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Ricardian Socialism
Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823). The term is used to describe economists in the 1820s and 1830s who developed a theory of capitalist exploitation from the theory developed by Ricardo that stated that labor is the source of all wealth and exchange value. This principle extends back to the principles of English philosopher John Locke. The Ricardian socialists reasoned that labor is entitled to all it produces, and that rent, profit and interest were not natural outgrowths of the free market process but were instead distortions. They argued that private ownership of the means of production should be supplanted by cooperatives owned by associations of workers. This designation is used in reference to economists in the early 19th century that elaborated a theory of capitalist exploitation from the classical economic proposition derived from Adam Smith and David Ricardo stating that labor i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's ''The Wealth of Nations'' in 1776 is usually considered to mark the beginning of classical economics.Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Hodgskin
Thomas Hodgskin (12 December 1787 – 21 August 1869) was an English socialist writer on political economy, critic of capitalism and defender of free trade and early trade unions. In the late 19th and early 20th centuries, the term ''socialist'' included any opponent of capitalism, at the time defined as a construed political system built on privileges for the owners of capital. Biography Hodgskin's father. who worked at the British Admiralty dock stores, enrolled him in the navy at the age of 12. Coming into conflict with the naval discipline of the time, Hodgskin was retired by the Navy at the age of 25. Publication of his ''Essay on Naval Discipline'' brought Hodgskin to the attention of radicals such as Francis Place. In 1815 Hodgskin travelled in France and Germany, experiences which he later documented in his ''Travels in the North of Germany''. Entering the University of Edinburgh for study, Hodgskin later came to London and entered the utilitarian circle aroun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the List of United States cities by population density, most densely populated major city in the United States, and is more than twice as populous as second-place Los Angeles. New York City lies at the southern tip of New York (state), New York State, and constitutes the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area, the largest metropolitan area in the world by urban area, urban landmass. With over 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York is one of the world's most populous Megacity, megacities, and over 58 million people live within of the city. New York City is a global city, global Culture of New ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialist Economics
Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit. Socialist systems that utilize markets for allocating capital goods and factors of production among economic units are designated market socialism. When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods. Socialist economics has been associated with different schools of economic thought. Marxian economics provided a foundation for socialism based on analysis of capitalism while neoclassical economics and evolutionary economics provided c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ricardian Economics
Ricardian economics are the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker.Henderson 826Fusfeld 325 At the age of 27, he read '' An Inquiry into the Nature and Causes of Wealth of Nations'' by Adam Smith and was energized by the theories of economics. His main economic ideas are contained in ''On the Principles of Political Economy and Taxation'' (1817). This set out a series of theories which would later become theoretical underpinnings of both Marx's ''Das Kapital'' and Marshallian economics, including the theory of economic rent, the labour theory of value and above all the theory of comparative advantage. Ricardo wrote his first economic article ten years after reading Adam Smith and ultimately, the "bullion controversy" gave him fame in the economic community for his theory on inflation in 19th-century England. This theory became known as monetarism, the theory that excess currency leads ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Piero Sraffa
Piero Sraffa (5 August 1898 – 3 September 1983) was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His book ''Production of Commodities by Means of Commodities'' is taken as founding the neo-Ricardian school of economics. Early life Sraffa was born in Turin, Italy, to Angelo Sraffa (1865–1937) and Irma Sraffa (née Tivoli) (1873–1949), a wealthy Italian Jewish couple. His father was a professor in commercial law and later dean at the Bocconi University in Milan. Despite being raised as a practising Jew, Sraffa later became an agnostic. Due to his father's activity, the young Piero followed him during his academic wanderings (University of Parma, University of Milan and University of Turin), where he met Antonio Gramsci (leader of Communist Party of Italy). They became close friends, partly due to their shared political views. Sraffa was also in contact with Filippo Turati, perhaps the most important leader of the Ita ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Socialism
