“In general the claim can be supported that a view of classical political economy as committed to extreme laissez-faire or unmitigated economic individualism misrepresents or at the very least analytically overgeneralizes their circumscribed theoretical and practical aims. In general then, with regard to both political and economic liberty, the classical political economists might be seen to be united in their efforts to theorize and systematize the productive and allocating functions of the mechanism of the market as the most efficient means to engender the growth of wealth. At the same time, classicals such as Smith, Malthus, Ricardo, and Mill recognized that the market, of necessity, operated in a larger context of restriction – not only legal, but equally as important, within political, religious, moral, and conventional restrictions – which could not be readily or in some cases even desirably overcome.”

"Classical Political Economy", in Coole, Diana H.; Gibbons, Michael; Ellis, Elisabeth et al., The encyclopedia of political thought (2014); see also Adam Smith

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 "In general the claim can be supported that a view of classical political economy as committed to extreme laissez-faire …" by Shannon C. Stimson?
Shannon C. Stimson photo
Shannon C. Stimson 1
American political theorist 1951

Related quotes

John B. Cobb photo

“Alongside their work on pure economic theory, the classical political economists engaged in a parallel project: to promote the forcible reconstruction of society into a purely market-oriented system.”

Michael Perelman (1939) American economist

Source: The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation (2000), p. 2

“Johnson represents a clear and coherent economic and political philosophy that conservative and libertarian economists can understand and support if they choose.”

Brent Budowsky (1952) American journalist

In shock poll, Libertarian Johnson beats Trump among economists (August 23, 2016)

Irving Kristol photo
Robert LeFevre photo
Paul A. Samuelson photo
John Maynard Keynes photo
Perry Anderson photo

“The whole Marxian system springs from classical political economy as it found expression in Ricardo.”

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

Source: A History of Economic Thought (1939), Chapter IV, The Classical System, p. 193

Related topics