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Hobson and ImperialismRadicalism, New Liberalism, and Finance 1887-1938$
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P. J. Cain

Print publication date: 2002

Print ISBN-13: 9780198203902

Published to Oxford Scholarship Online: January 2010

DOI: 10.1093/acprof:oso/9780198203902.001.0001

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Becoming a New Liberal, 1887–1898

Becoming a New Liberal, 1887–1898

(p.15) Chapter Two Becoming a New Liberal, 1887–1898
Hobson and Imperialism

P. J. Cain (Contributor Webpage)

Oxford University Press

This chapter demonstrates that Hobson's radicalism was not inherited, but something he had to learn after he came to London in the mid-1880s and began writing ‘A London Letter’ for his father's newspaper in Derby. During this period, he wrote his books, The Physiology of Industry and Evolution of Modern Capitalism. The chapter also investigates the links between Hobson's New Liberal stance and traditional radical thinking from Paine onwards, with special reference to the way that he developed the concept of unearned income as handed down from John Stuart Mill. His famous doctrines of underconsumption and oversaving were directly linked to his concern with the ‘unearned increment’, a concern that reached its climax in the Edwardian period with his most elaborate statement of the concept of surplus in the Industrial System.

Keywords:   J. A. Hobson, radicalism, The Physiology of Industry, Evolution of Modern Capitalism, New Liberal, Paine, John Stuart Mill, underconsumption, oversaving, Industrial System

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