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Classical Economics

In: A Critical History of Economics

Author

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  • John Mills

Abstract

Classical Economics, developed largely, although not exclusively, in Britain, which led the way in the Industrial Revolution, had three main underpinnings. One was the philosophic liberalism, developed from its canonical origins, with the emphasis in the writings of Thomas Hobbes (1588–1679) and John Locke (1632–1704) on the individual and the state as the protector of property rights. The second was the foundation laid by the later writers on Mercantilism, and in particular its critics. The third was the French Physiocratic system and, in this case, not so much its particular recommendations, but more the overall approach taken by its leading writers to the way economic issues should be tackled.1

Suggested Citation

  • John Mills, 2002. "Classical Economics," Palgrave Macmillan Books, in: A Critical History of Economics, chapter 4, pages 59-82, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-1440-8_4
    DOI: 10.1057/9781403914408_4
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