History of Political Economy 35.4 (2003) 759-777
This symposium is concerned with prejudice and economics. This essay turns from prejudice in those concerned with advancing economics, to prejudice in those concerned with diminishing economics. It turns to the prejudice of those implacably hostile to economics: "anti-economists."
Anti-economics is almost as old as economics itself (see Coleman 2002). Its historical investigator need not venture far into the pre-1930 literature of anti-economics before encountering conspicuous anti-Semitic effusions in some of its leading lights (e.g., Leroux, Dühring, Toussenel, Cobbett). These effusions have a frequency, length, and intensity that make them distinctive, even by the standards of the nineteenth century. One may say that, before about 1930, anti-economics and anti-Semitism existed in striking conjunction. But how much significance did this conjunction have? Did it signify at all? This article argues that it did—and that the conjunction was not accidental. As we will show, anti-economics and modern anti-Semitism shared some leading ideological contentions. Although these contentions themselves address directly neither Jewry nor economics, they almost amount to a sine qua non of most modern forms of anti-economics and anti-Semitism, in that if one was to deny these contentions then one simultaneously empties the force of most popular forms of anti-economics, along with many strands of anti-Semitism.
This essay begins by identifying the leading assumptions of anti-economics that we will maintain are a sine qua non of much anti-Semitism. We then demonstrate that many leading articulators of anti-economics also maintained a congruent anti-Semitism. The paper then exposes a virtual fusion of anti-economics and anti-Semitism. It concludes with a contrast of the tolerance of Jewry by the classical economists with the intolerance of their contemporary lumières.
The defining feature of anti-economics is its belief that economics is a bane. To the anti-economist, economics is harmful; it is "pernicious" (Moffat 1878, 5). It would be best, therefore, if it were done away with. It would be best if its teachings were discredited, its honors (such as the Nobel Prize) abolished, its representatives barred from public institutions, its institutional identity effaced, its centers of propagation encumbered or eliminated.
The thickly and widely scattered justifications of anti-economics are not reducible to a single case. Anti-economics is instead composed of a suite of distinct cases, each with its own worldview, critique, historical genesis, and habitat (Coleman 2002). The most important of these are Right anti-economics, Left anti-economics, nationalist anti-economics, irrationalist anti-economics, altruistic anti-economics, ideal anti-economics, and material anti-economics.
We will briefly summarize each.
Emerging in the late eighteenth century, Right anti-economics sees the market as destroying a desirable social order, identifies economists as the market's advocates, and consequently judges them to accommodate, wittingly or unwittingly, the destruction of this desirable social order. To Right anti-economics, economists are the apostles of disorder, the ideologists of anarchy, "the wretched procurers of sedition" (Toussenel 1847).
One distinguished example of a Right anti-economist was L.-G.-A. de Bonald (1754–1840), an advocate of absolute monarchy and ecclesiastical authority (Bonald [1810] 1864a, [1810] 1864b). Better-known examples include John Ruskin, Thomas Carlyle, and William Cobbett.
Whereas Right anti-economics assumes the market destroys social order (and is therefore bad), Left anti-economics supposes it maintains the social order and is therefore (also) bad. The Left interpretation of the relation of the market to the social order readily suggests a verdict on economics. To the Left, economics, through its advocacy of the market, is merely buttressing the social order. Economists are the "apostles of the rich."
Karl Marx provides the classic template for this thesis, which has been restated by many persons since, including J. A. Hobson (1858–1940).
Right economics and Left economics find common ground in the hypothesis that financiers and capitalists are the effective, but parvenu, rulers of society. In this hypothesis capitalists are simultaneously usurper and potentate. Alphonse Toussenel (1803–1885), who ambiguously straddled Left and Right, championed this thesis.
Nationalist...