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Democracy and Exchange

Schumpeter, Galbraith, T.H. Marshall, Titmuss and Adam Smith David Reisman, Professor Emeritus of Economics, University of Surrey, UK and Senior Associate, Centre for Liberal Arts and Social Sciences, Nanyang Technological University, Singapore
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.
Extent: 368 pp
Hardback Price: $176.00 Web: $158.40
Publication Date: 2005
ISBN: 978 1 84542 042 0
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  • Economics and Finance
  • Economic History
  • History of Economic Thought
  • Institutional Economics
  • Social Policy and Sociology
  • Economics of Social Policy
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.

Democracy and Exchange is about the twin pillars of the consultative order. The subject is perennially topical and interesting, both in rich countries and in less-developed countries that are developing their own institutional mix. It also provides an in-depth analysis and comparison of the political economy of five seminal theorists: Adam Smith, Richard Titmuss, T.H. Marshall, J.K. Galbraith and Joseph Schumpeter.

David Reisman’s book will be of great interest to academics trying to understand the history of economic, political and social ideas, institutional economics, economic sociology and social policy. It is a comprehensive and novel interpretation of two related interrelated concepts, five difficult authors and some of the most pressing issues in present-day debates.
‘This is a remarkable book. The chapters on Schumpeter and Marshall alone are worth the price and effort.’
– Journal of the History of Economic Thought

‘This is a remarkable book. The chapters on Schumpeter and Marshall alone are worth the price and effort.’
– Charles R. McCann, Jr., Journal of the History of Economic Thought

‘David Reisman has taken the impressive task to examine the relationship between democracy and exchange. He assesses the theories of the two pillars of political economy of five main figures in the history of economic thought (Schumpeter, Smith, Titmuss, T.H. Marshall and Galbraith). He does so in a very profound way providing a novel interpretation of the concepts of democracy and exchange.’
– European Association for Evolutionary Political Economy

‘David Reisman has written over a dozen books on important figures in political economy and has brought his subjects and their ideas to life as have few other authors. Now Reisman the historian of economic thought has become Reisman the political economic theorist. He puts to good use the insights of the important figures and of their critics to produce nothing less than the identification of the elements, problems, explanatory chains of reasoning, solutions, and critiques of solutions that issue forth from the transcendent problem of modern political economy: the achievement of democracy, somehow defined, in a world of unequal achievement and power, governance as encompassing more than government, and the manufacture of belief and manipulation of sentiment, with perceptivity and subtlety. It is a book I wish I had written.’
– Warren J. Samuels, Michigan State University, US
Contents: 1. Introduction: Democracy and Exchange 2. Schumpeter on Democracy: The Classical Doctrine 3. Schumpeter on Democracy: The Economic Approach 4. Schumpeter: The Preconditions for Politics 5. Schumpeter: States and Systems 6. Galbraith: Ideas and Events 7. T.H. Marshall: Citizenship and Social Thought 8. T.H. Marshall: Citizenship and Social Rights 9. T.H. Marshall: Citizenship and Social Distance 10. T.H. Marshall: Welfare on the Middle Ground 11. Titmuss: Welfare as Good Conduct 12. Conclusion: Adam Smith on Market and State References Index