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Establishing the Roots of Orthodoxy

In: From Alleviation to Empowerment Ruminations on Poverty, Capitalism, and Communities

Author

Listed:
  • Gerardo Rivera Ungson
  • Sixto K. Roxas

Abstract

Social, economic, and political transformations occur in history through a process that links new ideas, movements, and institutions. The study of economics, as we conceive of it today, is rooted in an ideology shaped by close to 400 years of evolution of Western economic thought. The early treatises on economics were manuals for how a steward should manage a household (oikonomos in ancient Greek), or how a king should manage the economic affairs of his kingdom, or how a prime minister should approach the affairs of a nation-state. Writing in 1770, Sir James Stuart (1712–1780) then introduced the term “political economy” to describe the principles underlying mercantilism, which is considered the first treatise on economics. In his 1776 classic The Wealth of Nations, Scottish philosopher Adam Smith (1723–1790) provided a blueprint for how specialization and self-interest could ignite a nation’s prosperity and social well-being. Their influence continues to the present times…

Suggested Citation

  • Gerardo Rivera Ungson & Sixto K. Roxas, 2026. "Establishing the Roots of Orthodoxy," World Scientific Book Chapters, in: From Alleviation to Empowerment Ruminations on Poverty, Capitalism, and Communities, chapter 3, pages 43-70, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789819822157_0003
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    JEL classification:

    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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