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Property Rights in the History of Economic Thought: From Locke to ...

Source: www.carleton.ca
Topic: Economic History

Sort Desciption: the history of economic thought it is Smith and Hume who stand out as having emphasized most. the relationship between freedom and property (capital) ...

Content Inside: 1 Property Rights in the History of Economic Thought: From Locke to J. S. Mill Edwin G. West i This paper 1 is designed to acquaint the reader with the historical background of the concept of property rights and several surrounding controversies by reviewing early work on property by economists and philosophers (with the main emphasis on the former). The survey focuses on significant contributions from the seventeenth to the nineteenth centuries setting the stage for the following chapters that reflect more recent thinking. The first section offers a critical assessment of the seventeenth-century work of John Locke which to this day has provoked the most intensive discussion and controversy. ii The second section attempts to detect Lockean natural law or natural rights components in the influential writings of Adam Smith the eighteenth- century father of economics. The third section analyzes Jeremy Benthams hostile criticism of the Locke and Smith views on property and his preference for his own philosophy of utilitarianism which can be summed up as the principle of the pursuit of the greatest happiness. In addition the third section examines the practical attempt of Benthams disciple Edwin Chadwick to achieve egalitarian legislation. The fourth section is reserved for the remarkably influential utilitarian (and egalitarian) writer John Stuart Mill and explores the connection between him and the scientific socialists including Marx and Engels. The fifth section considers David Humes concentration on the initial tendencies to conflict among men and the prospects for ultimate mutual improvement and practical coexistence through market exchange. The final section offers the main conclusions. 1 Please note that the paper has derived from my contribution to a symposium which explains frequent references to this symposium etc. 2 John Locke When John Lockes Two Treatises of Government first appeared in 1690 nothing could have shocked the ruling classes more ...

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