarianism = 212
Note: Malthus and Darwin = 213
CHAPTER Ⅱ.-BENTHAM AND JAMES MILL.
Bentham's Political Economy, Relation to Adam Smith = 215
"Greatest Happiness" in His Economics = 215
Association of Political Economy with Utilitarianism = 216
Bentham's Utilitarianism = 216
Points of Supposed Coincidence of Political Economy with Utilitarianism = 218
(1) Palpable Objects = 220
(2) Individualism = 220
(3) Deliberate Calculation = 220
(4) Insatiable Wants = 222
(5) "Calculus" of Pains and Pleasures = 224
(6) Infallibility of Individuals = 225
Application of Utilitarianism to Society and State = 227
James Mill on Government = 229
Economical Genesis of Government = 229
Criticism of Mackintosh and Macaulay = 232
Law of Nations = 232
Minorities, in Bentham and in Political Economy = 234
Services, in Bentham and in Political Economy = 234
Note
Carlyle = 235
Greatest Happiness = 236
CHAPTER Ⅲ.-J. S. MILL
Estimate of Himself, Early Training = 237
Ceases to follow Bentham. Influence of Visits to France = 238
"Unsettled Questions", St. Simonians, Comte, De Tocqueville = 239
Plan and Purpose of "Political Economy" = 240
1. Question of Method = 241
Definition = 241
Not one but several Abstractions = 244
A Priori Principles = 245
Definition of Wealth, Relation of Pleasure and Desire = 245
Value = 246
Utilitarianism = 247
2. Production = 249
"Nature" = 249
Fixed Laws = 251
Criticism of Distinction between Distribution and Production = 252
3. Exchange and Distribution = 253
Property, Socialism, and Reform = 254
Liberty a Necessary of Human Life = 255
Development not his Guide = 257
Moderate Optimism = 257
4. Society and Government = 259
Representation = 262
Functions of Government = 263
Note: Literature = 264
Book Ⅳ.-Modern Philosohy: Idealistic Economics.
CHAPTER Ⅰ.-KANT.
General Philosophical Principles = 269
Ethics = 269
Adam Smith = 270
Realization of Moral Law = 271
Legal Imperative-Civil Society = 271
Hobbes and Rousseau = 272
Original Contract and Community of Property = 273
State as Creating men = 273
Jus Reale, Personale, Realiter-Personale = 274
Money = 274
Trading Classes = 276
Everlasting Peace = 276
Aims of Nature in Universal History = 277
Development of Faculties = 277
Rousseau, his Different Starting-Point = 279
CHAPTER Ⅱ.-FICHTE.
Man the Centre-No Materialism = 280
Perfectibility still Upheld = 281
Two Ideals-Ideal State, Ideal beyond State = 281
Doctrine of Knowledge-Dialectic = 282
Philosophy of Rights, Relation to Kant = 283
Property, Natural Rights, Law of Nature = 284
Organism = 285
Right to Live by Labour = 285
Industrial Classes = 286
Exclusive Right to Labour = 286
1st Ideal-
"Closed State" = 287
Meaning of Value = 288
Comfort for All = 289
Money, not Gold and Silver = 289
The "Closing" (how far mere Protectionism) = 291
The Ephors = 291
Property in Land = 292
Europe a Commercial Republic = 292
Things as They are = 293
2nd Ideal
The final Ideal = 294
Practicability = 295
Stages of Human Development = 295
Kinship to Hegel = 296
CHAPTER Ⅲ.-KRAUSE.
Right and Law = 297
Relation to Fichte = 298
Influence on Economics = 299
CHAPTER Ⅳ.-HEGEL.
All Changing = 300
Not Darwinism = 300
Subjective and Objective Spirit = 301
Development of Self-consciousness, Development of Freedom in History = 301
"Philosophy of Right" = 302
Right and Duty = 302
Property = 303
Contract = 304
Civil Injury, Fraud, and Crime = 304
Morality = 305
End and Law to Oneself = 305
Criticism of Kant = 305
Requisites of a Moral Act = 306
Reconciliation of Impulse and Law in the Social Relations = 307
Family = 307
School Life = 308
Civil Society = 309
Wants Unlimited = 309
Division of Labour = 310
Classes:-
(1) Agricultural = 310
(2) Industrial = 311
(3) Public Servants = 311
Competition and Individualism as implying the State = 312
Law-making endless = 312
Juries = 313
Corporations = 313
Their Parental Care: "That no Proletariate exist" = 313
Population and Relief of the Poor = 314
Right to Live = 314
"Free your Colonies" = 315
Marriage and Honour the two Roots of a State = 315
Guilds = 315
Free Associations as making State "Organic" = 316
Volont$$\acute e$$ G$$\acute e$$ n$$\acute e$$ rale = 316
State Eternally Necessary = 316
Domestic Legislation, International and Cosmopolitan Relations = 317
Coincidence of Rights and Duties = 317
Organism = 317
Church and State = 318
Hereditary Monarchy = 319
Middle Classes = 310
The People and Public Opinion = 320
Parliament and the Press = 321
Unity of the State = 321
The Army = 321
International Law = 321
Universal History = 322
Note: Literature = 323
Book Ⅴ.-Modern Philosophy: Materialistic Economics and Evolution.
CHAPTER Ⅰ.-KARL MARX, ENGELS, LASSALLE.
In what Sense Marx Hegelian? His Statements in Kapital = 327
Engel's Statements on the Subject = 328
Hegel's Disciples = 330
Proudhon, Economic Contradictions = 330
Marx's Mis$$\acute e$$ re de la Philosophic = 335
Criticism of Proudhon's Economics = 336
,, ,, Metaphysiscs = 337
Marx's Own Economics in Mis$$\acute e$$ re de la Philosophie = 337
Characteristics of Economists. View of Nature and Art = 338
In Feudalism a Struggle of Opposites: So Now = 338
Classification of Economicsts-Fatalists = 339
Humanitarians = 339
Socialists = 340
In Kapital:-
Wealth = 341
Abstract Human Labour and Value in Exchange = 341
Goods, Money, Capital = 341
Profit and Surplus Value = 342
An Unsolved Contradiction = 343
Laws of Population = 344
Historical Economists = 344
Purely Economical View of History = 345
Apparent Ideal of Marx = 346
Engels more Philosophical than Marx = 346
Utopian and Scientific Socialism how Distinguished = 346
"The Rational is the Real" = 346
Hegel's Dialectic, Conservative and Revolutionary = 347
Materialistic View of History = 347
Applied to the Primitive Family = 349
Lassalle-Three Stages of European History = 350
Acquired Rights = 351
Strength of Socialism = 353
Note: Literature = 354
CHAPTER Ⅱ.-EVOLUTION, RELATION OF ECONOMICS TO THE THEORY OF EVOLUTION.
Evolution-how far a Fair Subject of Economical DISCUSSION = 355
(1) Philosophical Notion of Evolution = 356
(2) Darwinian = 357
"Natural Selection" and the Malthusian Theory of Population = 358
"Spontaneous Variation" = 358
Higher Form of Natural Selection, Group against Group = 360
Application to Socialism = 361
Disunion of Socialists in Regard to Darwinism = 361
Darwinism and Evolution in
(1) Theory of Wealth = 362
(2) Production and Distribution = 362
Division of Labour = 362
Sponte Acta = 363
Progress by Experiments = 363
Inheritance of Ideas and Inventions = 363
Currency = 365
(3) Society and State = 366
All History Economical, but not only Economical = 366
Buckle, Marx, and kautsky = 366
Materialistic View really a Reaction against Political View of History = 368
The Proletariate-its Claims = 368
Property, Possession, Value, Limitation = 369
Unwise to Advocate Domination of any Class = 370
"Art and Revolution" = 370
Future Form of Industrial Organization = 372
Necessary Requisites of a State = 373
CHAPTER Ⅲ.-SUMMARY.
