Details

Autor(en) / Beteiligte

• Hunt, E.K.
• Lautzenheiser, Mark

Titel

Political Economy of the Poor: The Ideas of William Thompson and Thomas Hodgskin

Ist Teil von

• History of Economic Thought, 2011, p.153-173

Auflage

3

Ort / Verlag

United Kingdom: Routledge

Erscheinungsjahr

2011

Quelle

Alma/SFX Local Collection

Beschreibungen/Notizen

• This chapter covers the economical ideas, view and the concepts of two theorists William Thompson and Thomas Hodgskin. It also says that in the earliest attempts to resist the effects of capitalist industrialization, workers very frequently tried to form combinations or unions. The three principal intellectual influences on Thompson were the labor theory of value of the classical political economists, the Owenite philosophy of the cooperative movement, and the utilitarianism of Jeremy Bentham. The chapter explains of having attempted to use utilitarian moral arguments to show the superiority of competitive, market socialism over capitalism. Thompson concluded from his utilitarian premises that in all cases where human effort has not been concerned in production, equality of distribution is the rule of justice. Hodgskin's influence and the radical conclusions of his theory were undoubtedly major factors in causing Nassau Senior and most other conservative economists of the late 1820s and the 1830s to abandon Ricardo's labor theory of value.