Democracy is the rule of the people. Exchange is supply and demand. Individualism, agreement, tolerance and choice are the underlying values that make possible the productive collaboration of the market and the state. This book assesses the theories of democracy and exchange of five interdisciplinary thinkers who tried to unite political and economic reasoning into a single theory of moderation and pragmatic management.
Democracy and Exchange is about the twin pillars of the consultative order. The subject is perennially topical and interesting, both in rich countries and in less-developed countries that are developing their own institutional mix. It also provides an in-depth analysis and comparison of the political economy of five seminal theorists: Adam Smith, Richard Titmuss, T.H. Marshall, J.K. Galbraith and Joseph Schumpeter.
David Reisman's book will be of great interest to academics trying to understand the history of economic, political and social ideas, institutional economics, economic sociology and social policy. It is a comprehensive and novel interpretation of two related interrelated concepts, five difficult authors and some of the most pressing issues in present-day debates.
Show moreDemocracy is the rule of the people. Exchange is supply and demand. Individualism, agreement, tolerance and choice are the underlying values that make possible the productive collaboration of the market and the state. This book assesses the theories of democracy and exchange of five interdisciplinary thinkers who tried to unite political and economic reasoning into a single theory of moderation and pragmatic management.
Democracy and Exchange is about the twin pillars of the consultative order. The subject is perennially topical and interesting, both in rich countries and in less-developed countries that are developing their own institutional mix. It also provides an in-depth analysis and comparison of the political economy of five seminal theorists: Adam Smith, Richard Titmuss, T.H. Marshall, J.K. Galbraith and Joseph Schumpeter.
David Reisman's book will be of great interest to academics trying to understand the history of economic, political and social ideas, institutional economics, economic sociology and social policy. It is a comprehensive and novel interpretation of two related interrelated concepts, five difficult authors and some of the most pressing issues in present-day debates.
Show moreContents: 1. Introduction: Democracy and Exchange 2. Schumpeter on Democracy: The Classical Doctrine 3. Schumpeter on Democracy: The Economic Approach 4. Schumpeter: The Preconditions for Politics 5. Schumpeter: States and Systems 6. Galbraith: Ideas and Events 7. T.H. Marshall: Citizenship and Social Thought 8. T.H. Marshall: Citizenship and Social Rights 9. T.H. Marshall: Citizenship and Social Distance 10. T.H. Marshall: Welfare on the Middle Ground 11. Titmuss: Welfare as Good Conduct 12. Conclusion: Adam Smith on Market and State References Index
David Reisman, Professor Emeritus of Economics, University of Surrey, UK and Senior Associate, Centre for Liberal Arts and Social Sciences, Nanyang Technological University, Singapore
'This is a remarkable book. The chapters on Schumpeter and Marshall
alone are worth the price and effort.'
*Journal of the History of Economic Thought*
'This is a remarkable book. The chapters on Schumpeter and Marshall
alone are worth the price and effort.'
*Charles R. McCann, Jr., Journal of the History of Economic
Thought*
'David Reisman has taken the impressive task to examine the
relationship between democracy and exchange. He assesses the
theories of the two pillars of political economy of five main
figures in the history of economic thought (Schumpeter, Smith,
Titmuss, T.H. Marshall and Galbraith). He does so in a very
profound way providing a novel interpretation of the concepts of
democracy and exchange.'
*European Association for Evolutionary Political Economy*
'David Reisman has written over a dozen books on important figures
in political economy and has brought his subjects and their ideas
to life as have few other authors. Now Reisman the historian of
economic thought has become Reisman the political economic
theorist. He puts to good use the insights of the important figures
and of their critics to produce nothing less than the
identification of the elements, problems, explanatory chains of
reasoning, solutions, and critiques of solutions that issue forth
from the transcendent problem of modern political economy: the
achievement of democracy, somehow defined, in a world of unequal
achievement and power, governance as encompassing more than
government, and the manufacture of belief and manipulation of
sentiment, with perceptivity and subtlety. It is a book I wish I
had written.'
*Warren J. Samuels, Michigan State University, US*
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