Ancient Philosophy = 374
Transition = 377
Grotius and Hobbes = 378
Locke and Hume = 379
Physiocrats and Adam Smith = 382
Malthus and the other Utilitarians = 384
Kant and his Successors = 388
Materialism not an Inseparable Accident of Socialism = 392
Evolution and Darwinism = 393
Postulates = 395
Note on Marx = 395
Supplement (1992)
Change produced by the War = 397
Effect on Economic Theory = 397
Limits of the Changes = 398
Production for Use alone = 400
Malthus and B$$\ddot o$$ hm Bawerk = 401
Socialism and Liberty = 402
The Charmed Circle = 403
Limits of Sovereignty = 404
Parhamentary Government = 407
Needs of Statesmen = 407
INDEX = 409
INDEX TO ADDITIONS, ETC = 423
[Volume. 5]----------
CONTENTS
CHAPTER Ⅰ. THE THEORY
1. National Character
Adjustment to the environment is effected through the mental mechanism, which creates sensory and motor ideas =
1
The sensory ideas are the basis of knowledge. They are arranged and classified so that any one of them is capable
of arousing a series of mental images and appropriate motor reactions = 2
Races differ in their motor reactions more than in their sensory ideas = 3
Character depends upon the habitual motor response to the stimuli caused by the requisites for survival which
preserve the race = 5
2. Kinds of Environment
Environments are either local or general = 5
In the former motor activity predominates over sensory discrimination: instinct is more important than reason = 6
In the latter nice sensory discriminations become the conditions of survival: men master nature by becoming
conscious, and analytic = 7
To a local environment corresponds a pain economy. A pleasure economy can only develop when a race emerges
into a general environment = 8
3. Adjustment to the Environment
The term "environment" in this work denotes the objective conditions of present importance to social development =
10
National character is not determined by the environment in this sense = 11
National character is relatively stable. although the environment is constantly changing = 12
Every change in the environment tends to modify the national character. which in turn reacts against the change =
13
Every marked change in the environment gives rise to a new epoch in thought = 14
4. Race Ideals
Heredity gives increased vividness to the sensory ideas arousing motor activities necessary to survival. Race idenals
are visualized groups of these sensory ideas = 15
Sensations and groups of sensory ideas aroused by the same stimuli differ according to the inherited mental
mechanism. Ideals grow up more readily in a local than in a general environment = 17
Imitation and conversion are the means by which race ideals are made serviceable in new environments = 18
Conversion consists in connecting a new group of sensory ideas to the inherited motor mechanism = 19
The relative permanence of the motor mechanism is illustrated in religious revivals and in political revolutions =
20-21
5. Ths Stratification of Socicty
Political changes are due less to changes in national character than to rearrangements of classes in society = 21
Classifications of society based on wealth or social position are superficial = 22
they should be according to psychic characteristics = 23
6. The Clingers
Localities with restricted food supplies develop a timid, conservative type of man = 23
They are stay-at-homes and hero worshippers and may be designated as clingers = 24
A utilitarian calculus of pleasures and pains is foreign to such a people = 25
7. The Sensualists
When the local conditions improve, a class of sensualists arises. They strive with vigour to satisfy as completely as
possible some dominant passion, and in a developing society contribute largely to progress = 25
They break a way from local conditions and become conquerors. They are tribute-takers, while the clingers are
tribute-givers = 26
Under modern conditions no race of sensualists could thrive. The type. however, is preserved as a class in 내�셔 =
27
8. The Stalwarts
Highly developed societies produce a third type of men, who love dogmas and creeds and subordinate policy to
principle. These are stalwarts = 27
They represent a reaction from sensualism in the direction of asceticism. In politics they are Utopists and democrats.
In all things they love clearness and simplicity. and are independent in thought and action = 29
9. The Mugwumps.
Increase in wealth has given rise to a leisure class relieved from the pressure of a battle for existence. In this class
there has been a development of the sensory and analytic side of the mind to the neglect of the motor side = 30
Such men are vigorous in thought, but weak in action. They cannot act together, but make admirable critics. They
are cosmopolitans in their sympathies, advocates of compromise in politics, and agnostics in religion, and may be called
mugwumps = 31
10. The Development of Classes
These four classes are found in every modern society. Clingers change little from age to age. Mugwumps vary too
much to be a homo-geneous group. Sensualists and Stalwarts, however, are clearly defined and in each epoch pass
through a regular course of development = 32
Calvinists and Methodists represent different types of stalwarts = 36
At present skilled workmen are the dominant type of stalwarts = 38
11. Stages in the Progress of Thought
Economic development has increased wealth and made possible a com-parison and substitution of goods. They are
thought of in increments rather than as indispensable conditions to well-being = 39
Combining goods is sthetics, which treat of goods, morals and religion treat of environments = 40
Religion owes its origin to the tendency of men to contrast different environments = 41
Increasing knowledge raises both morals and religion to higher and higher plaues, but they are always kept distinct
= 42
The history of thought has four stages: the economic, the sthetic, the moral, and the religious = 43
Each new environment originates a new chapter in thought history, starting alway with the economic change has
given rise to a new development in each field of thought = 46
Though modern nations enjoy continuous national life, they differ as much from century to century as did the risign
and falling civilizations of the Ancient World = 47
12. Curves of Thought
It has been shown that character is enduring, while the environment is constantly undergoing change. Economic
conditions do not alone shape national character = 50
They give rise to habitual motor reactions, but these may be connected with some new exciting cause when the old
conditions cease to be important = 51
Every transition to a new environment tends to develop a new type arise the economists, while the old type
produces philosophers = 52
The former proceed on an up-curve of thought from theory to facts = 53
In the development of English thought there have been three periods in which the great thinkers were = 1
Hobbes, Locke, and Newton = 2
Mandeville, Hume, and Adam Smith = 3
Malthus, Mill, and Darwin = 55
CHAPTER Ⅱ. THE ANTECEDENTS OF ENGLISH THOUGHT
1. Primal Economic Conditions
Modern Characteristics originated under primitive conditions. Land was scarce in some localities, water in other. An
irregular rainfall and uncertain climate tended to develop hope, patience, and humility = 57
More settled conditions taught men to oppose rather than to yield to nature. Wrath and a tendency to react
vigorously against oppression or a spurce of pain resulted = 58
Resistance taught men to cooperate and this made them moral = 59
Civilization demands a movable surplus, the desire for which caused most of the great migrations = 60
On it depended the existence of a ruling class= 61
A sociocracy exists when the more social elements in a community exploit the less social = 62
It deems itself a chosen people and aims at peace rather than justice in its relations with inferiors = 62
The instincts of primitive races are due to the conditions found in cold, wet countries, or hot, dry countries, or
countries in which one race dominates another. The Germanic, the Semitic, and the Roman civilizations correspond to
these three conditions. They were characterized respectively by morality, religion, and civil law = 64
2. The Early Germans
They lived in a cold, damp climate, which developed vigorous constitutions and strong appetites = 65
Exposure was the chief check on population. The strong, who survived, were bound together by firm social bonds =
66
Religious ideas were little developed = 67
3. The Catholic Supremacy
