Manchester capitalism
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Manchester Capitalism, Manchester School, Manchester Liberalism or Manchesterism are terms for political, economic and social movements of the 19th century that originated in Manchester, England.
Manchester was, at the time, the hub of the world’s textile manufacturing industry. Manchester was also the headquarters of the Anti-Corn Law League from 1839.
Theoretically, Manchester Liberalism was founded on the writings of David Hume, Adam Smith and Jean-Baptiste Say.
Manchester Capitalism is regarded as a response to the dominant economic system in 16th-18th century Europe: mercantilism.
Mercantilism holds that a country’s prosperity is dependent on large exports, but limited imports of goods. At the beginning of the 19th century, trade in Britain was still subject to import quotas, price ceilings and other state interventions. This led to shortages of certain goods and, in particular, corn (wheat) on British markets.
The Manchester Liberals argued that free trade would lead to a more equitable society, making essential products available to all.
The great champions of the "Manchester School" were Richard Cobden and John Bright. As well as being advocates of free trade they were radical opponents of war and imperialism and proponents of peaceful relations between peoples. Manchesterism can be seen as a belief in free and consensual relations amongst individuals and groups at all levels. Cobden's efforts in furtherance of free trade were always subordinate to what he deemed the highest moral purpose: the promotion of peace on earth and goodwill among men.
According to historian Ralph Raico, and as indicated by the German liberal Julius Faucher in 1870, the term "Manchesterism" was invented by Ferdinand Lassalle, the founder of German socialism and was meant as an abusive term.[1]
[edit] Notes and references
- ^ Raico, Ralph (2004) Authentic German Liberalism of the 19th Century Ecole Polytechnique, Centre de Recherce en Epistemologie Appliquee, Unité associée au CNRS
