- 著者
-
若森 みどり
- 出版者
- The Japanese Society for the History of Economic Thought
- 雑誌
- 経済学史学会年報 (ISSN:04534786)
- 巻号頁・発行日
- vol.44, no.44, pp.45-58, 2003 (Released:2010-08-05)
- 参考文献数
- 18
Henry Clay [1883-1954] was known as a strong advocate of “rationalisation” in the decade of the 1920s. In 1933 he was appointed to an economic adviser of Montague Norman who was the governor of the Bank of England. The purpose of this paper is to examine Clay's ideas regarding the industry, economic organisation, and co-operation that evolved in the period from 1916 to 1929.Clay lectured on economics for the Worker's Educational Association between 1909 and 1917, and published a book entitled Economics: an Introduction for the General Reader [1916]. Clay's intention was to explain the social arrangements which make the business transaction “possible.” For Clay, economics should be the study of business in its social aspect; it is the object of economics to explain such arrangements in detail and to show how the system works, and economists should study what points of contact the economic order has with the political order, and how far the economic order harmonies with the moral order. Criticizing “a survival from the period of orthodox laissez faire, ” Clay suggested that the object of economics was not the advocacy of the present economic system. Focusing on specialisation and the production system's dependence on anticipated demand, Clay treated difficulties such as severe fluctuations, over-production, and the unemployment that accompanied them as “imperfections of co-operation.” Clay closely evaluated the social role of businessmen in organizing and co-ordinating industry both efficiently and morally, because they prevented those difficulties. In addition, Clay insisted that the economic organisation in the past had been moralized by the action of the State quite as much as through the economic actions of individuals; a few examples would be the reform of the early factories, the abolition of infant labour in mines, the regulation of dangerous trades, and the prevention of deleterious adulteration, all of which had needed the intervention of the State.After the First World War, the economic conditions and circumstances dramatically changed. Clay came to consider that the most urgent problem was how to reconstruct the British industry. Immediately following the war, Clay insisted on the need for the imperative leadership of government to reset an industrial order for peace (Clay 1918). However, the government did not take such measures. So Clay blamed the difficulties of the post-war unemployment problem and those of depressed industries on the mismanagement of the government including the return to the gold standard (Clay 1929a, 1929b). The greater comparative depression of the export industries was one of the most striking features of the post-war period. In late 1920s, Clay suggested “rationalisation”: the regeneration of private enterprise or the amalgamation of small businesses by banks. Clay regarded the banks to have the ability to reorganize finance and give strategic knowledge to firms, both of which were necessary for efficient management.