‘Principles of Political Economy’ by J.S. Mills is a magnum opus about the polity and economy that ruled in the 1800s. The book is divided into 5 parts.

Book 1 is about production and elucidates the basic requisites of production. The two main requisites are labour and natural objects. Labour refers to the human effort put in for production, whereas natural objects are the bounties of nature, available in plenty such as land. Effort is put in to convert these raw materials to usable products, which is sourced from labour. Labour also creates utilities. Another major requirement of labour is the capital. Capital, according to Mills, is the accumulated stock of the products of labour. Mills also explores rather abstract areas of production such as cooperation.

Book 2 talks about distribution. Distribution is the allocation of factors of production, property and produce. He talks about distribution of property from a communist as well as socialist point of view. Distribution of wages explains the wage fund theory. Workers and capitalists enjoy the advantages of labour and Mills acknowledges the difference between them.

Book 3 is on Exchange. Exchange of value, the value-price paradox, and its application to utility are few of the topics covered. Value is relative, since it is majorly dependent on quantity. The functions of money are discussed, the most important one being that it imparts value. Influence of credit on prices is similar to money. Joint price of two commodities contributes to its value in the market. Here the cost of production plays no role. Money is given prime importance as it is a conduit for trade and determines international values. It passes from country to country as a medium of foreign exchange and variation may affect trading prices.

Book 4 talks about the effect of societal progress on the economy. Thus the eco-politico nature of the book is brought forth. He talks about the connection between economic prosperity and societal progress. Societal progress is can be avoidance of war, increase in prosperity etc. he predicts that the newly empowered middle class will generate majority of the revenue.

Book 5 mentions government intervention in the economy. He dichotomises the functions of the government, into necessary and optional. The necessary functions are security, regulation, taxation and protection. Mills is an advocate of laissez fairism like the mercantilists. Mills believed that the government had ‘no business in businesses’ and should abstain from interfering with individual choice.

Les Miserables is a period musical film with its central theme revolving around the French revolution and the June uprising that took place in the 1799-1815. It shows the autocracy and its domino effect through the French economy, society and polity. The story highlights the plight of the proletariat during the uprising. We see Jean Valjean, an escaped convict who turns his life around and is compassionate by heart, yet he fears his past. We see a woman, Francine who was working under Jean become a prostitute and sell her hair and teeth, for a measly sum. These are just a few instances of the dreadful conditions that prevailed then. The setting is redolent of penury and a hard life. Wrong economic decisions taken by the then monarch led to such conditions of life. The climax of the movie is the June uprising that took place 17 years after the French Revolution. The Parisian uprising was an unsuccessful anti-monarchist revolution. The French Revolution that preceded this was more successful in granting freedom to the revolutionists. The common populace felt that their previous revolution was stolen by Louis-Philippe’s opportunist coterie, who handed him the power, thus giving the public an illusion of democracy.

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Issues – Eco-Politico Causes of the French Revolution

Bankruptcy was one of the main causes of the French revolution. This cause has widespread ramifications on the economy and polity. Deficit spending by the monarch and hard taxes caused a major financial upheaval. France was involved in the Seven Year’s War and the American Revolutionary War. Thus war spending and other grandeur spending drained the coffers. France was bankrupt by 1789 and had borrowed large amounts of money. But the interest on the debt exceeded the GNP and thus there was heavy deficit spending. This sent the French economy spiralling downwards. There was a tax levied on the nobles. The tax system needed reforms because it was heavily skewed towards the bourgeois and the clergy, so when tax reforms were carried out the ecclesiastical bodies and the nobles revolted against the heavy tax. Rumours of increasing taxes sparked restlessness in the masses. Splendour spending in the court of Louis and Marie Antoinette was quite high, many guests stayed at the castle on the taxpayer’s money. The agrarian crisis of 1788-89 caused grave discontent.