Starting as a religious institution, the Church soon became a political power = 68
The Roman Church put authority and submission above inspiration and freedom = 69
Its supremacy in the North was due to economic necessity rather than conversion = 70
The medi val monasteries were great centres of industry = 71
Local religious organizations were quite independent = 73
But the secular clergy kept them in touch with Rome = 74
4. The Economic Influence of the Early Church
The conception of a future life fostered forethought in the present life = 75
The Church broke up the patriarchal family by making converts = 76
It elevated women and freed slaves: made trusts more sacred and broke down national boundaries = 77
5. The Fifteenth Century
Notable events were the invention of printing, the discovery of American, and the use of gunpowder and the
magnet. The latter revolutionized ocean travel = 78
Cheap salt and spices changed the diet of the Germans. Gunpowder broke down the feudal system = 79
Other changes were the use of bricks, glass windown, beer, and woollen clothing = 80
These inventions and changes made indoor life agreeable = 81
The Protestant Reformers exalted family life and condemned communal pleasures = 83
6. political Conditions
The fifteenth century was a "golden age for the labourer", Fighting was less general than histories indicate = 84
Germany was quite free from it except in private feuds = 85
War became less horrible, because conducted by nobles instead of mercenaries = 86
The Renaissance helped the Reformation, but these movements had little in common = 87
The Church shrank from persecuting the new Reformers as it had Huss = 88
7. The Church Programme
The ideal of the Church was peace through obedience = 89
It realized its political and economic aims = 90
It failed in the domain of morals = 91
8. Crime and Vice
Primitive conditions developed greed and hate = 91
Greed becomes vice where there is an abundant food supply = 92
Christian morality makes murder one of the worst crimes = 93
To escape temptation the Church advised immolation = 94
This did not prevent either vice or crime = 95
9. Indulgences
Indulgences rest4ed on principles antedating the Church = 96
The German considered crime and vice social offences and revolted against a scheme of commutation = 97
10. Social Problems
Vice was increasing at the same time the Church was becoming more lax, and this made a moral reaction inevitable
= 98
Protestantism could not check vice, but evolution did = 99
Protestantism was superior. because it allowed free play to natural forces = 100
11. The New Wave of Sensualism
The changes described threw many new careers open to adventurous sensualists = 101
The sensual reversion that resulted was in no sense the result of the Reformation = 102
Luther's mistake was to think that Hebrew morality would meet the needs of the Germans = 103
The sensual reversion led to a rapid exploitation of the New World, which enriched and then destroyed the power of
Spain = 104
The religious ware of the sixteenth century killed off many of the sensualists, but left a breach in the Church still
un-healed = 106
Through the whole period development on the continent was complicated by abnormal tendencies: but in England
these were less active = 107
CHAPTER Ⅲ. THE CALVINISTS
1. Calvinism
The dominance of the desire for peace and security yielded before three local tendencies: the stetic, the moral, and
Calvinism = 108
Calvinism took root where clannish sentiments were strong-in the mountains and among city artisans = 109-111
Its attitude was legal, not moral = 111-112
2. Frugalism
The primitive man's idea of self was synthetic, embracing whatever arms, tools, lands, etc., were necessary to his
independent position as warrior. weaver, farmer, etc. = 112-114
Instances of this mental attitude may yet be found, although goods are now generally viewed merely as capital =
115
This synthetic or enlarged idea of self is a characteristic of the frugalist, and was prevalent in the days of Calvin =
116-117
3. Word Visualism
The art of printing placed the written word, because representative of the Holy Writ, above custom and tradition =
117-118
The reader requires a higher order of mental mechanism than the observer: the stimuli are weaker, and the power
to visualize must be developed. The Cavalier was an observer, the Puritan a reader and visualizer = 118-119
Visualization was the Puritan's test of truth = 121
The Puritan was the first modern stalwart, and his method of visualization has transformed modern life = 122
4. Puritan Opposition to Vice
Character and vice are concepts or word pictures, and the power to visualize is necessary to their perception. The
Church had opposed crime, which was a concrete act: the Puritans attacked vice, for it defiled their ideals, especially
that of home, which was opposed to the coarse pleasures of communal life = 123-124
The Puritans put to a new use the clan concept = 124
Believing that the inner man was objectified in his acts, they sought to impose their standards upon the nation =
125
They denounced especially the two leading sins of the sensualists : adultery and profanity = 126
5. Merry England
The conditions of a progressive civilization were reached later in England than in other European countries, but
progress, when it began, was much more rapid there than elsewhere = 126-127
When the environment suddenly improved, gross indulgence of the appetites, similar to that now seen in a mining
camp = 128-129
Germany furnished a marked contrast to England. Progress in the former was slow but continuous and all the
people rose, whereas in England progress was spasmodic = 129-130
6. Primitive Traits
England's severe climate permitted the survival in early times of only the most vigorous, those with strong appetites
= 130-131
The sudden improvement in the environment plunged the natural Englishman into dissipation, in which he vented the
excess of his animal spirits = 131
The Puritans, who lived much indoors. did not comprehend the primitive exhibitions of passion and called them
idolatrous, their effects being summed up as adultery = 132
The Puritans misunderstood early marriage relations. Primitive women dreaded barrenness. Not until after the
disintegration of clans under the influence of economic progress. did chastity become a dominant virtue = 132-133
The Church had not sharply condemned sensual indulgences = 133-134
7. Public Amusements
The amusements of Cavalier England were crude, brutal, and silly. Festival days occupied nearly half the year, so
eager were the sensualists to utilize the advantages of the economic revolution = 134-136
Woman's virtue was lightly held because of the desire for an increase of population, the plagues having caused a
scarcity of labor = 138
The regularity of the Puritan's life saved him from the plague and widened the gulf between him and the sensualist
= 138-139
8. The Disappearance of the Puritans
It was impossible that either the Puritan or the sensualist should triumph, for the Tories and the Church party sided
now with the one, now with the other, in opposition to change = 139-140
Furthermore, the Puritans, lacking the idea of comfort, followed a defective economic programme and were
annihilated by consumption. Their fate was hardly analogous to that of the Hebrews after the Babylonian exile =
140-141
The Puritan and his creed both paid the penalty of a neglect of economic conditions = 141-142
9. On the Interpretation of Great Writers
A great thinker does not present truth in the same way that he finds it. The road to discovery is inductive, but in
the presentation of truth a thinker usually adopts the methods of the popular science of the day and expresses his
ideas in deductive form = 142-143
The reader who wishes to know a writer's real development must not accept his own statements, but must
carefully note minor details, especially variations in his forms of expression = 143-144
10. Thomas Hobbes
Hobbes upheld the divine right of kings in a social theory made mechanical by a love for mathematics. The body of
his books was thought out in his youth: the dogmatic form was imposed later as a result of his passion for
mathematics = 144-145
His idea of a state of war, commonly assumed to be his starting-point, was really an afterthought = 146
Hobbes's doctrines furnished no solution of the social difficulties = 147-149
In the Leviathan the order of his early essays is reverses = 149-152
He did not study nature, and was careless about facts. His definitions of the virtues are parodies on the Puritan
