Liberty and Equality in Political Economy

Liberty and Equality in Political Economy

From Locke versus Rousseau to the Present

New Thinking in Political Economy series

Nicholas Capaldi and Gordon Lloyd

Liberty and Equality in Political Economy is an evolutionary account of the ongoing debate between two narratives: Locke and liberty versus Rousseau and equality. Within this book, Nicholas Capaldi and Gordon Lloyd view these authors and their texts as parts of a conversation, therefore highlighting a new perspective on the texts themselves.

Chapter 4: The Arrival of the Liberty Narrative in America

Nicholas Capaldi and Gordon Lloyd

Subjects: economics and finance, history of economic thought, political economy, politics and public policy, political economy


What joins commerce or trade with republic and law is the centrality of consent and contracts as normal parts of living in society. People have been exchanging goods and services for centuries, but it is only when money replaced barter and money-making became defensible that commerce emerges as a way of life. Similarly, the word ‘republic’ has been used by philosophers and the statesmen of Rome for centuries, but it is only when we grasp what a republic is not that the word becomes clearer. The attachment to public things inherent in the word republic is best understood in terms of its opposite, namely an attachment to private things. By the seventeenth century, republicanism was seen as an improvement over monarchy or absolute rule by one person for his or her own private interest. The rallying cry for republics was that the rule of law should replace the rule of man. But it is not obvious that commerce and republic should be joined together. After all, the People’s Republic, Socialist Republic, Islamic Republic, and Protestant Republic have all existed and they are all suspicious of the commercial way of life. And one can at least imagine widespread commercial activity taking place in nineteenth century Victorian England and twenty-first century Communist China.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information