London School of Bourgeois Political Economy definition of London School of Bourgeois Political Economy in the Free Online Encyclopedia.

London School of Bourgeois Political Economy

a current in bourgeois economic theory that developed in the late 19th century in the department of political economy at the University of London. The founder of the school was W. S. Jevons, and his followers included E. Kennan, F. A. Hayek, and L. C. Robbins.

The London school’s theories rest on an attempt to explain economic phenomena in terms of individual psychology, and to deny the tenets of the classical school of bourgeois political economy. It views society as an aggregate of economic individuals whose actions are guided by purely psychological considerations of gain. Social production, therefore, is subject not to economic laws but rather to the free play of market forces. The private market and the free functioning of market forces are natural and permanent categories. Orthodox representatives of this school exclude the possibility of society’s conscious control over economic development, restricting the entire scope of economic science to the study of supply and demand, which they consider to be the basic economic categories regulating social development.

The London school is one of the most reactionary currents of bourgeois economic thought, openly defending the interests of the capitalist monopolies. Contemporary liberal bourgeois economic science holds to be contradictory and therefore rejects the fundamental theoretical concepts of the London school with respect to limiting governmental intervention in the economy. The Conservative Party of Great Britain has made certain ideas of the London school the basis of its economic policies.

REFERENCES

Seligman, B. Osnovnye techeniia sovremennoi ekonomicheskoi mysli. Moscow, 1968. (Translated from English.)
Bliumin, I. G. Kritika burzhuaznoi politicheskoi ekonomii, vol. 2. Moscow, 1962.
Beveridge, J. An Epic of Clare Market: Birth and Early Days of the London School of Economics. London, 1960.

Mentioned in	?		Encyclopedia browser	?		Full browser	?
No references found			Lomovatka Lomovka Lompoc Lomu Lomza Lon Nol Lonchaeidae Lonchocarpus Londoko London London Basin London Bridge London Bridge Days London Company London Conference London Conference of 1830-31 London Convention of 1827 London Conventions on the Straits London equations London force London Naval Conference London Negotiations of 1939 London penetration depth London pride London Protocol of 1830 London School of Bourgeois Political Economy London School of Economics and Political Science London School of Linguistics London Science Museum London shrinkage London stock brick London Stock Exchange London superconductivity theory London superfluidity theory London Working Men's Association London, Declaration of London, Efim London, Efim Semenovich London, Fritz London, George London, Jack London, Meyer London, Treaty London, Treaty of 1854 London, Treaty of 1915 London, University London, University of Londonderry Londonderry, Robert Stewart, 2d marquess of Londrina Lone Pine State Park			London Region Fund Raising Executives London Region Nordic Ski Club London Regional Art and Historical Museums London Regional Cancer Program London Regional Passengers Committee London Regional Psychological Association London Regional Resilience Forum London Regional Transport London Regional Women's Committee London Research Centre London Research Focus Group London Resilience Team London Review of Books London Rice Brokers Association London Riverside Action Group London Road Community Action Group London Road Safety Unit London Rocket London Rocket London Rockin' Rollers London Royal Academy London Royal Academy of Music London Ruby Users Group London Rules London School of Biodynamic Psychotherapy London School of Bourgeois Political Economy London School of Business and Computing London School of Business and Finance London School of Business and Management London School of Carnatic Music London School of Computer Education London School of Contemporary Dance London School of Dramatic Art London School of Economics London School of Economics & Political Science London School of Economics and Political Science London School of Economics and Political Science London School of Economics Students Union London School of English London School of Hygiene and Tropical Medicine London School of Journalism London School of Linguistics London School of Management and Technology London School of Medicine for Women London School of Musical Theatre London School of Pharmacy London School of Public Relations London School of Sound London School of Sports Massage London School of Thai Massage London School of Traditional Massage