Political Economy and Statesmanship

Smith, Hamilton, and the Foundation of the Commercial Republic

Bibliographic Data

ID3458637
AuthorsDonald Winch (corresponding author), Peter Mcnamara
Year1999
Volume56
Issue1
Pages225
Publication date1999-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueThe William and Mary Quarterly (JOURNAL)
Journal identifiersISSN: 0043-5597 • E-ISSN: 1933-7698
PublisherJSTOR (PUBLISHER)
DOI10.2307/2674619
OpenAlexW1970928640
LanguageEN
Citations received11

How and why do economies and societies develop? How can America maintain competitiveness in the global marketplace? What should be the balance between economic and political goals in the conduct of foreign policy? Questions concerning relations between politics and economics are not new. Stepping back from current controversies, McNamara shows how the debates between Smith and Hamilton on the foundation of the commercial republic point to an important juncture in the history of political thought. While remaining scrupulously fair to Smith's sophisticated account of politics and economics, McNamara brings out its limitations through a comparison with the statesman Hamilton's words and deeds. He stresses that Hamilton's reservations about Smithian political economy illustrate critical practical questions regarding the nature of capitalist economic development and call into question the relationship between political theory and political practice as it was conceived by Smith

Economics · Economy · Foundation (evidence · Political science · Politics · The Republic · Theology · American Constitutional Law and Politics · Economic Theory and Institutions · Law · Philosophy · Political Economy and Marxism

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