charcter = 153-157
11. John Locke
Locke was in reality an economist on the upward curve from observation to philosophy = 157-159
He was a Puritan plus the ideal of comfort = 160
His philosophy begins with the idea that there are "things in their own nature indifferent," in which he differed from
the Puritans = 161-162
This principle of indifference, which led him to attack enthusiam and superstition, was his most important
contribution to thought = 163-165
Analysis of his Essay on the Human Understanding shows that his method was at first altrospective = 165-166
"New discoveries" led him to adopt the introspective siasts, he finds in his own mind an "internal sense," modifies
his views, and recognizes reflection as a source of ideas = 167-170
12. Results of Locke's Analysis
Contemporary thought was affected by Locke's two great principles of indifference and correspondence, but its
development was forced into unexpected channels by the discovery of the principle of the association of ideas, which
had not been clearly perceived by Locke = 170-172
This principle rendered Locke's analysis worthless when applied to social affairs, and furnishes an explanation of his
frequent revision of the chapter on "Power", in which he confronted the same difficulty that faces every one who
analyzes a race ideal = 172-173
Locke subjected race ideals to a process analogous to that of the chemist or distiller. His method is well illustrated
in his Reasonableness of Christianity, which provoked great opposition because it destroyed the concrete pictures of te
Bible = 173-175
13. The Deists
Viewed in connection with the practival work of Lockes, deism is a stage in the development of religious thought
beginning with Locke and ending with Wesley = 175
The Deists were not attacking Christianity, but superstition, their premises being derived from Locke's principle of
correspondence = 176
The Reformation had changed ideas with regard to the New Testament, but had not altered the primitive conceptof
God, and it was this which the Deists attacked = 177-179
The Old Testament emphasizes a God Testament emphasizes a God of Wrath: the New Testament, a God of Love =
179-180
Locke's emphasis of the New Testament started a revolution in religious thought, which was continued by the
Deists. A concept of God in harmony with new economic conditions was the resuly = 180-181
God was now viewed as Father of men, rather than as God of Wrath = 181-184
14. The Outcome
Morality was placed upon an independent basis: and the Puritans were split into two classes: stalwarts and
mugwumps = 184-185
The mugwumps, of whom Locke was a type, for a long time ruled by the power of compromise = 186
The was an important separation of law from morality and religion = 186-187
In contrast to France, England has been stable and unrational in government, but unstable and rational in religion =
187-188
Since the time of Locke, there has been practically no development of political thought in England = 188-190
CHAPTER Ⅳ. THE MORALISTS
1. Picture of the Eighteenth Century
Progress ceased to be a struggle against foreign influence, and resulted from internal conditions and ideas = 191-192
The decline of communal life brought forward complementary home comforts = 192-193
There was an important revolution in agriculture and in the condition of rural labouring classes, their diet being
improved by the use of ovens and their clothing by the use of wool and cotton = 193-196
The transference of industries from the cities also helped the country, especially since it tended to make women
independent = 197-198
Except in the towns England was prospering, yet because old industries languished people talked of hard times =
198-200
Meantime, commercial development was lowering the morals of cities, although it was ridding the nation of its
sensualistts = 200-201
In the seventeenth century reform han started in the cities: in the eighteenth its origin was in the country =
202-204
2. Bernard Mandeville
The new epoch began with The Fable of the Bees, the work of an observer, giving crude utterance to new ideas
suited to the new environment = 204-205
Contending that private vices are public benefits, because the pursuit of wealth was beneficial, he forced his
opponents to make a new definition of vice and a new concept of human nature = 205-207
His main thought-that spending, not saving, promotes prosperity-was bitterly opposed = 207
Adam Smith's doctrine of self-interest is a refined statement of Mandeville's paradox = 208
He was contemptuous, not of moral, but of social virtues, and was a genuine economist, though not an "orthodox"
one = 210-212
3. David Hume
Hume was the successor of Mandeville = 212-213
His Treatise on Human Nature shows that he designed a work on social psychology following Mandeville, and not
on individual psychology, following Locke = 213-215
A comparison of the Treatise with the revised and castigated Inquiry gives a clue to his development, showing that
he regretted the expression of his youthful views on the Passions = 216-219
Mandeville's tirade against physicians doubtless influenced young Hume and started the train of thought which led
to his denial that reason had any influence upon the will, and then to the general denial of any unseen connection
between cause and effect. which was to give "an everlasting check to all kinds of superstitious delusions" = 219-222
Bishop Butler's Evidences led him away from the scepticism of Mandeville = 223-224
Hume's development had four distinct stages, and for each there was in reality an edition of the Treatise = 225
4. Adam Smith
Smith's work continued the scheme of Hume = 226
The doctrines in the Wealth of Nations are all found in the fragmentary literature of the preceding epoch = 227
Smith's unique service was the application of certain principles of human nature to economic discussions, whereby
morals were robbed of much of their traditional field = 228
The notion that he borrowed his doctrines from the Physiocrats is not supported by evidence ; revenue was
apparently the only subject in which he had common interest with the Physiocrats = 228-229
The Wealth of Nations was not thought out or written in France ; it grew out of English facts and conditions, and
it represents two widely separated stages in the author's development = 230-235
A bank failure forced home on him the difference between money and capital = 235-236
Patriotism and his belief in the "divine plan" led him to develop Dean Tucker's theory as to the advantages of
abundant capital = 236-237
His theory of distribution originated in discussions about the improvement of land = 237-238
His theory of productive labour was born of his opposition to the views of Mandeville and Steuart in favour of
prodigality = 239-242
The Wealth of Nations was a new type of natural theology = 242-243
5. The Religious Revival
The important features of Methodism are those which affected other religious bodies = 243
The Puritans and the plagues had disappeared together, and religion needed a new reenforcement of its claims. Old
restraints had been removed and society had been forced below the normal level = 244-245
The downfall of the Puritans had been followed by a suppression of religious activity and enthusiasm. Yet English
labourers, their economic life having narrowed, craved intense activity in other fields = 246-248
6. Whitefield and Wesley
These tow men took advantage of the conomic situation and gave Englishmen in religion an outlet for their
suppressed motor tendencies = 248
Wesley was superstitious and could not have succeeded alone = 248-249
He was supplemented by Whitefield, a visualizer, who did not, like Wesley, rely on earthquakes, plagues, and wars
to enforce his warnings. Whitefield alone would have caused only a temporary excitement and reaction toward earlier
ideals = 250-251
7. The Manly and Womanly Elements in Religion
One reason for the failure of Calvinism was that its controlling principle, predestination, induces resignation, a
characteristic of women. Arminianism emphasizes man's power over the environment. The mental attitude of women is
reflected in religion when society must submit to evils beyond human control = 251
Women strove to break up the old communal pleasures and to substitute those of the home = 252
Their eagerness for economic goods and home life added to their social importance, but their new work and activity
intensified their suffering as mothers and increased their natural spirit of resignation = 253
