
Is the economy a driving force behind democracy or its gravedigger? – Article 3 American independence and the adoption of the federal Constitution constitute two successive and distinct moments in the birth of the United States. From the resolutions of the First Continental Congress in 1774, through the Declaration of Independence in 1776, to the Constitution…

Is the economy a driving force behind democracy or its gravedigger? – Article 2 Political liberty and equality are the two cardinal principles of contemporary democracies. Their meaning may seem familiar, yet it is far from self-evident. Liberty may refer, among other things, to independence from domination, protection against arbitrary power, participation in collective government,…

In The Passions and the Interests (1977), the historian Albert O. Hirschman shows how, in the 17th and 18th centuries, the concept of interest established itself as the pivot of justificatory frameworks in political economy.1 His enquiry draws in particular on 17th-century moral philosophy, as well as on Montesquieu, Hume, and Smith. Building on those…

At the Origins of the Valorisation of the Economy (15th–19th Centuries) – Article 4 In eighteenth-century Great Britain, the word “interest” condenses heterogeneous realities that we now distinguish in order to avoid confusion. First, there is financial interest, an instrumental category and the primary one etymologically, which designates the temporal cost of a debt. It…

At the Origins of the Valorisation of the Economy (15th–19th Centuries) – Article 3 From the mid-16th to the 18th century, European power underwent a profound transformation. The strength of a state was no longer conceived only in terms of dynastic lineage, military glory, or defence of the true faith. Wealth ceased to be a…