Principles of Political Economy

This volume unites "Books IV and V" of John Stuart Mill's great treatise on political economy with his fragmentary chapters on socialism. It shows him applying his classical economic theory to policy questions of abiding concern, particularly the desirability of sustained growth of national wealth and population versus a stationary state, the merits of capitalism versus socialism and the expedient scope of government intervention in the competitive market economy. His answers to these question have considerable relevance today, and they serve to illustrate the enduring power and imagination of his distinctive liberal utilitarian philosophy. In his introduction Jonathan Riley clarifies Mill's approach, considers what consitutes the Millian Utopia, and shows how examination of such an ideal society provides insights into the structure of his philosophy. Riley is the editor of "Liberal Utilitarianism: Social Choice theory and J.S. Mill's Philosophy".