Nineteenth Century Individualism And The Market Economy

This book studies nineteenth-century American individualism and its relationship to the simultaneous rise of the market economy as articulated in the works of Ralph Waldo Emerson, Henry David Thoreau, and William Graham Sumner. The argument of the book is that these thinkers offer distinct visions of individualism that reflect their respective understandings of the market, and provide thoughtful and insightful perspectives upon the promise and peril of this economic and social order. Looking back to Emerson, Thoreau, and Sumner furnishes valuable insights about the history of American political and social thought, as well as about the complexity of one of the most basic and prevalent relationships of modern life: that between the individual and the institutional complex of the market.

The Market and Its Critics, first published in 1988, considers the reaction of socialist writers to the growth of the market economy in nineteenth century Britain, and examines in detail the diverse elements of the critique which they formulated. Dr Thompson looks at the theoretic and thematic continuities and discontinuities over the century, structuring his study around the idea of a changing socialist response to the market economy. Much of the literature in question is comprehensive, perceptive and acute. However, the writers invariably discounted the possibility of the market playing a role in a future socialist or communist commonwealth. The solutions they posited to the problem were inapplicable to the increasingly industrial economy of the time. It was this that left their writing vulnerable to attack, and which had profound consequences both for the fate of the socialist political economy in nineteenth century Britain and its subsequent evolution in the twentieth century.

Sklansky traces a shift in American social thought as the gradual demise of the household economy rendered proprietary independence an increasingly embattled ideal. Amid the widening class divide, nineteenth-century social theorists devised a new science of American society that reconceived freedom in terms of psychic self-expression instead of economic self-interest, and they redefined democracy in terms of cultural kinship rather than social compact.

The distinguished contributors to this volume speak to the resonance of Polanyi's analysis of nineteenth-century liberalism and the collapse of the international economy in the 1920s to contemporary society, which has once again enshrined the values of individualism and the free market. Polanyi's compelling analysis forms the basis for a theoretical perspective with which to comprehend the relations between the market, the state and society at the twentieth century, and the new forms of resistance which are emerging throughout the world as the market no longer confronts ideological boundaries.

In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution. His analysis explains not only the deficiencies of the self-regulating market, but the potentially dire social consequences of untempered market capitalism. New introductory material reveals the renewed importance of Polanyi's seminal analysis in an era of globalization and free trade.

Much of today's political rhetoric decries the welfare state and our maze of government regulations. Critics hark back to a time before the state intervened so directly in citizens' lives. In The People's Welfare, William Novak refutes this vision of a stateless past by documenting America's long history of government regulation in the areas of public safety, political economy, public property, morality, and public health. Challenging the myth of American individualism, Novak recovers a distinctive nineteenth-century commitment to shared obligations and public duties in a well-regulated society. Novak explores the by-laws, ordinances, statutes, and common law restrictions that regulated almost every aspect of America's society and economy, including fire regulations, inspection and licensing rules, fair marketplace laws, the moral policing of prostitution and drunkenness, and health and sanitary codes. Based on a reading of more than one thousand court cases in addition to the leading legal and political texts of the nineteenth century, The People's Welfare demonstrates the deep roots of regulation in America and offers a startling reinterpretation of the history of American governance.

‘One of the most powerful books in the social sciences ever written. ... A must-read’ Thomas Piketty 'The twentieth century's most prophetic critic of capitalism' Prospect ‘Polanyi’s revolutionary work is a must-read’ Mariana Mazzucato Karl Polanyi's landmark 1944 work is one of the earliest and most powerful critiques of unregulated markets. Tracing the history of capitalism from the great transformation of the industrial revolution onwards, he shows that there has been nothing 'natural' about the market state. Instead of reducing human relations and our environment to mere commodities, the economy must always be embedded in civil society. Describing the 'avalanche of social dislocation' of his time, Polanyi’s hugely influential work is a passionate call to protect our common humanity. ‘Polanyi's vision for an alternative economy re-embedded in politics and social relations offers a refreshing alternative’ Guardian ‘Polanyi exposes the myth of the free market’ Joseph E. Stiglitz With a new introduction by Gareth Dale

Aimed at political sciences students and teachers, Ferreras presents the new idea of 'economic bicameralism' to redefine firms as political entities.