Those families throve best in which the men reflected the feelings that inspired their wives, and thus a new type of
men arose that accepted the standards of women = 254
The Puritans were "womanly men" in the sense that they strove for purity and other womanly virtues. Whitfleld
belonged to this class. But the new epoch demanded manly qualities, for the few evils existing were surmountable. So
Methodism brought to the front manly men of strong wills, Wesley being their leader = 255
8. Methodism
Wesley was an observer and emphasized psychic manifestations of conversion = 256-258
Methodism utilized motor reactions for which there had been no outlet since the abandonment of communal
pleasures. Revivals and love-feasts, substitutes for the old pleasures, were conducted by men, while women took a
new position in the home = 259
Wesley's emphasis of psychic standards created new religious ideals: the sympathetic Christ, and God as an active
and religious ideals: the sympathetic Christ, and God as an active and interested Father = 259-260
The psychic standard divided the Church into two parts, Wesley heading a quasi-clan inside the Church = 261-263
psychic standards destroy fine distinctions. So Methodism marks the decline of creed-making and sect-building =
263-264
9. The Joint Influence of Adam Smith and Wesley
To comprehend the change in English thought it is necessary to unite the work of Wesley and Adam Smith. Smith
transferred from morals all principles except that of sympathy, and this Wesley appropriated for religion = 264-265
Morals are rationalized customs, habits, and traditions, and often prompt men to actions out of harmony with their
environment = 266
Of the three elements of civilization, the life and heart can be brought into harmony with new conditions, but the
intellect resists adjustment = 267-268
The real basis of morals is wrath, which is a result of violent reactions against pain. The "manly man" feels wrath:
the "womanly" or…good" man feels sympathy = 268-269
Methodism and economics both tended to create a nonmoral state of mind, which has remained a marked
characterstic of English civilization = 270-271
While the new ideals made people non-moral, they did not make them less conscientious = 273
Englishmen now ceased to be cosmopolitan, and became more individual and forceful = 273-274
CHAPTER Ⅴ. THE ECONOMISTS
1. The Decline of France
In the eighteenth century the rapid economic development of England placed France in a subordinate position =
275-276
The resulting internal disorder in France was used by English prophets and moralists to combat reforms they
disliked = 277
The struggle for command of the wheat supply was the real cause of the shifting of national power = 278
This struggle was intensified by the prevalence of the theory that individual and national welfare were measured by
the consumption of bread = 280-281
In England the struggles for liberty, for comfort, and for equality took place in different epochs, and development
therefore was orderly = 281
In France the attempt to satisfy these three popular demands in one epoch led to a sharp break with the
environment, and resulted in instability and revolution = 281-282
The slow increase of productive power in France caused the masses to confiscate the funded income of the
wealthier classes ; but as this was insufficient to satisfy the new standards of comfort, attempts were made to obtain
the surplus of other nations = 2283-285
The greater resources and prosperity of England prevented the success of this movement = 285
2. The Utopists
The Calvinistic view of life was essentially feminine, fostering the "home" ideal and regarding the world as a place
for trial and tribulation = 286-287
The philosophy of the Utopists and the utilitarians was masculine, making human happiness the end of action = 288
They believed in a far-distant social Utopia, and in the possibility of preparing every one for this ideal state through
reasoning, religion, and art = 289-290
The Utopists were foreign-hearted and cosmopolitan = 290-291
The success of the Ricardian programme, upon which the Benthamites and the economists united, combined with the
lack of sympathy with popular movements, prevented the Utopists from making any positive contributions to social
progress = 292-294
By increasing the definiteness of the popular bread philosophy, the economic utilitarians succeeded in convincing men
intellectually = 295-296
Their materialism was, however. repugnant to the Utopists, who drifted into visionary schemes for social betterment
= 296
3. Thomas Malthus
The application of Utopian ideals to concrete governmental problems led to a conflict between the Utopists and the
defenders of the existing social order = 296-297
The Malthusian law of population was repugnant to the religious feelings, because it reflected on God's plan of the
Universe = 298-290
It was repugnant to the moral feelings because it taught that progress meant increase of poverty = 299
Thus a conflict between the moralists and the economists was aroused = 299-300
The position of the economists was strengthened by the acceptance of the "bread philosophy," by the doctrine that
an increase of the food supply required capital as well as land and finally by the formulation of the law of diminishing
returns = 300-301
The logical result of the general acceptance of these doctrines was the conviction that equality and progress were
incompatible = 302
Progress being the higher law, the English, as a progressive nation, had to favour non-moral standards, leading to
the eradication of the inefficient = 302
4. David Ricardo
In Ricardo's reasoning the presuppositions of natural religion are absent = 303
Like Mandeville, he saw only the objective England, eliminating the ideal environment to which Englishmen clung =
304
His real service was in turning men's attention to new schemes of social progress more in harmony with the
actural conditions of English civilization = 305
He had in mind an industrial society, whereas Malthus viewed national prosperity from an agricultural standpoint =
306
The law of rent and of diminishing returns led to the conclusion that nations are brought to a stationary state
before the essentials of a high civilization are acquired = 309
The adoption of Ricardo's ideas by Bentham and James Mill led to the creation of a new economic philosophy, for
which Ricardo furnished the practical programme = 310
5. The Economic Philosophy
The general acceptance of the Newtonian principles gave to the concrete propositions of the social sciences a
philosophic basis which they had hitherto lacked = 311
Bentham was the first to give to pleasure and pain a place in social reasoning similar to that of gravitation in
physical science = 312
Ricardo was able to supplement Bentham's negative utilitarianism because of his acquaintance with urban industrial
conditions = 313
The creation of the new economic philosophy through a combination of the ideas of Bentham and Ricardo was the
work of James Mill = 313
He revived the mental attitude of a pure pain economy, characteristic of the primitive philosophy of earlier days =
315
As a radical and a democrat, his hatred for the aristocracy was increased through his acceptance of Ricardo's
economic doctrines = 316
The shifting of political power from the landlords to the capitalists caused Mill's economic creed to be turned
against the labouring classes = 317
6. John Stuart Mill
The service of John Stuart Mill was to enrich the creed of the economic utilitarians with the human traits they had
neglected, and to bring their philosophy into closer relation with the history of the English people = 318
He was by temperament a "womanly man" ; his education, however, had taught him the standards of the "manly
man" and led him to begin life in the negative r$$\hat o$$ le of a destructive reformer = 319
The study of Wordsworth's poetry, and the influence of Sterling and of Saint-Simon, created in him a new ideal of
social progress = 321
Positive ideals of pleasure destroyed his confidence in Bentham's negative utilitarianism = 322
When Mill began his Logic, his plan was to show the similarity of method in physical science and political economy
= 324
We find this idea in the purely formal part of his Logic, in which he tries to complete the work of Hume by
developing a social science based on the study of character = 325
The real content and valuable portion of the work was the new combination of induction of induction and deduction,
