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Book part
Publication date: 17 June 2009

Simon Stander

Adam Smith, it is generally acknowledged, founded the modern discipline of political economy with the study entitled An Inquiry into The Wealth of Nations (1776) which he…

Abstract

Adam Smith, it is generally acknowledged, founded the modern discipline of political economy with the study entitled An Inquiry into The Wealth of Nations (1776) which he built upon the ethical system he presumed to exist in his Theory of Moral Sentiments (1759). Ricardo took Smith's observations somewhat further with his publication of On the Principles of Political Economy and Taxation (1817). When John Stuart Mill wrote his Principles of Political Economy in 1848, his considerations of economic processes were intimately connected with the political. By the time Marx published Das Kapital as a critique of political economy in 1867 the term was entrenched in both academic life and in common parlance and political circles. The study of economics was an integral part of the study of the state. Ironically, however, political economy was about to be upstaged by the development of economics as a separate and positivist discipline. William Stanley Jevons had published his “Brief Account of a General Mathematical Theory of Political Economy” in the Journal of the Royal Statistical Society in the previous year. This was much more widely read at the time than Das Kapital. By 1890, Alfred Marshall had published his Principles of Economics. The book began with these words: “Political economy or economics is a study of mankind in the ordinary business of life.” The great tradition of seeing economics as an integral part of politics and vice versa was disappearing. However, though economists were anxious to convert that part of political economy known as economics and see it as a scientific discipline, the reality, that is the integrated nature of the state and the economy, remained. Simply because certain ideologues decided to separate politics from economics did not mean that the state in any sense disentangled itself from the economy or the economy from the state.

Details

Why Capitalism Survives Crises: The Shock Absorbers
Type: Book
ISBN: 978-1-84855-587-7

Article
Publication date: 1 March 1985

Tomas Riha

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and…

2076

Abstract

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

Details

International Journal of Social Economics, vol. 12 no. 3/4/5
Type: Research Article
ISSN: 0306-8293

Article
Publication date: 15 September 2022

Sharmin Khodaiji

By the mid-19th century the British colonial state introduced liberal education to India. Amongst various disciplines, political economy illustrates the concerns of the…

Abstract

Purpose

By the mid-19th century the British colonial state introduced liberal education to India. Amongst various disciplines, political economy illustrates the concerns of the colonial state with the education of Indians, and its anxiety with quelling political discontentment. The emerging Indian nationalist intelligentsia also utilized ideas from classical political economy, first taught in educational institutions, to critique colonial policy and proposed the development of “Indian Economics”, suited to national economic interests. This paper explores the development of political economy as a specific knowledge form in Calcutta University and Bombay University, and its connection with colonial educational policy.

Design/methodology/approach

This study relies primarily on university records and the proceedings of the Education Department to bring out the politically sensitive nature of the teaching of economics in colonial India.

Findings

The study finds that political economy grew from being a minor part of the overall university syllabi to becoming part of the first university departments created in early-20th-century India. The government and nationalist forces both found the discipline to be relevant to their respective agendas. The circulation of knowledge theoretical framework is found to be relevant here.

Originality/value

The history of political economy in Indian universities, especially during the 19th century, has not been dealt with in any detail. This study tries to fill this gap. The close connection between politics and the teaching of economics has also not been studied closely, which this paper does.

Book part
Publication date: 20 May 2011

Harry F. Dahms

Despite profound differences, both the German Historical School and the critical theory of the Frankfurt School have in common a theoretical and cultural heritage in…

Abstract

Despite profound differences, both the German Historical School and the critical theory of the Frankfurt School have in common a theoretical and cultural heritage in Central European traditions of social thought and philosophy. Although both schools often are perceived as quintessentially German traditions of economic and social research, their methodological presuppositions and critical intent diverge strongly. Since the objective of the Frankfurt School was to carry the theoretical critique initiated by Marx into the twentieth century, and since its members did so on a highly abstract level of theoretical criticism, the suggestion may be surprising that in terms of their respective research agendas, there was a common denominator between the German Historical School and the Frankfurt School critical theory. To be sure, as will become apparent, the common ground was rather tenuous and indirect. We must ask, then: in what respects did their theoretical and analytical foundations and orientations overlap? How did the German Historical School, as a nineteenth-century tradition of economic thinking, influence the development of the Frankfurt School?

Details

The Vitality Of Critical Theory
Type: Book
ISBN: 978-0-85724-798-8

Book part
Publication date: 17 October 2014

Richard E. Wagner

This paper is a keynote address prepared for a conference on “Entangled Political Economy” sponsored by the Wirth Institute. In keeping with the conventions of such an…

Abstract

This paper is a keynote address prepared for a conference on “Entangled Political Economy” sponsored by the Wirth Institute. In keeping with the conventions of such an address, I look both backward and forward, while placing more emphasis on looking forward. In looking backward, I compare and contrast two orientations toward political economy: additive and entangled. In looking forward, I explore some of the analytical challenges that confront efforts to pursue a vision of entangled political economy. While these challenges are substantive in character, those efforts necessarily rest on methodological presumptions. Accordingly, the paper opens by reviewing some of those methodological presumptions before turning to the substantive articulations and challenges.

