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The Political Economy of Progress - John Stuart Mill and Modern Radicalism (Hardcover)
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The Political Economy of Progress - John Stuart Mill and Modern Radicalism (Hardcover)
Series: Oxford Studies in History of Economics
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While there had been much radical thought before John Stuart Mill,
Joseph Persky argues it was Mill, as he moved to the left, who
provided the radical wing of liberalism with its first serious
analytical foundation, a political economy of progress that still
echoes today. A rereading of Mill's mature work suggests his
theoretical understanding of accumulation led him to see
laissez-faire capitalism as a transitional system. Deeply committed
to the egalitarian precepts of the Enlightenment, Mill advocated
gradualism and rejected revolutionary expropriation on utilitarian
grounds: gradualism, not expropriation, promised meaningful
long-term gains for the working classes. He endorsed laissez-faire
capitalism because his theory of accumulation saw that system
approaching a stationary state characterized by a great reduction
in inequality and an expansion of cooperative production. These
tendencies, in combination with an aggressive reform agenda made
possible by the extension of the franchise, promised to provide a
material base for social progress and individual development. The
Political Economy of Progress goes on to claim that Mill's radical
political economy anticipated more than a little of Marx's analysis
of capitalism and laid a foundation for the work of Fabians and
other gradualist radicals in the 20th century. More recently,
modern philosophic radicals, such as Rawls, have deep links to this
Millean political economy. These links are still worthy of
development. In particular, a politically meaningful acceptance of
Rawls's radical liberalism waits on a movement capable of
re-engineering the workplace in a manner consistent with Mill's
endorsement of worker management.
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