The “Gentlemanly Capitalism” Thesis and J. A. Hobson

Abstract

As a contribution to the research for the history of economic theory and social thought, this paper clarifies the significance of the “Gentlemanly Capitalism” thesis proposed by P. F. Cain and A. G. Hopkins in the mid-1980's in the field of English history, particularly Social and Economic history.
First, we examine the emergence of this thesis chronologically focusing on its methodology and analyse the unique view of investment that characterises this thesis. Second, following the disputes surrounding its iconoclastic proposition, we summarise its shortcoming in the lack of the consumption perspective in dealing with the class policy. Third, concerning Cain's reseach on the imperialism theory of J. A. Hobson, the significance of the P. F. Clarke's criticism is discussed. In conclusion, “Gentlemanly Capitalism” thesis is judged as a static theory of the investment struture. A dynamic analysis of the social process of policy making is missing.