Piercy Ravenstone: a study in nineteenth century radical economics

Abstract

Between 1820 and 1840, there arose in England a small school of economic thought, intensely anti-capitalistic, known as the Ricardian socialists. Their basic idea was the laborers' right to their whole product. One somewhat obscure member of this group was Piercy Ravenstone who wrote A Few Doubts on the Subjects of Population and Political Economy in 1821 and Thoughts on the Funding System and Its Effects in 1824.

In this thesis, I have put forth Ravenstone's system in detail by thoroughly examining both of his works. His basic approach is to demolish the Malthusian population theory, putting in its place a theory which shows that exploitation through rent, taxes and profit is the cause of worker misery. Before examining Ravenstone's work, I have described the historical events which led to early socialist ideology and have given a general overview of Ricardian socialism and its connection with the more classical economics. Profiles of the 2 more well-known members of the school are given and thoughts of Karl Marx on the work of these men are briefly discussed.

The conclusion reached is that Ravenstone was not a true socialist but rather was somewhat right-wing. Although he shared many socialist criticisms of capitalist society, he espoused a society of individual workers in both manufacturing and agriculture rather than Owenist establishments or communism.