Peter Drahos

In any economist's account of what makes a successful economy the institution of private property is never too far away and usually central. Douglass North, in answering his question 'why aren't all the countries in the world rich ' 1974, p. 15 , concludes that countries create well-defined property rights that stimulate individuals into productive activity by raising the level of private return to meet the social return. Theories of economic development that advance an institutional...

Phil Graham

It has been noted more than once that capitalist social relations have led to a purely monetary understanding of the term 'value'. Classical political economy, regardless of its many flawed assumptions, sought to achieve an understanding of human interaction that embraced the entirety of human experience. In its original form, political economy emerged from the more general field of moral philosophy. However, since the mid-nineteenth century, political economy has withered in its scope while...