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Books > History > History of specific subjects > Economic history
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The Evolution of Economies - Money-bargaining, economic change and industrial revolution (Hardcover)
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The Evolution of Economies - Money-bargaining, economic change and industrial revolution (Hardcover)
Series: Routledge Frontiers of Political Economy
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It is clear even to casual observation that economies evolve from
year to year and over centuries. Yet mainstream economic theory
assumes that economies always move towards equilibrium. One
consequence of this is that mainstream theory is unable to deal
with economic history. The Evolution of Economies provides a clear
account of how economies evolve under a process of
support-bargaining and money-bargaining. Both support-bargaining
and money-bargaining are situation-related - people determine their
interests and actions by reference to their present circumstances.
This gives the bargaining system a natural evolutionary dynamic.
Societies evolve from situation to situation. Historical change
follows this evolutionary course. A central chapter of the book
applies the new theory in a re-evaluation of the industrial
revolution in Britain, showing how specialist money-bargaining
agencies, in the form of companies, evolved profitable formats and
displaced landowners as the leading sources of employment and
economic necessities. Companies took advantage of the evolution of
technology to establish effective formats. The book also seeks to
establish how it came about that a 'mainstream' theory was
developed that is so wildly at odds with the observable features of
economic history and economic exchange. Theory-making is described
as a process of 'intellectual support-bargaining' in which theory
is shaped to the interests of its makers. The work of major
classical and neoclassical economists is contested as incompatible
with the idea of an evolving money-bargaining system. The book
reviews attempts to derive an evolutionary economic theory from
Darwin's theory of evolution by natural selection. Neoclassical
economic theory has had enormous influence on the governance of
societies, principally through its theoretical endorsement of the
benefits of 'free markets'. An evolutionary account of economic
processes should change the basis of debate. The theory presented
here will be of interest immediately to all economists, whether
evolutionary, heterodox or neoclassical. It will facilitate the
work of economic historians, who complain that current theory gives
no guidance for their historical investigations. Beyond the
confines of professional theory-making, many will find it a
revelatory response to questions that have hitherto gone
unanswered.
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