The Fabian Political Economy

Paper Summary:

This paper evaluates the relative strengths and weaknesses of the political economy espoused by the Fabians. It provides a history and general overview of the system and discusses the tenets of Fabian political economy. The paper concludes that the inconsistencies in the Fabian analysis of socialism dwarf its strengths and discusses the reasons for this conclusion.

From the Paper:

"In conclusion many of the assertions proffered by the Fabians clearly have strong elements of validity. The prescriptive and scientific approach to policy prescriptions, along with a wish to work to change the current system as opposed to overthrowing it gave their analysis significant legitimacy. However, the endemic flaws that lay within their brand of socialism made the application of their theories extremely difficult. It was this that constrained the minority Labour governments of the inter war years, and made it unlikely for their analysis as a whole to be adopted by later governments."

Sample of Sources Used:

• Cole, Margaret, The Story of Fabian Socialism (London: Heinemann, 1961)
• Foote, Geoffrey, The Labour Party's Political Thought: A History 3rd Edition (London: Macmillan Press, 1997)
• Shaw, George Bernard, ed, Fabian Essays in Socialism (London: The Fabian Society, 1920)
• Thompson, Noel, Political Economy and the Labour Party (London: UCL Press, 1996)
• Webb, Sidney and Beatrice, The Decay of Capitalist Civilisation (London: The Fabian Society, 1923)

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