traceable directly to the Ricardian method of reasoning = 328
The new ideal of proof and reasoning which he created affected men in their general opinions rather than in their
scientific studies = 330
His attempt to make social sciences conform to the method of the physical sciences has hampered the progress of
social investigations = 331
In his Political Economy, Mill, instead of rigidly applying the law of physical causation, as the theory of his Logic
would require, draws a distinction between the laws of production and the laws of distribution = 335
While the former partake of the nature of physical truths, the latter depend upon the opinions and feelings of men =
335
This break with the theory of his Logic was due to the influence of Mrs. Mill, who inspired him with a new hope
of social improvement = 336
Mill's own contributions to political economy are to be found in the treatment of such subjects as socialism,
cooperation. private property, in which close reasoning is followed by a vivid picture of ideal social conditions = 337
This combination of social ideals with economic reasoning is also characteristic of such works as Progress and
Poverty, and has contributed greatly to the development of idealism = 339
The permanently pleasurable and the perfectly true harmonize = 340
The concrete ideal method of reasoning introduced by Mill was the result of a combination of his abstract reasoning
with the tendency towards concrete received from his wife = 342
Through it social science has acquired the concreteness that Calvinism gave to religion = 343
7. Charles Darwin
Just as Adam Smith was the last of the moralists and the first of the economists, so Darwin was the last of the
economists and the first of the biologists = 343
Of the four propositions upon which Darwin's argument rests, Malthus contributed tow: the limitation of the food
supply and the rapid increase of each species = 345
A third-the variability of descendants-was already well established = 345
The fourth-evolution due to pressure of numbers-was Darwin's contribution = 346
Owing to the delay in the publication of his work, Darwin is usually regarded as an inductive inquirer, whereas as a
matter of fact he was a bold theorizer = 347
His successors have been inductive, accumulating foreign and prehistoric facts to substantiate the principle of
common ancestry = 348
The effect of biologic habits of thought has been to overestimate the far-off and the foreign = 349
8. The English Poets
Classicism, which dominated English literature and art, was not in harmony with native English tendencies = 349
The adherence of the Puritans to English customs and ideals led them to oppose the literary and artistic ideals
imported from countries where activity is disagreeable = 350
English conditions did not permit the realization of these ideals = 350
A new literary and artistic movement grew out of the changed relation to nature created by the improved clothing
and housing of the people = 351
Active life in the open air became pleasurable, and more than this-a requisite for survival = 352
New inventions widened the range of choice = 352
English art thus became associated with activity and choice = 353
This new attitude was reflected in the poetry of the early part of the century and affected religious views = 353
It also created a belief in the possibility of innocent pleasures and destroyed the idea that non-economic activity was
waste of energy = 355
9. The Oxford Movement
The ideals of the representatives of this movement were essentially the same as those of the poets = 356
Their search for a new basis for the Church led them to the Church of the fathers ; viz. the early Catholic Church
= 357
The subsequent success of the High Church party was due to the fact that ist substituted praise for prayer ; a
change which harmonized with the conditions of a prospering nation = 358
The Oxford Movement thus became one of the forces which impressed utilitarian standards on English though = 358
10. The New Religious Ideals
The Methodists in substituting the thought of a missionary Christ for a suffering Christ raised the concept to the
rank of a social ideal = 359
The qualities of a mother protecting her son from temptation came to be associated with Jesus = 360
While this change was going on, the concept of God was also modified = 361
The father of the English family had gradually lost his commanding authority and had come to be regarded as the
dispenser of bounties = 361
This idea applied to religion makes God Father and the source of all blessings = 361
Thus, religious ideals are brought into harmony with the experience of the race and stimulate the activity
characteristic of modern religious life = 363
CHAPTER Ⅵ. CONCLUDING REMARKS
1. The Harmony of Religious and Economic Concepts
The reconciliation of economics and religion was the result of a development of thought due to the conflict between
home and communal pleasures = 364
Economic instincts have become racial, while religious concepts have become utilitarian = 365
Religion and economics now work together ; the leaders in both fields have essentially the smae methods and ideals
= 365
The result has been to give a unity to the English race and a distinctive character to their civilization, which have
aroused strong national feelings = 366
In religious as well as in social life the influence of the new national ideals has made itself felt = 367
The supremacy of the English-speaking race will depend upon the degree to which these ideals enable it to cope
with the conditions of a world environment = 368
2. The Influence of Science
The relative development of the motor and sensory powers is the real issue in the struggle between science and
religion = 368
In the present environment of the English people motor activity rather than sensory analysis constitutes the requisite
for survival = 370
Science has exerted its influence on methods of reasoning rather than on the content of national ideas = 370
Through inventions and discoveries, however, science has changed the conditions of the environment. permitting a
new type of man. with changed mental reactions to survive = 371
The pressure of economic conditions rather than the force of scientific exposition changes men's opinions and beliefs
= 372
3. Socialism
Socialism having a haven of rest as its ideal, shows a tendency to over-emphasize the mechanical aids to progress
= 373
While this ideal its attractive to those who are overworked and to those who crave sensory gratifications, it is
repugnant to the active members of the race, especially to those with the capitalistic instincts = 374
English conditions produce intense racial feelings and strong antipathies and are distincctly unfavourable to
cosmopolitan socialism = 375
4. Fields for Future Adjustment
The characteristics of the coming epoch must be sought in the further development of the economic force that have
shaped the thought and activities of the last three centuries = 376
The higher standards of our public life and the refining of our social pleasures give evidence of the advancing
adjustment of the race = 376
In morals, on the other hand, primitive standards still obtain = 377
With the exception of the poetry of the early part of the century, literature and art have failed to become national =
377
Philosophy and education still adhere to foreign methods and standards = 378
Little attempt has been made to develop principles of politics and law adapted to the problems of government with
which the English have to deal = 378
The adjustment of the race to the conditions of the present environment is about half finished
5. The New Environment
The period since 1873 may be regarded as an epoch of cheapness as contrasted with the preceding hundred years of
rising prices = 379
A steadily declining price of sugar has given us a sugar diet in the same sense that the eighteenth century had a
bread diet = 380
This change has placed those who adhere to the liquor diet at a distinct economic disadvantage = 380
As a result a strong reaction against drinking habits has set in = 381
This change is but a part of a larger movement which is eliminating from society the overfed as well as the
underfed = 381
The evils consequent upon over-nutrition indirectly benefit the race by eliminating its less active members = 382
Over-nutrition decreases the fertility of women, and thus creates a sterile class that gradually dies out = 384
Fathers and mothers upon whose ideals and activities social progress depends, have not developed artistic instincts,
