This book examines British socialist political economies and the way in which they have influenced economic thinking within the Labour Party from the Fabianism at the beginning of the century to the Blairism of today.
The work details the emergence, in the post-Napoleonic War period, of a growing popular interest in the critical potentialities of political economy. It considers why this occurred and discusses how the conceptual and analytical tools of political economy were utilised to formulate a critique of early industrial capitalism. The book examines the theories of labour exploitation and capitalist crisis which represented the essence of that critique both as they were elaborated by early-nineteenth-century British anti-capitalist and socialist writers and as they were popularised by writers in the working-class press of the period 1816-34. The book argues that by 1834 in consequence of the efforts of writers such as Hodgskin, Thompson, Gray, Owen and their popularisers the foundations of a distinctively anti-capitalist and socialist political economy had been established and widely disseminated. But these foundations were theoretically flawed. They were flawed by an overconcentration on the sphere of exchange which derived from a particular conception of the determination of exchange value under capitalism; an overconcentration which led on to the suggestion of remedies for the problem of working-class poverty and distress which were necessarily doomed to failure.
Social Opulence and Private Restraint is a study of the place of the consumer and consumption in the political economy of British socialism, from its early-nineteenth-century origins, through 'New Times' Marxism, to the consumer-focused New Labourism and political economies critical of consumerism that can be found in the late-twentieth and early-twenty-first-century Left. Noel Thompson identifies and explicates recurrent themes which cross the boundaries of the conventional periodisation of the history of British socialist thought; themes which illustrate the sustained nature of the multifaceted ideological challenge presented by the accommodation of the consumer within socialist political economy. This challenge necessitates an engagement with the character and priorities of a future socialist society. As such it touches on some of the key issues which socialists have confronted in pursuit of their vision of a good society: issues with a strong contemporary relevance such as the desirability of private as against social opulence; the relationship between consumption and happiness; the need to educate and/or to liberate desire; and, in particular, the environmental and social consequences of rising levels of consumer expectation and consumption. The study also throws light on how the disparate ways in which these issues were addressed reflected and shaped the socialist political economies that emerged in the nineteenth and twentieth centuries, while also engendering tensions between them.
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