Political Economy and Jurisprudence
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Abstract
Political economy as a subject emerged in the late 18th century and was dominant until the late 19th century. Its founding is usually attributed to Adam Smith. Smith’s ideas were further developed in the early 19th century by David Ricardo. This article considers the jurisprudential aspects of the works of both Smith and Ricardo. For much of the past 250 years, Smith’s work on jurisprudence has cast a long shadow across the thinking on economics and politics. Contrary to popular belief, Smith did not see law as subject to economics or politics. His idea was simple. Law is to society as gravity is to the solar system; it is the invisible force that holds society together and keeps it operating smoothly and productively. In these ways, law functions like Smith’s invisible hand, guiding and facilitating the progress of humankind. This article also considers the philosophical aspects of socialism and communism which were the result of growth in population and in poverty, as well as in materialistic wealth that caused tensions between the rich and poor within society. Socialism emerged from a diverse array of social experiments associated primarily with British and French thinkers, especially Robert Owen, Charles Fourier, Saint-Simon and Louis Blanc. The article then examines the works of Marx and Engels. This article concludes that while the liberal political economy of Smith and Ricardo, as well as socialism and communism, cannot fall within any schools of legal thought, they help inform the fundamental principles and concepts of jurisprudence.
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References
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