The debating tradition in Britain and the new political economy: William Thompson and John Stuart Mill at the London Co-operative Society in 1825

Abstract

Abstract: This paper reviews the debate between William Thompson and John Stuart Mill that happened at the London Co-operative Society in 1825 over the advantages of cooperation as against free competition. The general context of the controversy is provided by some historical background on British debating tradition within the working people. Next, the philosophical doctrines of Jeremy Bentham and Robert Owen are outlined as the main forces of social change in the 1820s, both of which would collide during the faceoff at the Co-operative Society. Following that, we examine William Thompson’s ideas on income distribution and the moral evils of competition. Lastly, we present John Mill’s approach to these same issues, showing that his basic conception of individual liberty did not change throughout his life, despite his late agreement with the economic benefits of cooperation. The final remarks stress the originality of the theoretical elements put forth in the debate.