owing to the fact that artistic tastes in their present form do not promote activity = 385
Until the ideals of art and literature promote activity they will habe no permanent influence on the progress of the
race = 386
6. The Triumph of Stalwartism
The opposition between the stalwarts, sensualists, and clingers has enabled the mugwumps to shape the political
policy of the English people = 387
Great economic forces represented by the influence of capitalism and the degenerating effects of liquor are gradually
eliminating the clingers and will in time place the sensualists at a disadvantage = 388
The contest for supremacy will thus be narrowed down to the mugwumps and the stalwarts = 390
As the latter are men of action and thus in harmony with the conditions of progress, there is little doubt as to their
ultimate victory = 391
The coming stalwartism will demand general conformity to its standards. It will make character a test of citizenship,
will exait women and womanly standards, and intensify the "home" ideal = 392
7. The New Thought Curves
The struggles of the race due to the opposition between economics and religion have now ceases = 393
In the "womanly man" and religion have now ceased = 394
The "manly man" is expressing his objective, realistic standards in literature and is dominating this field of thought
= 395
The union of economic and religious tendencies in the stalwart represents the opposing movement in thought = 396
It seems probable that the "manly man" starting in literature, will do his best work in economic reform = 396
Likewise, the "womanly man," starting in economics, may do his best work in literature and art, for his bold, vivid
ideals and visions of a future Utopia are certain in time to take artistic form = 397
The possibility is thus offered of uniting idealistic and realistic tendencies in the same person = 398
8. The Socializing of Natural Religion
The old deductive assumptions of the natural theologians are gradually losing their hold upon theEnglish people, yet
the underlying thought is as powerful as ever = 398
The thought of the sacrifice of the higher for the lower life, which is the principle of incarnation is becoming a vital
part of English thought = 400
A conviction is not a certainty, but something that provokes activity. Firm beliefs are based on a union of sensory
and motor evidence. Sensory facts establish a probability ; the motor response creates habitual activity = 401
The capitalistic instinct which leads men to have confidence in remote results strengthens the tendency towards
belief in the unseen = 404
The temptations to over-nutrition are best resisted by those who devote time and energy to the welfare of others =
405
All these qualities-activity, hopefulness altruism, and confidence in the unseen-are necessary to a higher social state
= 406
Those possessing these qualities will be the surviving elements in society = 407
The laws of life of reason, and of economics when combined present a plan of the universe in which revealed
religion verifies the premises that natural religion has established = 407
[Volume. 8]----------
CONTENTS
BOOK Ⅰ: THE FOUNDERS
CHAPTER Ⅰ: THE PHYSIOCRATS (M. GIDE) = 1
Ⅰ
Ⅰ. THE NATURAL ORDER = 5
Ⅱ. THE NET PRODUCT = 12
Ⅲ. THE CIRCULATION OF WEALTH = 18
Ⅱ
Ⅰ. TRADE = 27
Ⅱ. THE FUNCTIONS OF THE STATE = 33
Ⅲ. TAXATION = 38
Ⅳ. R$$\acute E$$ SUM$$\acute E$$ OF PHYSIOCRATION DOCTRINE. CRITICS
AND DISSENTERS = 45
CHAPTER Ⅱ: ADAM SMITH (M. RIST) = 50
Ⅰ. DIVISION OF LABOUR = 56
Ⅱ. THE "NATURALISM" AND "OPTIMISM" OF SMITH = 68
Ⅲ. ECONOMIC LIBERTY AND INTERNATIONAL TRADE = 93
Ⅳ. THE INFLUENCE OF SMITH'S THOUGHT AND ITS DIFFUSION. J. B. SAY = 102
CHAPTER Ⅲ: THE PESSIMISTS (M. GIDE) = 118
Ⅰ. MALTHUS = 120
THE LAW OF POPULATION = 121
Ⅱ. RICARDO = 138
1. THE LAW OF RENT = 141
2. OF WAGES AND PROFITS = 157
3. THE BALANCE OF TRADE THEORY AND THE QUANTITY THEORY OF MONEY = 163
4. PAPER MONEY, ITS ISSUE AND REGULATION = 165
BOOK Ⅱ: THE ANTAGONISTS
CHAPTER Ⅰ: SISMONDI AND THE ORIGINS OF THE CRITICAL SCHOOL (M. RIST) = 179
Ⅰ. THE AIM AND METHOD OF POLITICAL ECONOMY = 173
Ⅱ. SISMONDI'S CRITICISM OF OVER-PRODUCTION AND COMPETITION = 178
Ⅲ. THE DIVORCE OF LAND FROM LABOUR AS THE CAUSE OF PAURERISM AND OF CRISES = 186
Ⅳ. SISMONDI'S REFORM PROJECTS. HIS INFLUENOE UPON THE HISTORY OF DOCTRINES = 192
CHAPTER Ⅱ: SAINT-SIMON, THE SAINT-SIMONIANS, AND THE BEGINNINGS OF COLLECTIVISM (M.
RIST) = 198
Ⅰ. SAINT-SIMON AND INDUSTRIALISM = 202
Ⅱ. THE SAINT-SIMONIANS AND THEIR CRITICISM OF PRIVATE PROPERTY = 211
Ⅲ. THE IMPORTANCE OF SAINT-SIMONISM IN THE HISTORY OF DOCTRINES = 225
CHAPTER Ⅲ: THE ASSOCIATIVE SOCIALISTS = 231
Ⅰ. ROBERT OWEN (M. GIDE) = 235
1. THE CREATION OF TE MILIEU = 237
2. THE ABOLITION OF PROFIT = 239
Ⅱ. CHARLES FOURIER (M. GIDE) = 245
1. THE PHALANST$$\acute E$$ RE = 246
2. INTEGRAL CO-OPERATION = 248
3. BACK TO THE LAND = 251
4. ATTRAOTIVE LABOUR = 252
Ⅲ. LOUIS BLANC (M. RIST) = 255
CHAPTER Ⅳ: FRIEDRICH LIST AND THE NATIONAL SYSTEM OF POLITICAL ECONOMY (M. RIST) = 264
Ⅰ. LIST'S IDEAS IN RELATION TO THE ECONOMIC CONDITIONS IN GERMANY = 266
Ⅱ. SOURCES OF LIST'S INSPIRATION. HIS INFLUENCE UPON SUBSEQUENT PROTECTIONIST DOCTRINES
= 277
Ⅲ. LIST'S REAL ORIGINALITY = 287
CHAPTER Ⅴ: PROUDHON AND THE SOCIALISM OF 1848 (M. RIST) = 290
Ⅰ. CRITICISM OF PRIVATE PROPERTY AND SOCIALISM = 291
Ⅱ. THE REVOLUTION OF 1848 AND THE DISCREDIT OF SOCIALISM = 300
Ⅲ. THE EXCHANGE BANK THEORY = 307
Ⅳ. PROUDHON'S INFLUENCE AFTER 1848 = 320
BOOK Ⅲ: LIBERALISM
CHAPTER Ⅰ: THE OPTIMISTS (M. GIDE) = 322
Ⅰ. THE THEORY OF SERVICE-VALUE = 332
Ⅱ. THE LAW OF FREE UTILITY AND RENT = 335
Ⅲ. THE SUBORDINATION OF PROFITS TO WAGES = 340
Ⅳ. THE SUBORDINATION OF PRODUCER TO CONSUMER = 342
Ⅴ. THE LAW OF SOLIDARITY = 344
CHAPTER Ⅱ: THE APOGEE AND DECLINE OF THE CLASSICAL SCHOOL. JOHN STUART MILL (M. GIDE) =
343
Ⅰ. THE FUNDAMENTAL LAWS = 354
Ⅱ. MILL'S INDIVIDUALIST-SOCIALIST PROGRAMMED = 366
Ⅲ. MILL'S SUCCESSORS = 374
BOOK Ⅳ: THE DISSENTERS
CHAPTER Ⅰ: THE HISTORICAL SCHOOL AND THE CONFLICT OF METHODS (M. RIST) = 379
Ⅰ. THE ORIGIN AND DEVELOPMENT OF THE HISTORICAL SCHOOL = 381
Ⅱ. THE CRITICAL IDEAS OF THE HISTORICAL SCHOOL = 388
Ⅲ. THE POSITIVE IDEAS OF THE HISTORICAL SCHOOL = 398
CHAPER Ⅱ: STATE SOCIALISM (M. RIST) = 407
Ⅰ. THE ECONOMISTS' CRITICISM OF LAISSEZ-FAIRE = 410
Ⅱ. THE SOCIALISTIC ORIGIN OF STATE SOCLALISM. RODBERTUS AND LASSALLE = 414
1. RODERTUS = 414
2. LASSALLE = 432
Ⅲ. STATE SOCIALISM-PROPERLY SO CALLED = 436
CHAPTER Ⅲ: MARXISM (M. GIDE) = 449
Ⅰ. KARL MARX = 449
1. SURPLUS LABOUR AND SURPLUS VALUE = 450
2. THE LAW OF CONCENTRATION OR APPROPRIATION = 459
Ⅱ. THE MARXIAN SCHOOL = 465
Ⅲ. THE MARXIAN CRISIS AND THE NEO-MARXIANS = 473
1. THE NEO-MARXIAN REFORMISTS = 476
2. THE NEO-MARXIAN SYNDICALISTS = 479
CHAPTER Ⅳ: DOCTRINES THAT OWN THEIR INSPIRATION TO CHRISTIANITY (M. GIDE) = 483
Ⅰ. LE PLAY'S SCHOOL = 486
Ⅱ. SOCIAL CATHOLICISM = 495
Ⅲ. SOCIAL PROTESTANTISM = 503
Ⅳ. THE MYSTICS = 510
BOOK Ⅴ: RECENT DOCTRINES
CHAPTER Ⅰ: THE HEDONISTS (M. GIDE) = 517
Ⅰ. THE PSEUDO-RENAISSANCE OF THE CLASSICAL SCHOOL = 517
Ⅱ. THE PSYCHOLOGICAL SCHOOL = 521
Ⅲ. THE MATHEMATICAL SCHOOL = 528
Ⅳ. CRITICISM OF THE HEDONISTTO DOCTRINES = 537
CHAPTER Ⅱ: THE THEORY OF RENT AND ITS APPLICATIONS (M. RIST) = 545
Ⅰ. THE THEORETICAL EXTENSION OF THE CONCEPT RENT = 545
Ⅱ. UNEARNED INCREMENT AND THE PROPOSAL TO CONFISCATE RENT BY MEANS OF TAXATION =
558
Ⅲ. SYSTEMS OF LAND NATIONALISATION = 570
Ⅳ. SOCIALIST EXTENSIONS OF THE DOCTRINE OF RENT = 579
CHAPTER Ⅲ: THE SOLIDARISTS (M. GIDE) = 587
Ⅰ. THE CAUSES OF THE DEVELOPMENT OF SOLIDARISM = 587
Ⅱ. THE SOLIDARIST THESIS = 593
Ⅲ. THE PRACTICAL APPLICATION OF SOLIDARIST DOCTRINES = 601
Ⅳ. CRITICISM = 607
CHAPTER Ⅳ: THE ANARCHISTS (M. RIST) = 614
Ⅰ. STIRNER'S PHILOSOPHICAL ANARCHISM AND THE CULT OF THE INDIVIDUAL = 616
Ⅱ. SOCIAL AND POLITICAL ANARCHISM AND THE CRITICISM OF AUTHORITY = 619
Ⅲ. MUTUAL AID THE ANARCHIST CONCEPTION SOCNTY = 629
Ⅳ. REVOLUTION = 637
CONCLUSION (MM. GIDE AND RIST) = 643
INDEX = 649
[Volume. 9]----------
CONTENTS
A. GENERAL INTRODUCTION = 1
Ⅰ. NATURE AND IMPORTANCE OF THE HISTORY OF ECONOMIC THOUGHT = 3
Ⅱ. ORIGIN AND TARDY DEVELOPMENT OF ECONOMIC THOUGHT = 24
B. ECONOMIC THOUGHT BEFORE THE SCIENCE OF ECONOMICS
Ⅰ. ECONOMIC THOUGHT OF THE ANCIENTS = 33
CHAPTER Ⅲ. ECONOMIC THOUGHT OF THE HEBREWS AND HINDUS = 34
CHAPTER Ⅳ. ECONOMIC THOUGHT OF THE ATHENIAN PHILOSOPHERS = 51
CHAPTER Ⅴ. ROMAN ECONOMIC THOUGHT = 67
Ⅱ. MEDIEVAL ECONOMIC THOUGHT = 83
CHAPTER Ⅵ. ECONOMIC THOUGHT OF THE MIDDLE AGES = 85
