The Two Narratives of Political Economy

Captures the 17th-19th century origins and developmentsofpolitical economy by editing original texts and illuminatingtheirrelevance for today's political debate Political economy from the 17th century to the present can becaptured in two narratives originating with Locke and Rousseau.Those original narratives were expanded in significant ways in the18th and 19th centuries, and the editors argue that they still holdsway today. Edited original writings included in the anthology are from:Locke, Rousseau, Adam Smith, Tocqueville, Mill, Marx, Proudhon,Owen, the Federalist Papers, the French Declaration of the Rightsof Man and the Citizen, and the American Constitution. The editorshave restricted their comments to the extensive introductionsthereby allowing the original participants to speak for themselves.The readings included are intended to be instructive with respectto the origin and development of the two narratives rather than anexhaustive account of how thinkers and writers on economics advancethe discipline of economics as a social science. Reviews "The editors provide a compelling collection to critically framethe clash of Political Economy which shapes modern democracies.Their selections and introductions expertly paint a picture of thecontending schools to suggest how enduring these core challengesremain. By placing these writers within this great debate, theauthors guide students to discover the essential questions ofliberty, equality, and the proper role of the state at the core ofthe American economic debate." --Roberta Q. Herzberg, Utah State University PoliticalScience "The real service performed by Capaldi and Lloyd is to providegenerous excerpts from supporters of both narratives so that thereader can determine for themselves who best makes their case. Irecommend this volume highly both to the individual interested inlearning about the intellectual and political history of politicaleconomy and to the professor in search of a one-volume anthology onpolitical economy for use in a course on economic thought." --Steven D. Ealy, Senior Fellow, Liberty Fund, Inc.