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A Short History of the Rise and Fall of Political Economy

History, though a bad master, is an excellent teacher. It narrates the events and facts that have occurred in the history of evolution of mankind. History is an account of the rise and fall of nations, their customs and traditions, culture, science and technology. Every major upheaval that had ever taken place in the past, had invariably given rise to a new system, adapting the old ones allowing changes in it, and has affected not only the then prevailing conditions, but has always led to certain future political, socio-economic, philosophical, and scientific transformations. In general, the history of development of economic philosophies and doctrines has the same spirit and approach. It narrates the facts of the past to help us mould the future. This volume on the history of economic thought has a dual purpose. In the first place, it not only intends to remind us of the past events and their impact on our future, but also to caution us, not to repeat the mistakes of the past. Secondly, it has a scholastic ambition. It intends to promote among readers an interest for the development of scientific economic thought. In view of the latter, it should be noted that after the WW II the study of the discipline (History of Economic Doctrines, which used to be a part and parcel of the post graduate teaching world around) particularly, was been marred by the growing orientation for technical microeconomics. The author, in this volume, attempts to recreate an interest in the subject and to rejuvenate the science by reminding us of its history. The period he basically covers is, from 1750 to 1925.

political economy, history of economic thought, economic doctrines

Author: Soumitra Sharma