Democracy and Exchange
Show Less

Democracy and Exchange Schumpeter, Galbraith, T.H. Marshall, Titmuss and Adam Smith

Schumpeter, Galbraith, T.H. Marshall, Titmuss and Adam Smith

David Reisman

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.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 7: T.H. Marshall: Citizenship and Social Thought

David Reisman

Extract

7. T.H. Marshall: citizenship and social thought Schumpeter’s socialism is economic planning and post-competitive controls. Together with the Marxists who believe that market coordination will selfdestruct and the Fabians who advocate the nationalisation of the commanding heights, the Schumpeterian vision is one which anticipates a transition into what T.H. Marshall calls ‘Socialism A’ (Marshall, 1963: 271). Socialism A, Marshall says, is full-bodied socialism. It is ‘real socialism’, the hard-line dogma that is the inspiration for ‘all schools of thought which set out to transform the social and economic system by abolishing capitalism, whether by violence or by peaceful penetration’ (ibid.: 271–2). Marshall’s ‘Socialism A’ looks forward to a future that has evolved beyond gain-driven enterprise. Marshall’s ‘Socialism B’, social-ism and not preponderantly economics-ism, is ‘milder and less alarming’ (ibid.: 272). Socialism B raises no objection to the free market which it accepts will contribute much to allocative and dynamic efficiency. Its thesis is simply that there are high social values such as security and justice which the invisible hand, uncorrected, would leave in a state of intolerable neglect. Marshall’s ‘Socialism B’ is the material embodiment of the ‘humanitarianism associated with the so-called Tory Socialists, combined with some emergent principles of social policy developed by the more advanced Liberals, and a readiness to rely on government action which had a definitely Socialist, or as Dicey would say, “collectivist” flavour’ (ibid.: 272). Macmillan was a socialist since he did not believe that ignorance and destitution should lie where they fall. Asquith...

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

or login to access all content.