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Additional resources for Political Economy: A Comparative Approach, Second Edition
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Political Ideologies: Their Origins and Impact, 3rd ed. Englewo Cliffs, NJ: Prentice-Hall, 1988. The History of Political Economy 37 Cole, Ken, John Cammeron, and Chris Edwards. Why Economists Disagree: The Political Economy of Economics. New York: Longman, 1983. , and John Cownie, eds. Competing Philosophies in American Political Economics. Pacific Palisades, CA: Goodyear, 1975. Heilbroner, Robert. The Worldly Philosophers, 6th ed. New York: Simon 6c Schuster, 1986. Hoover, Kenneth. Ideology and Political Life.
People no longer felt "at home" in an unfamiliar world of anonymous strangers. The market's need for readily available resources resulted in most citizens being separated from any viable means of self-sufficiency. Many small farmers, having lost their land, became itinerant workers available for hire. Skilled artisans, who might previously have been members of professional guilds, could not compete against mechanized industry and were forced to seek employment in the factories. Even aristocrats suffered declining power and status as capital replaced land as the primary source of wealth.
The History of Political Economy 23 This emergent science of society came to be known as political economy. The same rational, economizing principles that individuals applied to the pursuit of their private interests would be extended to restructure the entire polity. The actual term "political economy" was introduced in 1616 by a French writer, Antoyne de Montchretien (1575-1621), in his book Treatise on Political Economy. The first known English usage occurred in 1767 with the publication of Inquiry into the Principles of Political Economy by Sir James Steuart (1712-1780).