Nick Krafft quoting Daniel Little in Open Economics (Notre Dame), September 29, 2009. Source site and title: “Social Economics” as an Alternative
The usual explanations for the modern world, Marxist or anti-Marxist, do not work very. What does work is a story of innovation by the bourgeoisie, a bourgeoisie revalued 1600 to the present, first in Holland and then in Britain and then the world. That’s what was argued in Bourgeois Dignity: Why Economics Can’t Explain the Modern World (2010).
Where then to look for the springs of innovation? The place to look, I say, is in the innovative activities of the urban middle class, …. [continues; click title bar above][D]own to his death in 1964 Polanyi and his associates tried to demonstrate that at any rate the ancient world followed his anti-market model, and in particular that ancient Mesopotamia did. As socialists they wanted the market and the bourgeois life to be a mere recent stage, now thankfully to be superseded by the re-establishment of the communism that most intellectuals in the 1940s believed the remote past had seen and that the not-too-remote future would again achieve. The idea that a market society would turn out to be the end of history was from 1944 to 1964 obnoxious to the leading members of the European clerisy. [continues; click title bar above]
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Deirdre N. McCloskey is Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago;
and Professor of Economic History, Gothenburg University, Sweden
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