The Political Economy of Social Credit and

Focusing on the Douglas Social Credit movement, this work examines the origin of the key ideas, gives an overview of the main theories and discusses their subsequent history. Thoroughly researched, it provides original material relevant to the field of political economy. This early approach to non-equilibrium economics reveals the extent of the incompatibility between capitalist growth economics and social and environmental sustainability.

Acknowledgements

x

INTRODUCTION

1

(6)

Part I

7

(76)

1 THE DOUGLAS/NEW AGE TEXTS IN HISTORICAL CONTEXT

7

(23)

Biographical setting

7

(6)

General definition of guild socialism

13

(1)

Origins of guild socialism

14

(4)

Guild socialists

18

(6)

Monetary theories

24

(3)

Conclusion

27

(3)

2 DOUGLAS/NEW AGE ECONOMICS

30

(29)

The texts

30

(1)

Basic principles

31

(1)

Time and money: an explanatory note

32

(2)

Money and credit

34

(9)

The A + B theorem

43

(5)

Implications of the A + B theorem

48

(6)

National dividend

54

(3)

Conclusion

57

(2)

3 DOUGLAS/NEW AGE PHILOSOPHY

59

(24)

Cultural heritage

59

(2)

Centralisation of power

61

(1)

Sufficiency and economic growth

62

(3)

Work, leisure and the problem of `unempayment'

65

(4)

Exports and international trade

69

(3)

The Draft Mining Scheme

72

(5)

Conclusion

77

(6)

Part II

83

(48)

4 ORTHODOX/NEOCLASSICAL REACTIONS

83

(11)

Reactions in the 1920s

83

(2)

Reactions in the 1930s

85

(1)

Academic and official reactions in the 1930s

86

(6)

Conclusion

92

(2)

5 THE LABOUR PARTY AND SOCIAL CREDIT

94

(21)

Sidneywebbicalism versus social credit in the 1920s

94

(4)

Background to the Labour Party report

98

(3)

The Douglas/Orage critique of the report

101

(3)

Background to Socialism and `Social Credit' (1935)

104

(7)

Socialism and `Social Credit'

111

(3)

Conclusion

114

(1)

6 SOCIALISM, LABOURISM AND SOCIAL CREDIT

115

(16)

The Fabians and Labour policy

118

(1)

G.D.H. Cole

119

(5)

J.A. Hobson

124

(1)

Other radical reactions

125

(3)

Conclusion

128

(3)

Part III

131

(50)

7 THE SOCIAL CREDIT MOVEMENT TO 1930

131

(11)

The origins of social credit

131

(1)

The social credit movement

132

(4)

The social credit movement 1918-22

136

(6)

8 THE SOCIAL CREDIT MOVEMENT AFTER 1930

142

(30)

Social credit publications

143

(4)

Social credit themes in the 1930s

147

(8)

Douglas: world tours

155

(1)

Hargrave and the Green Shirts

156

(2)

Orage and the Chandos group

158

(2)

Women, artists, the unemployed and the small farmer

160

(9)

Social credit and the 1935 general election

169

(1)

Conclusion

170

(2)

9 THE ALBERTA EXPERIMENT

172

(9)

Alberta and William Aberbart

173

(1)

The background

173

(1)

The Social Credit Party

174

(1)

Douglas and the UFA government

174

(1)

The social credit movement

175

(2)

Douglas and the Alberta experiment

177

(1)

Dictatorship of finance

178

(2)

Conclusion

180

(1)

Conclusion

181

(3)

Bibliography

184

(8)

Index

192

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The Political Economy of Social Credit and Guild Socialism

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