Ⅲ. THE DAWN OF MODERN ECONOMIC THOUGHT: MERCANTILISM AND KAMERALISM = 102
CHAPTER Ⅶ. MERCANTILISM = 103
CHAPTER Ⅷ. KAMERALISM = 136
C. THE EVOLUTION OF ECONOMICS AS A SCIENCE = 155
Ⅰ. THE FOUNDERS = 157
CHAPTER Ⅸ. THE PHYSIOCRATS AND THE REVOLUTION IN SOCIAL PHILOSOPHY = 158
CHAPTER Ⅹ. ADAM SMITH, HIS IMMEDIATE PREDECESSORS, AND THE REVOLUTION IN INDUSTRY =
193
Ⅱ. THE EARLIER FOLLOWERS = 226
1. Pessimistic Tendencies = 226
CHAPTER ?. MALTHUS AND THE THEORY OF POPULATION = 227
CHAPTER ?. RICARDO AND THE THEORY OF DISTRIBUTION, ESPECIALLY THE RENT DOCTRINE = 252
2. Optimistic Tendencies = 279
CHAPTER XIII. CAREY AND THE "AMERICAN SCHOOL" = 282
CHAPTER XIV. BASTIAT AND THE FRENCH OPTIMISTS = 297
3. Other Expositors = 308
CHAPTER XV. SENIOR AND THE ABSTINENCE THEORY = 311
CHAPTER XVI. SAY. RAU, AND OTHER CHIEF EXPOSITORS IN GERMANY AND FRANCE = 321
CHAPTER XVII. J. H. VON TH$$\ddot U$$ NEN AND THE "ISOLATED STATE" = 331
Ⅲ. OPPONENTS AND LEADING CRITICS = 344
1. The Philosophical and Ethical System = 346
CHAPTER XVIII. LAUDERDALE AND RAE: THE DEFINITION OF WEALTH = 348
CHAPTER XIX. SISMONDI: THE EMPHASIS OF INCOME AND CONSUMPTION = 355
CHAPTER XX. M$$\ddot U$$ LLER, LIST, AND CAREY: THE EARLY NATIONALISTS = 367
CHAPTER XXI. EARLY NINETEENTH-CENTURY SOCIALISM = 385
Ⅳ. THE RESTATEMENT: MILL = 401
Ⅴ. OPPONENTS AND LEADING CRITICS (Resumed) = 433
1. The Philosophical and Ethical System (Resumed) = 434
CHAPTER XXIII. THE FOUNDERS OF "SCIENTIFIC" SOCIALISM IN GERMANY = 435
2. The Scope and Method = 460
CHAPTER XXIV. THE ADVOCATES OF A NARROW EXCHANGEVALUE ECONOMICS: CRITICISM OF THE
SCOPE OF CLASSICAL ECONOMICS = 463
CHAPTER XXV. CONCRETE-HISTORICAL CRITICISM IN ENGLAND = 471
CHAPTER XXVI. THE GERMAN HISTORICAL SCHOOL = 485
3. The Logic = 499
CHAPTER XXVII. LAUDERDALE AND HERMANN: EARLY CRITICISM OF THE THEORY OF CAPITAL,
PROFITS, AND VALUE = 501
CHAPTER XXVIII. THE DOWNFALL OF THE WAGES-FUND THEORY = 516
Ⅵ. ATTEMPTS AT RECONSTRUCTION = 569
1. Germany and Italy = 570
2. England and France = 591
3. The United States = 609
CHAPTER XXIX. EARLIER DEVELOPMENTS OF THE MARGINAL UTILITY CONCEPT: LLOYD, GOSSEM,
JEVONS, AND WALRAS = 528
CHAPTER XXX. THE AUSTRIAN SCHOOL, AND ESPECIALLY THE DEVELOPMENT OF SUBJECTIVE
VALUE THEORIES = 543
CHAPTER XXXI. ECONOMIC THOUGHT IN GERMANY AND ITALY DURING THE LATTER PART OF THE
NINETEENTH CENTURY = 572
CHAPTER XXXII. ECONOMIC THOUGHT IN ENGLAND AND FRANCE IN THE LATTER PART OF THE
NINETEENTH CENTURY = 591
CHAPTER XXXIII. ECONOMIC THOUGHT IN THE UNITED STATES DURING THE SECOND HALF OF THE
NINETEENTH CENTURY = 609
CHAPTER XXXIV. CONCLUSION = 635
BIBLIOGRAPHICAL NOTES = 660
[Volume. 10]----------
CONTENTS
PREFACES = 7
INTRODUCTION = 21
CHAPTER ONE. ECONOMICS IN THE DAYS BE FORE THE MERCANTILE SYSTEM = 25
CHAPTER TWO. THE MERCANTILE SYSTEM = 29
1. LEADING IDEAS OF THE MERCANTILE SYSTEM = 29
2. LITERATURE OF MERCANTILISM = 37
3. A CRITIQUE OF MERCANTILIST DOCTRINES, WITH AN INTRODUCTION TO PRESENT-DAY VIEWS ON
MONEY AND ON THE BALANCE OF TRADE = 39
a. Money = 40
b. The Balance of Trade = 45
c. "Keeping Money in the Country" = 51
CHAPTER THREE. INDIVIDUALIST NATURAL RIGHT = 53
CHAPTER FOUR. AN INTRODUCTION TO THE BASIC PROBLEM OF SOCIOLOGY-INDIVIDUALISM VERSUS
UNIVERSALISM = 59
CHAPTER FIVE. TRANSITION TO THE PHYSIOCRATIC SYSTEM = 66
1. THE CRITICS OF MERCANTILISM: JOHN LAW = 66
2. CRITIQUE OF JOHN LAW'S THEORY. THE THEORY OF CREDIT = 68
CHAPTER SIX. THE PHYSIOCRATS = 75
1. AN EXPOSITION OF PHYSIOCRATIC DOCTRINE = 75
2. VALUATION OF PHYSIOCRACY. AN INTRODUCTION TO THE DOCTRINE OF FRUITFULNESS AND OF
GOODS = 85
a. Significance of the "Tableau" = 85
b. Exposition of the Main Teaching of the Physiocrats = 87
c. The Idea of a Good = 92
3. THE PHYSIOCRATIC SCHOOL = 94
CHAPTER SEVEN. FULLY DEVELOPED INDIVIDUALISM, OR CLASSICAL POLITICAL ECONOMY = 97
A. THE LABOUR OR INDUSTRIAL SYSTEM OF ADAM SMITH = 97
1. EXPOSITION OF THE SYSTEM = 97
2. THE GENERAL ACCEPTANCE OF SMITH'S IDEAS, AND THEIR INITIAL ELABORATION BY OTHERS =
106
3. CRITIQUE OF ADAM SMITH'S TEACHING. INTRODUCTION TO THE THEORY OF METHOD = 109
B. FURTHER DEVELOPMENT OF INDIVIDUALIST ECONOMICS BY MALTHUS AND RICARDO = 116
1. EXPOSITION OF MALTHUS' THEORY OF POPULATION = 116
2. VALUATION OF MALTHUS' TEACHING. INTRODUCTION TO THE SO-CALLED LAW OF DIMINISHING
RETURNS FROM LAND = 121
a. Friends and Adversaries = 121
b. Law of Diminishing Returns from Land = 122
c. Objections to the Malthusian Doctrine = 126
d. The Latter-day Fall in the Birthrate = 130
e. Summary = 130
f. Poverty and Pauperism = 134
3. EXPOSITION OF RICARDO'S TEACHING = 134
a. Theory of Value = 135
b. Theory of Landrent = 136
c. Theory of Wages and of Distribution = 138
d. The Movement of Distribution = 139
e. Applied Economics = 140
4. VALUATION OF RICARDO = 142
a. Theory of Value and Prices = 142
b. Ricardo's Theory of Landrent Reconsidered = 143
c. The Laws of Distribution = 144
d. The Problem of Method = 146
e. Theory of Wages = 147
5. A SUCCINCT GENERAL CRITICISM OF SMITH'S AND RICARDO'S TEACHING = 150
CHAPTER EIGHT. POLITICAL ECONOMY IN GERMANY = 154
A. THE ROMANTICISTS = 154
1. THE NATURE OF ROMANTICISM AND THE ROMANTIC SCHOOL = 156
2. ADAM M$$\ddot U$$ LLER = 158
a. Theory of State and Society = 159
b. Economic Teachings = 160
c. Valuation = 166
3. FRANZ VON BAADER = 170
B. HEINRICH VON TH$$\ddot U$$ NEN = 171
a. Exposition = 172
α. Varieties of Agriculture in the Isolated State = 172
β. Other Teachings = 174
γ. Applied Economics = 176
b. Valuation = 176
α. Inferences from Th$$\ddot u$$ enn's Theory of Localisation (Law of Returns, Comparative
Soundness of the Varieties of Agriculture, Theory of Landrent) = 176
β. Empirical Validity of the Theory of Localisation = 178
γ. Th$$\ddot u$$ nen and the Present-day Theory of Localisation = 181
δ. Theory of the Just Wage = 183
ε. Th$$\ddot u$$ nen's Method = 184
C. FRIEDRICH LIST = 187
a. Economico-Historical Retrospect = 187
b. Exposition = 189
c. Valuation of List, especially as concerns the Theories of Free Trade and Protection = 196
D. GERMANO-RUSSIAN ECONOMISTS = 202
CHAPTER NINE. CAREY'S OPTIMISM AND ITS COUNTERPARTS ON THE CONTINENT OF EUROPE = 203
1. CAREY'S TEACHINGS = 203
2. VALUATION OF CAREY = 203
3. COUNTERPARTS ON THE CONTINENT OF EUROPE = 208
CHAPTER TEN. A SHORT ACCOUNT OF THE EVOLUTION OF SOCIALISM = 210
A. THE CONCEPT OF SOCIALISM = 210
B. SOCIALISM IN THE CLASSICAL WORLD = 212
C. THE CHIEF EXPONENTS OF SOCIALISM BEFORE RODBERTUS = 212
D. RODBERTUS = 217
E. KARL MARX = 218
1. EXPOSITION = 219
α. Theory of Economics = 220
β. Historical Materialism = 223
2. CRITIQUE = 225
3. POLITICAL DEVELOPMENT OF MARXISM = 235
F. LASSALLE = 236
G. LAND REFORM = 237
H. NATIONAL SOCIALISM = 238
CHAPTER ELEVEN. THE HISTORICAL SCHOOL, SOCIAL REFORM, THE THEORY OF MARGINAL UTILITY =
240
A. THE RISE OF THE HISTORICAL SCHOOLS, AND THE DISPUTES ABOUT METHOD = 240
a. The Historical Schools = 240
b. The Abstract School = 243
c. The Problem of Method = 244
B. THE SOCIAL-REFORM MOVEMENT = 247
a. Origin and Nature = 247
b. Classification = 251
c. Developmental Trends of the Modern Social-Reform Movement = 253
d. Theoretical Possibility of Social Reform and of Applied Economics = 253
C. THE EARLIER GERMAN SCHOOL OF USE-VALUE, AND THE THEORY OF MARGINAL UTILITY = 255
1. EXPOSITIONS = 255
a. Karl Menger's Fundamental Notion = 257
b. Theory Prices = 259
c. Relationship to Cost = 259
d. Aggregate Value = 260
e. Accounting = 260
f. Theory of Distribution = 261
2. LITERATURE OF THE DOCTRINE OF MARGINAL UTILITY = 262
3. CRITIQUE OF THE DOCTRINE OF MARGINAL UTILITY = 264
a. Gossen's Law = 264
b. Atomistic Nature of the Theory of Wants, market and Price = 266
c. Theory of Distribution = 267
D. B$$\ddot O$$ HM-BAWERK'S TEACHING = 269
a. Exposition = 270
b. Valuation of B$$\ddot o$$ hm-Bawerk's Theory of Interest = 272
E. THE MATHEMATICAL SCHOOL = 274
CHAPTER TWELVE. PRESENT-DAY ECONOMIC SCIENCE = 276
A. CERTAIN NEW TRENDS = 276
1. THE REALIST-DESCRIPTIVE SCHOOL = 276
2. THE EPISTEMOLOGICAL GROUP = 277
3. THE NEO-LIBERAL TREND = 278
4. UNIVERSALIST ECONOMICS = 279
B. SOME OF THE MOST RECENT DOCTRINES = 285
1. THEORY OF MONEY = 285
2. THEORY OF THE RATE OF EXCHANGE = 291
a. The Balance of Payments Theory = 291
b. The Purchasing-Power Theory = 293
3. THEORY OF CRISES = 293
CONCLUSION: A SURVEY OF THE COMPARATIVE VALIDITY OF THE VARIOUS SCHOOLS AND TRENDS =
299
APPENDIX ONE. LITERATURE = 301
APPENDIX TWO. HOW TO STUDY ECONOMICS = 304
Ⅰ. THE ACQUIREMENT OF A GENERAL GRASP = 304
Ⅱ. SYSTEMATIC STUDY = 305
INDEX = 313
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