Tag: Economic History

WHO Are The Utopians?

Right wingers and liberal Democrats both love to say that I advocate for some kind of nebulous utopian dream.

 from The Progressive Dilemma in the Diary What to do now? by tahoebasha3

The terms Utopia and utopian are often used as terms of disparagement, and not without reason. Massive social experiments based excessively on theory or reason have wreaked social havoc from The Terror during the French Revolution to the Maoist Great Leap Forward in the 1960s and 1970s. Yet one of the most dramatic Utopian experiments was never so labeled. The fact is that both Classical Economics and Neo-Classical Economics were/are utopian systems. In this sense Adam Smith predates Classical Economics. He was more practical and descriptive. Benthan, James Mill and Ricardo were prescriptive and axiomatic. And the economic system they created was, in fact, utopian, but of the dystopian flavor for all but the very wealthy. The 20th Century extension of Classical Economics — Neo-Classical Economics — retains all of the original utopian features despite the problems it has been shown to exhibit. Between them, Classical and Neo-Classical Economics as applied in the UK and the USA constitute the longest running Utopian experiment of which I know. We need to understand this history, which has been actively shunned, in order to understand where we are and where we are headed, unless we can change direction.