Market socialism is a type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy, or one that contains a mix of worker-owned, nationalized, and privately owned enterprises. The central idea is that, as in capitalism, businesses compete for profits, however they will be "owned, or at least governed," by those who work in them. Market socialism differs from non-market socialism in that the market mechanism is utilized for the allocation of capital goods and the means of production. Depending on the specific model of market socialism, profits generated by socially owned firms (i.e., net revenue not reinvested into expanding the firm) may variously be used to directly remunerate employees, accrue to society at large as the source of public finance, or be distributed amongst the population in a social dividend. Market socialism is not exclusive, but can be distinguished from the concept of the mixed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutualism (economic Theory)
Mutualism is an anarchist school of thought and economic theory that advocates a socialist society based on free markets and usufructs, i.e. occupation and use property norms. One implementation of this system involves the establishment of a mutual-credit bank that would lend to producers at a minimal interest rate, just high enough to cover administration. Mutualism is based on a version of the labor theory of value that it uses as its basis for determining economic value. According to mutualist theory, when a worker sells the product of their labor, they ought to receive money, goods, or services in exchange that are equal in economic value, embodying "the amount of labor necessary to produce an article of exactly similar and equal utility". The product of the worker's labour factors the amount of both mental and physical labour into the price of their product. While mutualism was popularized by the writings of anarchist philosopher Pierre-Joseph Proudhon and is mainly asso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Theory Of Value
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of " socially necessary labor" required to produce it. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David Ricardo, and later in anarchist economics. Smith saw the price of a commodity in terms of the labor that the purchaser must expend to buy it, which embodies the concept of how much labor a commodity, a tool for example, can save the purchaser. The LTV is central to Marxist theory, which holds that the working class is exploited under capitalism, and dissociates price and value. However, Marx did not refer to his own theory of value as a "labour theory of value". Orthodox neoclassical economics rejects the LTV, using a theory of value based on subjective preferences. The revival in interpretation of Marx known as the also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free-market Anarchism
Free-market anarchism, or market anarchism, also known as free-market anti-capitalism and free-market socialism, is the branch of anarchism that advocates a free-market economic system based on voluntary interactions without the involvement of the state. A form of individualist anarchism, and market socialism,Carson, Kevin"Socialism: A Perfectly Good Word Rehabilitated" Center for a Stateless Society. "But there has always been a market-oriented strand of libertarian socialism that emphasizes voluntary cooperation between producers. And markets, properly understood, have always been about cooperation. As a commenter at ''Reason'' magazine's Hit&Run blog, remarking on Jesse Walker's link to the Kelly article, put it: "every trade is a cooperative act." In fact, it's a fairly common observation among market anarchists that genuinely free markets have the most legitimate claim to the label "socialism." it is based on the economic theories of mutualism and individualist anarchism i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Percy Ravenstone
Piercy Ravenstone was a pseudonym used by a nineteenth-century political economist whose work led him to being variously described as a socialist, a tory and as an institutionalist. His contribution was noted by David Ricardo and Karl Marx and brought to wider attention via Piero Sraffa's editing of Ricardo's collected works. Sraffa suggested that Ravenstone's true identity was Richard Puller (1789–1831). Context It has been argued that Ravenstone was a Ricardian socialist. He contributed to the economic debates of the 1820s in England. Edwin Seligman credits him with being "the earliest advocate of the surplus value theory later adopted by Marx." Identification Joseph Dorfman argued from circumstantial evidence that Ravenstone was a Rev. Edward Edwards. Noel W. Thompson, in reviewing Sraffa's case and other evidence, concludes that there is no compelling reason now to contest the identification with Richard Puller the younger (not his father of the same name). He also views E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Thompson (philosopher)
William Thompson (1775 – 28 March 1833) was an Irish political and philosophical writer and social reformer, developing from utilitarianism into an early critic of capitalist exploitation whose ideas influenced the cooperative, trade union and Chartist movements as well as Karl Marx. Born into the Anglo-Irish Ascendancy of wealthy landowners and merchants of Cork society, his attempt to will his estate to the cooperative movement after his death sparked a long court case as his family fought successfully to have the will annulled. According to E. T. Craig, this decision to will his estate to the cooperative movement was taken after a visit to the pioneering Ralahine Commune. Marxist James Connolly described him as the "first Irish socialist" and a forerunner to Marx, who cited Thompson in his works as well as being an influence upon Marx's thought. Life Born in Cork, William was the son and heir of one of the most prosperous merchants of that city, Alderman John Thompson ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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