Book part
Publication date: 17 October 2014

Maria Pia Paganelli

Entangled Political Economy, the idea that the economy and the polity are a nexus of interrelations often with unplanned outcomes, is close to the concept of economics…

Abstract

Entangled Political Economy, the idea that the economy and the polity are a nexus of interrelations often with unplanned outcomes, is close to the concept of economics that Adam Smith presents, a concept which was not shaped by strict discipline barriers. I show that Adam Smith analyzes the nature and causes of the wealth of nations by analyzing the interaction of the economy with politics, ethics, and the law. In particular, Smith presents each of these systems as a network of relations with all the other systems: the economy is entangled not just with the polity, but also with other systems of behavior such as the law and morality. Adam Smith may help expand the horizons of the entangled political economy analysis and the explanatory powers of economics.

Details

Entangled Political Economy
Type: Book
ISBN: 978-1-78441-102-2

Keywords

Open Access
Article
Publication date: 10 December 2021

Jiguo Yang and Renshu Yuan

As there are different interpretations of the object of study in the preface to the first edition of Capital (Volume I) by Karl Marx, disagreements arise over the object…

Abstract

Purpose

As there are different interpretations of the object of study in the preface to the first edition of Capital (Volume I) by Karl Marx, disagreements arise over the object of study on political economy, which becomes a “difficult problem.” The purpose of the paper is to bring a new solution to the “difficult problem.”

Design/methodology/approach

Based on the analysis of the logic of the original text, the authors attempted to give a new interpretation of the “difficult problem” by analyzing the structure of Capital. The object of study of political economy is “the relations of production in the broad sense” of the capitalist mode of production.

Findings

It comprises relations of production in the narrow sense and exchange relations in the broad sense, and the latter can be divided into exchange relations in the narrow sense and distribution relations. The three of them correspond to Volume I, II and III of Capital, respectively. Consumption in “the four-section theory” is not studied by the political economy.

Originality/value

And the four-section theory is not a part of the theory of Marxist economics but a part of the classical economics criticized by Marx. Therefore, the object of study of socialist political economy with Chinese characteristics is “the relations of production in the broad sense” regarding the socialist mode of production with Chinese characteristics, which is different from the capitalist relations of production in the broad sense.

Article
Publication date: 1 April 1986

Cedric Pugh

It was not until the late 1960s that housing attracted much attention from academic social scientists. Since that time the literature has expanded widely and diversified…

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Abstract

It was not until the late 1960s that housing attracted much attention from academic social scientists. Since that time the literature has expanded widely and diversified, establishing housing with a specialised status in economics, sociology, politics, and in related subjects. As we would expect, the new literature covers a technical, statistical, theoretical, ideological, and historical range. Housing studies have not been conceived and interpreted in a monolithic way, with generally accepted concepts and principles, or with uniformly fixed and precise methodological approaches. Instead, some studies have been derived selectively from diverse bases in conventional theories in economics or sociology, or politics. Others have their origins in less conventional social theory, including neo‐Marxist theory which has had a wider intellectual following in the modern democracies since the mid‐1970s. With all this diversity, and in a context where ideological positions compete, housing studies have consequently left in their wake some significant controversies and some gaps in evaluative perspective. In short, the new housing intellectuals have written from personal commitments to particular cognitive, theoretical, ideological, and national positions and experiences. This present piece of writing takes up the two main themes which have emerged in the recent literature. These themes are first, questions relating to building and developing housing theory, and, second, the issue of how we are to conceptualise housing and relate it to policy studies. We shall be arguing that the two themes are closely related: in order to create a useful housing theory we must have awareness and understanding of housing practice and the nature of housing.

Details

International Journal of Social Economics, vol. 13 no. 4/5
Type: Research Article
ISSN: 0306-8293

Article
Publication date: 1 January 2005

B.N. Ghosh

Like the quixotic character that never knew that he was speaking all through his life in pure and simple prose, Gandhi never realized that what he was preaching and…

Abstract

Like the quixotic character that never knew that he was speaking all through his life in pure and simple prose, Gandhi never realized that what he was preaching and practicing throughout his life was in fact the basic principles and theories that could be subsumed under the contemporary discipline of political economy (PE). Gandhian political economy (GPE) is replete with many of the characteristics of classical and Marxian political economy and these are mentioned at relevant places throughout this work. It also assimilates some of the major features of contemporary heterodox political economy, in particular, the class analysis of Neo‐Marxism; gender, ethnicity and class analysis of Feminist political economy; the analysis of justice, ethics and institutional trust of social political economy; the analysis of the significance of institutions and institutional change of the institutional‐evolutionary political economy; and the importance of the interdisciplinary focus on contemporary issues like development and international political economy.

Details

Humanomics, vol. 21 no. 1
Type: Research Article
ISSN: 0828-8666

Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

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Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

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