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Markets, Planning and the Moral Economy
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Markets, Planning and the Moral Economy

Business Cycles in the Progressive Era and New Deal

9781781006764 Edward Elgar Publishing
Donald R. Stabile, Professor of the College, St Mary’s College, Maryland, US and the late Andrew F. Kozak, formerly Associate Professor of Economics, St Mary’s College, Maryland, US
Publication Date: 2013 ISBN: 978 1 78100 676 4 Extent: 296 pp
Markets, Planning and the Moral Economy examines the rise of the Progressive movement in the United States during the early decades of the 20th century, particularly the trend toward increased government intervention in the market system that culminated in the establishment of President Roosevelt’s New Deal programmes. The authors consult writings from politicians, business leaders, and economists of the time, using a variety of historical perspectives to illuminate the conflicting viewpoints that arose as the country struggled to recover from the worst economic downturn in its history.

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Markets, Planning and the Moral Economy examines the rise of the Progressive movement in the United States during the early decades of the 20th century, particularly the trend toward increased government intervention in the market system that culminated in the establishment of President Roosevelt’s New Deal programmes. The authors consult writings from politicians, business leaders, and economists of the time, using a variety of historical perspectives to illuminate the conflicting viewpoints that arose as the country struggled to recover from the worst economic downturn in its history.

This fascinating historical study explores the conflict between what the authors identify as two competing ideologies: the market economy, whose proponents advocated a hands-off approach and a trust in allowing the markets to adjust themselves, and the moral economy, whose supporters favoured a system of government planning and stewardship designed to promote economic fairness. Presenting arguments from each side by public figures and intellectuals, this book offers the most thorough and complete analysis to date of the new economic discourse that arose during the Progressive movement and remains a vital component of our economic and political discussions today.

Professors and students of economics, political science, public policy, and history will all find much to admire in this fascinating and accessible volume. Scholars from across the world will also find this book helpful in contemplating the long-term effects that the tension between the market economy and the moral economy can have on an individual country’s economic system.
Critical Acclaim
'Informative and insightful and deserve attention from scholars in the fields of economic history, philosophy of economics, and public policy'
– Kevin Schmiesing, History and Philosophy of Economics

‘Stabile and Kozak provide an excellent analysis of debates and evolving views about the economy during the Progressive Era and the New Deal. . . Highly recommended.’
– M. Perelman, Choice
Contents
Contents: 1. Introduction: The Moral Economy versus the Market Economy 2. The Moral Economy in the Nineteenth Century: Bellamy versus Sumner 3. The Business Cycle: Moral Economy Perspectives 4. The Business Cycle: Market Economy Perspectives 5. The Progressive Push for Planning: 1900 to 1920 6. The Progressive Push for Planning: 1920 to 1930 7. The Great Depression 8. Franklin Delano Roosevelt and the Moral Economy 9. The National Industrial Recovery Act: Moral Economy Perspectives 10. The National Industrial Recovery Act: Market Economy Perspectives 11. The Aftermath of the National Industrial Recovery Act 12. Keynes, Fiscal Policy and Planning 13. The New Deal and Planning 14. Epilogue: The Moral Economy in the Twenty-first Century Bibliography Index
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