Capitalism; Imperialism; Saving and investment; Socialism
[209] Thus, if Tugan Baranovski, championing Say-Ricardo's views, tells
us about the controversy between Sismondi and Ricardo (_Studies on the
Theory and History of Commercial Crises in England_, p. 176), that
Sismondi was compelled 'to acknowledge as correct the doctrine he had
attacked and to concede his opponent all that is necessary'; that
Sismondi himself 'had abandoned his own theory which still finds so many
adherents', and that 'the victory in this controversy lies with
Ricardo', this shows a lack of discrimination--to put it mildly--such as
is practically unheard-of in a work of serious scientific pretensions.
_CHAPTER XIII_
SAY _v_. SISMONDI
Sismondi's essay against Ricardo in the _Revue Encyclopédique_ of May
1824, was the final challenge for J. B. Say, at that time the
acknowledged 'prince of economic science' (_prince de la science
économique_), the so-called representative, heir and populariser of the
school of Adam Smith on the Continent. Say, who had already advanced
some arguments against Sismondi in his letters to Malthus, countered the
following July with an essay on 'The Balance Between Consumption and
Production' in the _Revue Encyclopédique_, to which Sismondi in turn
published a short reply. The chronology of Sismondi's polemical
engagements was thus inverse to the sequence of the opposing theories,
for it had been Say who first communicated his doctrine of a divinely
established balance between production and consumption to Ricardo who
had in turn handed it down to MacCulloch. In fact, as early as 1803,
Say, in his _Traité d'Économie Politique_, book i, chapter xii, had
coined the following peremptory statement: 'Products are paid for with
other products. It follows that if a nation has too many goods of one
kind, the means of selling them would be to create goods of a different
kind.'[210]
Here we meet again the all too familiar conjuring recipe which was
accepted alike by Ricardo's school and by the 'vulgar economists' as the
corner-stone of the doctrine of harmony.[211]
Essentially, Sismondi's principal work constitutes a sustained polemic
against this thesis. At this stage Say charges to the attack in the
_Revue Encyclopédique_ with a complete _volte-face_, as follows:
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account