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Political Economy

In: Sidney and Beatrice Webb

Author

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  • David Reisman

    (University of Surrey
    Nanyang Technological University)

Abstract

The Webbs were collectivists and statists. In order that the state can increasingly provide, manage, regulate and coordinate, the structure of governance must be reformed. Retaining the bicameral system, first-past-the-post and electoral democracy, the Commons and the Lords must be replaced by a Political Parliament (responsible for law and order and defence) and a Social Parliament (concentrating on welfare and economics). Both Houses should be directly elected. New motives such as the pursuit of esteem and reputation, amplified by workmanship as an end and not a means, would replace the older pecuniary incentives. The knowledgeable would rule, subject to the test of public opinion. Since consensus would be strong, there would be no danger of a ‘tyranny of the majority’ or, still less, of an unresponsive political elite.

Suggested Citation

  • David Reisman, 2022. "Political Economy," Great Thinkers in Economics, in: Sidney and Beatrice Webb, chapter 0, pages 221-237, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-031-10008-6_12
    DOI: 10.1007/978-3-031-10008-6_12
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