“The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.”

—  Joan Robinson

Introduction, p. vii
Economic Heresies (1971)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear messa…" by Joan Robinson?
Joan Robinson photo
Joan Robinson46
English economist 1903–1983

Related quotes

Heinz von Foerster photo

“While in the first quarter of this century physicists and cosmologists were forced to revise the basic notions that govern the natural sciences, in the last quarter of this century biologists will force a revision of the basic notions that govern science itself. After that “first revolution” it was clear that the classical concept of an “ultimate science”, that is an objective description of the world in which there are no subjects (a “subjectless universe”), contains contradictions.”

Heinz von Foerster (1911–2002) Austrian American scientist and cybernetician

Source: 1980s, Notes on an epistemology for living things, 1981, p.258

Alan Greenspan photo

“An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense—perhaps more clearly and subtly than many consistent defenders of laissez-faire—that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

Gold and Economic Freedom http://www.constitution.org/mon/greenspan_gold.htm 1966 <br class="br">1950–60s

Richard Crossman photo

“Profits, wages and salaries are still determined not by any conditions of national interest or social justice, but by the traditional methods of laisser-faire. Under conditions of full employment, this must result in a continuous inflationary pressure, which undermines the real value of social security and small savings, as well as making our products less competitive in foreign markets and so jeopardising our capacity to maintain the standard of living.”

Richard Crossman (1907–1974) British Member of Parliament

‘Introduction’, New Fabian Essays (1952), pp. 26–27

Milton Friedman photo

“As it developed in the late eighteenth and early nineteenth centuries, the intellectual movement that went under the name of liberalism emphasized freedom as the ultimate goal and the individual as the ultimate entity in the society. It supported laissez faire at home as a means of reducing the role of the state in economic affairs and thereby enlarging the role of the individual; it supported free trade abroad as a means of linking the nations of the world together peacefully and democratically. In political matters, it supported the development of representative government and of parliamentary institutions, reduction in the arbitrary power of the state, and protection of the civil freedoms of individuals.”

Milton Friedman book Capitalism and Freedom

Introduction, p. 5
Capitalism and Freedom (1962)

Ramsay MacDonald photo

“The channels of world trade are so obstructed by the pursuit of nationalist economic policy that steps should be taken at once to make it possible to arrive at an international economic agreement which would revive international trade. A return to free trade pure and simple would only increase unemployment.”

Ramsay MacDonald (1866–1937) British statesman; prime minister of the United Kingdom

Speech to the National Labour conference at Caxton Hall, London (28 October 1935), quoted in The Times (29 October 1935), p. 9
1930s

“Mill sought to strengthen his defence of trade unions not by denying their possible monopoly effects, but by an appeal to the principle of laisser faire itself. To prevent the formation of corporate unions was, he thought, to interfere with a right obviously included in the general rule of freedom of contract.”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Source: A History of Economic Thought (1939), Chapter VII, The Transition, p. 357

“Even the word “socialism” itself was originally applied to the free communist communities which were so common in America in the nineteenth century.”

Kenneth Rexroth (1905–1982) American poet, writer, anarchist, academic and conscientious objector

Introduction : The Libertarian Tradition http://www.bopsecrets.org/rexroth/communalism1.htm <br class="br">Communalism (1974) <br class="br">Context: Prior to 1918 the word “communism” did not mean Left Social Democracy of the sort represented by the Russian Bolsheviks, a radical, revolutionary form of State socialism. Quite the contrary, it was used of those who wished in one way or another to abolish the State, who believed that socialism was not a matter of seizing power, but of doing away with power and returning society to an organic community of non-coercive human relations. They believed that this was what society was naturally, and that the State was only a morbid growth on the normal body of oeconomia, the housekeeping of the human family, grouped in voluntary association. Even the word “socialism” itself was originally applied to the free communist communities which were so common in America in the nineteenth century.

Nathanael Greene photo

“Six officers, belonging to privateers that were taken by the enemy, made their escape last night. They inform me they were taken by the last fleet that came in. They had about six thousand foreign troops on board, one quarter of which had the black scurvy, and died very fast.”

Nathanael Greene (1742–1786) American general in the American Revolutionary War

Letter to George Washington (31 October 1776)

Karl Polanyi photo

“Nineteenth-century civilization rested on four institutions. The first was the balance-of-power system which for a century prevented the occurrence of any long and devastating war between the Great Powers. The second was the international gold standard which symbolized a unique organization of world economy. The third was the self-regulating market which produced an unheard-of material welfare. The fourth was the liberal state. Classified in one way, two of these institutions were economic, two political. Classified in another way, two of them were national, two international. Between them they determined the characteristic outlines of the history of our civilization.
Of these institutions the gold standard proved crucial; its fall was the proximate cause of the catastrophe. By the time it failed, most of the other institutions had been sacrificed in a vain effort to save it. But the fount and matrix of the system was the self-regulating market. It was this innovation which gave rise to a specific civilization.”

Karl Polanyi book The Great Transformation

The Great Transformation (1944), Ch. 1 : The Hundred Years' Peace

“The profit motive should not be confused with the profit system. By the profit system, of course, we mean the institution of private property in capital goods and the free private enterprise that goes along with it. There is no reason why the "profit motive" should be necessarily connected with the profit system. In a profit system there is nothing to prevent anyone acting on altruistic lines; there is no law that says a businessman must maximize his profits. If a businessman chose to operate with outputs, prices, and wages that yielded him a smaller profit than the maximum, but which he felt were socially more desirable, there is nothing in the profit system that would prevent him from doing this. Nothing in the profit system would prevent the most ardent liberal from refusing an increase in wages, or from accepting an unpleasant and poorly paid job. At the other extreme, there is nothing in a communist system that would do away with the profit motive, or the "advantage motive."”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, The Economics of Peace, 1945, p. 239

Related topics