J. A. Hobson
The economic theories of the English economist and social scientist J.A. Hobson (1858-1940) were pioneering for their time. This book critically analyses his theories and shows that many of them have contemporary relevance. Hobson is best known by today's
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CONTEMPORARY ECONOMISTS General Editor: John Pheby, Professor of Political Economy, De Montfort University, Leicester, England The Contemporary Economists series is designed to present the key ideas of the most important economists of this century. After an opening biographical chapter, the books in this series focus on the most interesting aspects of their subject's contribution to economics, thus providing original insights into their work. Students and academics alike will be fascinated by the wealth of these economists' contributions and will be able to look with fresh eyes on their discipline.
Published titles John F. Henry JOHN BATES CLARK Steven G. Medema RONALD H. COASE Michael Schneider J. A. HOBSON James Ronald Stanfield JOHN KENNETH GALBRAITH
J. A. Hobson
Michael Schneider Senior Lecturer in Economics La Trobe University, Melbourne
First published in Great Britain 1996 by
MACMILLAN PRESS LTD
Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-1-349-24752-3 DOI 10.1007/978-1-349-24750-9
ISBN 978-1-349-24750-9 (eBook)
First published in the United States of America 1996 by
ST. MARTIN'S PRESS, INC.,
Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 978-1-349-24752-3
Library of Congress Cataloging-in-Publicalion Data Schneider, Michael, 1935J. A. Hobson / Michael Schneider, p. cm.— (Contemporary economists) Includes bibliographical references and indexes. ISBN 978-1-349-24752-3 (cloth) 1. Hobson, J. A. (John Atkinson), 1858-1940—Contributions in economics. 2. Economics—History. I. Title. II. Series. HB103.H55S36 1996 330.15'5—dc20 96-2599 CIP © Michael Schneider 1996 Softcover reprint of the hardcover 1st edition 1996 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. 10 9 05 04
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To my parents, who encouraged me to read books, and to Kirstin and Philip, who I hope will also write them
Contents List of Tables and Figures
ix
Preface
x
Acknowledgements
xiii
Author's Note
xiv
1 Hobson's Life and Times 1.1 Formative years (1858-86) 1.2 The innovative period (1887-1902) 1.3 A period of consolidation (1903-18) 1.4 Response and reflection (1919-40) 1.5 The socio-economic context (1873-1940) 1.6 The political context (1859-1940)
1 1 2 9 12 14 17
2 Economic Activity and Welfare 2.1 Method and scope 2.2 Production and consumption 2.3 Distribution 2.4 Social w
