The Two Narratives of Political Economy

Captures the 17th-19th century origins and developmentsofpolitical economy by editing original texts and illuminatingtheirrelevance for today's political debatePolitical economy from the 17th century to the present can becaptured in two narratives originating with Locke and Rousseau.Those original narratives were expanded in significant ways in the18th and 19th centuries, and the editors argue that they still holdsway today.Edited original writings included in the anthology are from:Locke, Rousseau, Adam Smith, Tocqueville, Mill, Marx, Proudhon,Owen, the Federalist Papers, the French Declaration of the Rightsof Man and the Citizen, and the American Constitution. The editorshave restricted their comments to the extensive introductionsthereby allowing the original participants to speak for themselves.The readings included are intended to be instructive with respectto the origin and development of the two narratives rather than anexhaustive account of how thinkers and writers on economics advancethe discipline of economics as a social science.Reviews"The editors provide a compelling collection to critically framethe clash of Political Economy which shapes modern democracies.Their selections and introductions expertly paint a picture of thecontending schools to suggest how enduring these core challengesremain. By placing these writers within this great debate, theauthors guide students to discover the essential questions ofliberty, equality, and the proper role of the state at the core ofthe American economic debate."--Roberta Q. Herzberg, Utah State University PoliticalScience"The real service performed by Capaldi and Lloyd is to providegenerous excerpts from supporters of both narratives so that thereader can determine for themselves who best makes their case. Irecommend this volume highly both to the individual interested inlearning about the intellectual and political history of politicaleconomy and to the professor in search of a one-volume anthology onpolitical economy for use in a course on economic thought."--Steven D. Ealy, Senior Fellow, Liberty Fund, Inc.

Editors' Note.General Introduction.Part One: The Emergence of Political Economy: EconomicActivity Leaves the HouseholdIntroduction.John Locke The Second Treatise.John Locke A Letter Concerning Toleration.John Locke Some Considerations of the Lowering of Interestand the Raising the Value of Money.Jean-Jacques Rousseau The Two Discourses.Jean-Jacques Rousseau A Discourse on PoliticalEconomy.Jean-Jacques Rousseau The Social Contract.Part Two: The Arrival of Political Economy: Liberty,Property, and Equality.Introduction.Adam Smith Wealth of Nations.Adam Smith The Theory of Moral Sentiments.The American Founding.Alexis de Tocqueville Democracy in America.The French Revolution.Robert Owen A New View of Society.Comte de Saint-Simon Nouveau Christianisme.Friedrich List National System.P. J. Proudhon The Philosophy of Poverty.P. J. Proudhon What is Property?Part Three: The Maturation of the Two Narratives: TheChallenge of Social Economy.Introduction.John Stuart Mill The Principles of PoliticalEconomy.John Stuart Mill On Liberty.John Stuart Mill The Subjection of Women.Karl Marx and Fredrick Engels The CommunistManifesto.Karl Marx Das Kapital.Fredrick Engels Socialism: Utopian andScientific.Index.