This is the first international financial crisis of its type, which perhaps has been overstated in terms of its real effects. As well as jacobite uprisings, you also have a sense of the catholics coming back. And that restlessness was something that appealed to mandeville. It seems like his ideas became in tune with this restlessness.
Melvyn Bragg and guests discuss Bernard Mandeville (1670-1733) and his critique of the economy as he found it in London, where private vices were condemned without acknowledging their public benefit. In his poem The Grumbling Hive (1705), he presented an allegory in which the economy collapsed once knavish bees turned honest. When republished with a commentary, The Fable of the Bees was seen as a scandalous attack on Christian values and Mandeville was recommended for prosecution for his tendency to corrupt all morals. He kept writing, and his ideas went on to influence David Hume and Adam Smith, as well as Keynes and Hayek.
With
David Wootton
Anniversary Professor of History at the University of York
Helen Paul
Lecturer in Economics and Economic History at the University of Southampton
And
John Callanan
Senior Lecturer in Philosophy at King’s College London
Producer: Simon Tillotson