Classical Liberalism and the Industrial Working Class: The Economic Thought of Thomas Hodgskin

Thomas Hodgskin was a committed advocate of laissez-faire economics and labor-saving machinery and the Industrial Revolution, placing him in the tradition of classical liberalism. This book explores his economic thought and his interest in the well-being of the working classes.

Format: Paperback / softback
Length: 160 pages
Publication date: 29 April 2022
Publisher: Taylor & Francis Ltd

Thomas Hodgskin ({PHONE}) is a largely unknown figure, often considered a forerunner of Karl Marx. However, a closer look at Hodgskin's works reveals that he was actually a committed advocate of laissez-faire economics and enthusiastic about labor-saving machinery and the Industrial Revolution, with a genuine interest in the well-being of the working classes. This book places him in the tradition of classical liberalism, where he belongs as a disciple of Adam Smith, but even less tolerant of government power than Smith was.

Classical liberalism is a political and economic philosophy that emphasizes individual freedom, limited government, and free market capitalism. It originated in the 18th century in Europe and was influenced by thinkers such as John Locke, Adam Smith, and Jean-Jacques Rousseau. Classical liberals believe that individuals should be allowed to pursue their own interests and that government should only intervene to protect individual rights and promote economic prosperity.

Thomas Hodgskin was a prominent classical liberal who played a significant role in the development of economic thought in the 19th century. He was a professor of political economy at the University of London and was known for his advocacy of laissez-faire economics and his support for labor-saving machinery. Hodgskin believed that the Industrial Revolution was a positive development that would improve the lives of the working classes by increasing their productivity and reducing their labor costs. He also believed that government should not interfere in the economy, except to protect individual rights and promote economic prosperity.

Hodgskin's economic thought was influenced by the ideas of Adam Smith, who is considered the father of classical liberalism. Smith's book "The Wealth of Nations" argued that the wealth of a nation is created by the efforts of its citizens and that government should not interfere in the economy except to promote economic prosperity. Hodgskin agreed with Smith's ideas and believed that the Industrial Revolution was a natural result of the free market system.

However, Hodgskin was less tolerant of government power than Smith was. He believed that government should not be used to promote social welfare or to redistribute wealth. Instead, he believed that the market should be allowed to determine the distribution of wealth and that individuals should be allowed to pursue their own interests. Hodgskin also believed that the government should not interfere in the labor market, except to protect workers from exploitation and to ensure that they are paid a fair wage.

Hodgskin's economic thought was controversial in his time, and he was criticized by many who believed that government should play a more active role in promoting social welfare and redistributing wealth. However, Hodgskin's ideas have been influential in the development of economic thought and have influenced many modern economists, including Milton Friedman and Friedrich Hayek.

In conclusion, Thomas Hodgskin was a classical liberal who advocated for laissez-faire economics and labor-saving machinery and was enthusiastic about the Industrial Revolution. He placed himself in the tradition of classical liberalism, as a disciple of Adam Smith, but was even less tolerant of government power than Smith was. Hodgskin's economic thought was influenced by the ideas of Adam Smith and was controversial in his time, but his ideas have been influential in the development of economic thought and have influenced many modern economists. This book will be of interest to advanced students and scholars in the history of economic thought, economic history, and the history of political thought.

Weight: 300g
Dimension: 234 x 156 (mm)
ISBN-13: 9780367532154