Classical political economy recognised that what needed analysing, explaining, and acting on was an economic system inextricably linked to the wider political and social systems. Smith and Ricardo, as well as Marx, saw class and the distribution of income as key. Neoclassical economics replaced these social and collective categories with the individual consumer and the marginal product of labour as the fundamental analytical categories—the "political" having been discarded. Yet even one of th...Expand abstract
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- N.B. Professor Michie was based at Birkbeck College, University of London when this article was first published. The full-text of the article is not available in ORA at this time. Citation: Michie, J., Oughton, C. & Wilkinson, F. (2002). 'Against the new economic imperialism: some reflections', American Journal of Economics and Sociology, 61(1), 351-365. [Available at http://www3.interscience.wiley.com/journal/118501172/home].