Property and Prophets: The Evolution of Economic Institutions and Ideologies : The Evolution of Economic Institutions and Ideologies

Cover 1 Half Title 2 Title Page 4 Copyright Page 5 Table of Contents 6 Foreword 10 Preface 12 1. The Ideology of Precapitalist Europe 16 Ancient Greek and Roman Slavery 17 Feudalism 18 The Christian Paternalistic Ethic 20 The Anticapitalist Nature of Feudal Ideology 23 Summary 26 2. The Transition to Early Capitalism and the Beginnings of the Mercantilist View 27 Definition of Capitalism 27 Changes in Technology 29 The Increase in Long-Distance Trade 30 The Putting-Out System and the Birth of Capitalist Industry 32 The Decline of the Manorial System 34 The Creation of the Working Class 36 Other Forces in the Transition to Capitalism 37 Mercantilism: Feudal Paternalism in Early Capitalism 39 Summary 42 3. The Conflict in Mercantilist Thought 44 The Medieval Origins of Mercantilist Policies 44 The Secularization of Church Functions 45 The Rise of Individualism 47 Protestantism and the Individualist Ethic 49 The Economic Policies of Individualism 51 Summary 52 4. Classical Liberalism and the Triumph of Industrial Capitalism 54 The Industrial Revolution 54 The Rise of Classical Liberalism 57 Classical Liberalism and Industrialization 66 Summary 67 Appendix 67 5. Socialist Protest Amid the Industrial Revolution 78 The Social Costs of the Industrial Revolution 78 Liberal Social Legislation 82 Socialism Within the Classical Liberal Tradition 83 William Thompson and the Rejection of Classical Liberalism 85 The Paternalistic Socialism of Robert Owen 87 Other Important Pre-Marxist Socialists 90 Summary 96 6. Marx’s Conception of Capitalism 98 Historical Materialism 98 The Market 101 The Class Structure of Capitalism 104 Marx’s View of Private Property 108 Marx’s View of Capital 113 Summary 116 7. Marx’s Social and Economic Theories 118 Alienation 118 The Labor Theory of Value and Surplus Value 121 The Accumulation of Capital 123 Sectoral Imbalances and Economic Crises 124 Economic Concentration 126 The Immiserization of the Proletariat 126 The Capitalist State 127 The Socialist Revolution 129 Summary 129 8. The Rise of Corporate Capitalism and Its Ideological Defenses 131 The Concentration of Corporate Power 131 The Concentration of Income 135 Reemergence of the Classical Liberal Ideology 136 The Neoclassical Theory of Utility and Consumption 136 The Neoclassical Theory of Production 138 Laissez Faire 138 Subsequent Modifications of Neoclassical Theory 139 Laissez Faire and the Social Darwinists 140 Laissez Faire and the Ideology of Businessmen 142 A New Christian Paternalistic Ethic 143 Simon Patten’s Economic Basis for the New Ethic 145 The New Paternalism and the New Deal 147 Summary 149 Appendix 150 9. The Consolidation of Monopoly Power and the Writings of Veblen 164 Competition as Industrial Warfare 164 Business Collusion and Government Regulation 166 Changes in the Structure of Capitalism 168 The Antagonistic Dichotomy of Capitalism 169 Private Property, Class-Divided Society, and Capitalism 170 Government and the Class Struggle 173 Capitalist Imperialism 174 The Social Mores of Pecuniary Culture 176 Summary 180 10. Economic Prosperity and Evolutionary Socialism 182 The Economic and Political Gains of the Working Class 182 The Fabian Socialists 184 The German Revisionists 187 The Fate of Evolutionary Socialism 189 Summary 190 11. Imperialism and Revolutionary Socialism 191 European Imperialism 191 American Imperialism 195 Imperialism and Evolutionary Socialism 196 Rosa Luxemburg’s Analysis of Imperialism 198 Lenin’s Analysis of Imperialism 200 Summary 202 12. Keynesian Economics and the Great Depression 203 The Great Depression 203 The Economics of Keynes 206 Keynesian Economics and Ideology 210 The Efficacy of Keynesian Economic Policies 211 The Warfare Economy 213 Summary 216 13. Contemporary American Capitalism and Its Defenders 218 Contemporary Classical Liberal Ideology 223 Contemporary Variants of the Classical Liberal Ideology 225 The Contemporary Corporate Ethic and Capitalist Ideology 227 Anticommunism as Capitalist Ideology 230 Criticisms of Contemporary Capitalist Ideologies 235 Summary 242 14. Contemporary American Capitalism and Its Radical Critics 246 The Civil Rights Movement 246 The War in Vietnam 247 The Women’s Liberation Movement 250 Contemporary Critics of American Capitalism 254 Liberal Versus Radical Critiques of Capitalism 268 Radical Political Movements in the 1960s, 1970s, 1980s, and 1990s 271 Summary 275 Index 278 Property and Prophets combines a brief review of the evolution of some of the most important institutions of capitalism with analyses of recurring ideological defenses of capitalism and radical critiques of capitalism. The unique feature of the book is the method of interweaving economic history and intellectual, or ideological, history. It is Hunt's belief that neither conservative defenses of capitalism nor radical rejections of it can be adequately appreciated until one is aware of the existential context within which they arose. This book provides an introduction to the study of the relationship between economic history and intellectual history. Hunt (economics, U. of Utah) provides a concise history of the rise and triumph of capitalism, centering mainly on England until 1800 and the U.S. since 1800. He traces the evolution of some of the most significant institutions of capitalism, analyzes the recurring ideological defenses and the radical critiques of capitalism, and examines intellectual developments which were occurring at the same time. Specific revisions in the seventh edition are not identified. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com) "Property and Prophets" is a concise history of the rise and subsequent triumph of capitalism. Focused primarily on England until 1800 and the United States since 1800, the book's economic history is interspersed with the history of ideas that evolved along with the capitalist system.