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Political Economy and Statesmanship - Smith, Hamilton, and the Foundation of the Commercial Republic (Hardcover)
Loot Price: R1,337
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Political Economy and Statesmanship - Smith, Hamilton, and the Foundation of the Commercial Republic (Hardcover)
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How and why do economies and societies develop? How can America
maintain competitiveness in the global marketplace? What should be
the balance between economic and political goals in the conduct of
foreign policy? Questions concerning relations between politics and
economics are not new. Stepping back from current controversies,
McNamara shows how the debates between Smith and Hamilton on the
foundation of the commercial republic point to an important
juncture in the history of political thought. While remaining
scrupulously fair to Smith's sophisticated account of politics and
economics, McNamara brings out its limitations through a comparison
with the stateman Hamilton's words and deeds. He stresses that
Hamilton's reservations about Smithian political economy illustrate
critical practical questions regarding the nature of capitalist
economic development and call into question the relationship
between political theory and political practice as it was conceived
by Smith. Political Economy and Statesmanship has a number of
practical implications for contemporary debate. The author points
toward a kind of constitutional economics distinct from that of the
public choice school. McNamara suggests the need to revive the idea
of an "American System" that matches economic policy with the
political culture of the nation. Finally, the author affirms the
idea that the United States, as the first "new nation," can serve
as a model for developing nations.
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