Commerce, markets, and peace: Richard Cobden's enduring lessons
AbstractDo capitalism and conflicts go hand in hand? Are the military and markets complements? Indeed, many conservative advocates of markets also passionately support the military, and many people who oppose war also oppose markets. Nineteenth-century writer Richard Cobden, however, maintained that the military and markets were substitutes: more military entails less market. Although the ideas in The Political Writings of Richard Cobden (1903) are a century and a half old, Cobden considered many arguments for military intervention still made today. He discussed whether military spending was beneficial to the economy, to commerce, and to peace, and in all three cases he answered no. Both conservatives and left liberals can learn much from Cobden’s discussion of commerce, markets, and peace. As he demonstrated, the advocate of markets must be an advocate of peace.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 26043.
Date of creation: 2004
Date of revision:
Publication status: Published in Independent Review 1.9(2004): pp. 543-549
political economy of trade; political economy of war; classical liberal thought;
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
- N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
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- Malcolm Knight & Norman Loayza & Delano Villanueva, 1996.
"The Peace Dividend: Military Spending Cuts and Economic Growth,"
IMF Staff Papers,
Palgrave Macmillan, vol. 43(1), pages 1-37, March.
- Malcolm D. Knight & Delano Villanueva & Norman Loayza, 1995. "The Peace Dividend - Military Spending Cuts and Economic Growth," IMF Working Papers 95/53, International Monetary Fund.
- Knight, Malcolm & Loayza, Norman & Villanueva, Delano, 1996. "The peace dividend : military spending cuts and economic growth," Policy Research Working Paper Series 1577, The World Bank.
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