THE DEBATE ON ECONOMIC AND SOCIAL-SECURITY IN THE LATE 18TH-CENTURY -LESSONS OF A ROAD NOT TAKEN

The laissez faire political economy of the late eighteenth century was marked by two sharply opposing views of the relation between social s ecurity or insecurity and economic growth: one associated with Adam Sm ith, Turgot and Condorcet; and another associated with Malthus. The la tter school, with its faith in the motivating force of insecurity and fear, has been the more influential in subsequent economic thought. Bu t, contrary to prevailing neoliberal stereotypes, Smith, Turgot and Co ndorcet had much to say to modern students of economics concerning the necessary and positive relationship between social security and econo mic development. This essay explores their vision of how to improve th e life chances of the disadvantaged.