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Theory of the Webbs on national minimum and the future of British economy

Eriguchi, Taku (2010) Theory of the Webbs on national minimum and the future of British economy. In: HETSA2010 (History of Economic Thought Society of Australia), 7-9 July 2010, University of Sydney.

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Abstract

This paper tries to clarify that the Webbs’ national minimum theory was a modernising strategy for the British economy at the turn of the 20th century. The Webbs, contrary to the label of Fabian socialists, were influenced by A. Marshall’s organic growth theory. However, they could not accept the policy conclusion of his liberalism and tried to formulate the 'applied sociology' to be a guide for institutional co-ordination to make the British economy 'efficient'. For Beatrice Webb, this meant the departure from H. Spencer, her sociology teacher. They proposed a unique theory that trade unions are harmonious to industrial progress, and this formed the basis for the national minimum policy. Moreover, their national minimum was compatible with free trade. On this point, they were against W. Ashley’s protectionism and had a frame work similar to that of A.C. Pigou.

Item Type: Conference or Workshop Item (Lecture)
Additional Information: The full text is downloadable from the hetsa.org.au link.
Subjects: D History General and Old World > DA Great Britain
H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Date Deposited: 24 May 2017 13:57
Last Modified: 24 May 2017 13:57
URI: http://webbs.library.lse.ac.uk/id/eprint/921

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