Political Economy Club

The Political Economy Club is the world's oldest economics association founded by James Mill[1] and a circle of friends in 1821 in London, for the purpose of coming to an agreement on the fundamental principles of political economy. David Ricardo, James Mill, Thomas Malthus (the only one holding an academic post at the time), and Robert Torrens were among the original luminaries.[2]

This article is about the club established in 1821. For 1909 establishment, see Political Economy Club (1909).

In the early 19th century there were no academic societies or professional associations for economists. The Political Economy Club was a way to establish a scientific community, test ideas, and provide peer review for their work.[3]

Despite its closed nature, the Political Economy Club was a domineering influence in 19th C. economics. But its exclusivity prevented it from becoming a wider association for economists. That role was filled by Section F of the BAAS (founded1832), the Statistical Society of London (f.1834), the Cobden Club (f.1866) and finally the British Economic Association (f.1890).[4]

History

The club was founded in 1821 and supported free trade. On 18 April 1821, Swinton Holand held the first meeting at his house. A second larger meeting was held at Freemasons' Tavern, London on 30 April.[5]

The Club now meets on a monthly basis in Brooks's to hear papers presented by members of the club and a discussion over dinner.

Discussions

The participants soon found substantial difficulties in formulating and reaching agreement on their fundamental propositions. Ricardo felt that none of their views was safe from criticism. Reflecting on their theoretical discussions in 1823, Ricardo privately expressed his famous opinion about the "non-existence of any measure of absolute value."[6]

Participants

Founding Members of the Political Economy Club (1821) [7]

George Basevi
G. Brown
I. Cazenove
John Welsford Cowell
William Keith Douglas
Henry Entwistle
George Grote, M.P.
Swinton C. Holland
Sir G.G. de H. Larpent, Bart.
Sir J.G.S. Lefevre, KCB
George Lyall, M.P.
Colonel W.L. Maberly
Zachary Macaulay
I.L. Malthus
Rev. Thomas Robert Malthus
James Mill
F. Mitchell
Robert Mushet
George Wade Norman
Sir Henry Parnell, M.P.
Alexander Prevost
Charles Prinsep
David Ricardo
Edward Simson
R. Simpson
John Abel Smith, M.P.
Thomas Tooke
Colonel Robert Torrens
Henry Warburton, M.P.

Selected later members (with date of admission)[8]

Walter Coulson (1822, editor of Torrens's Globe)
Nassau William Senior (1823)
James Ramsay McCulloch (1829)
Samuel Jones Lloyd, Lord Overstone (1831)
Thomas Perronet Thompson (1831)
George Pryme (1833)
Edwin Chadwick (1834)
John Stuart Mill (1836)
George R. Porter (1841)
William T. Thornton (1847)
William Newmarch (1852)
Walter Bagehot
Robert Giffen
J.E. Thorold Rogers
W. Stanley Jevons

Honorary Members ex oficio: (limited to six from the following list) [9]

Drummond Professor of Political Economy of Oxford,
Professor of Political Economy (Cambridge),
Whately Chair of Political Economy of Trinity College, Dublin,
Tooke Professor of King's College, London,
Professor of Political Economy of University College London,
Cobden Professor of Owens College, Manchester,
Professors in political economy at Queen's Colleges of Ireland (Belfast, Cork, Galway)
Professors of the universities of Scotland (Edinburgh, Glasgow, Aberdeen, St. Andrews)

Currently members of the society include:

David Willetts, Baron Willetts,
Peter Jay,
Charles Dumas,
Sir Adam Ridley,
Diana Choyleva,
Tim Congdon, and
Gabriel Stein.

Notable members include:

David Ricardo, Thomas Malthus, James Mill, Colonel Thomas Moody, Kt.,[10] Robert Torrens, Thomas Tooke, John Stuart Mill, John Ramsey McCulloch, Nassau Senior, John Elliott Cairnes, Henry Fawcett, William Newmarch, Samuel Jones-Loyd, 1st Baron Overstone, Jane Marcet,[11] George Warde Norman, William Blake, and Jean-Baptiste Say.

Later: William Stanley Jevons, Thomas Edward Cliffe Leslie, Walter Coulson, Robert Mushet, Henry Parnell, James Pennington, John Horsley Palmer, and Thomas Perronet Thompson. Others were drawn from outside the ranks of economists, including G. G. de Larpent, George John Shaw-Lefevre, John Abel Smith, Henry Warburton, Lord Althorp, William Whitmore, W. B. Baring, Poulett Thomson, Sir Robert Wilmot-Horton, Lord Monteagle, Charles Hay Cameron, James Deacon Hume, George Grote, James Morrison, Edwin Chadwick, Sir Robert Giffen, Charles Buller, and Sir William Clay.

Significant elections after 1840 include Robert Lowe, Sir G. C. Lewis, Rowland Hill, Stafford Northcote, George J. Goschen, William Ewart Gladstone, and W. E. Forster.[12]

See also

References
  1. "Archived copy". Archived from the original on 3 April 2008. Retrieved 4 April 2009.CS1 maint: archived copy as title (link) James Mill, 1773-1836
  2. Elie Halévy, The Growth of Philosophic Radicalism, tr. Mary Morris. Boston, Beacon Press, 1955, p. 343.
  3. "Archived copy". Archived from the original on 29 August 2008. Retrieved 29 July 2009.CS1 maint: archived copy as title (link) D. P. O'Brien, The Classical Economists Revisited. Princeton University Press, 2004.
  4. https://www.hetwebsite.net/het/schools/peclub.htm. Missing or empty |title= (help)The Political Economy Club
  5. http://archives.lse.ac.uk/Record.aspx?src=CalmView.Catalog&id=PEC
  6. Ricardo to Malthus, 15 August 1823. Quoted by Halevy, Ibid., p. 352.
  7. https://www.hetwebsite.net/het/schools/peclub.htm. Missing or empty |title= (help) "The Political Economy Club"
  8. https://www.hetwebsite.net/het/schools/peclub.htm. Missing or empty |title= (help) "The Political Economy Club"
  9. https://www.hetwebsite.net/het/schools/peclub.htm. Missing or empty |title= (help) "The Political Economy Club"
  10. Hall, Catherine; Draper, Nicholas; McClelland, Keith (1 November 2015). Emancipation and the Remaking of the British Imperial World. Oxford University Press.
  11. "Archived copy". Archived from the original on 3 September 2006. Retrieved 26 November 2006.CS1 maint: archived copy as title (link) Gary R. Evans, Humanities 2 "Classics of Economic Thought"
  12. "Archived copy". Archived from the original on 29 August 2008. Retrieved 29 July 2009.CS1 maint: archived copy as title (link) D. P. O'Brien, The Classical Economists Revisited. Princeton University Press, 2004.

Archives

Publications
  • J. R. McCulloch, Early English Tracts on Commerce. London: Political Economy Club (1856); Cambridge University Press, 1954.
  • Political Economy Club, Revised Report of the Proceedings at the Dinner of 31 May 1876, Held in Celebration of the Hundredth Year of the Publication of the “Wealth of Nations” (London: Longmans, Green, Reader & Dyer (1876).
  • Political Economy Club : founded in London, 1821 : minutes of proceedings, 1899–1920, roll of members and questions discussed, 1821-1920 with documents bearing on the history of the club. Macmillan and Co., (1921)
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