Henry Carey’s Political-Ecological Economics

Abstract

Henry Carey was the most important American economist of the middle part of the 19th century. Although he lacked an academic following in the United States, he was influential in Europe. In the course of denouncing British trade policy and British political economy, Carey developed an ecological-economic analysis that prefigures much modern thought. Carey began with the dangers of soil depletion and developed a dynamic theory of value based on the cost of reproduction. He called for a development strategy based on the complete, local recycling of all goods, including even waste products from both animate and inanimate sources. This article details the strengths and shortcomings of Carey’s work. Although Carey was quite conservative and trusted in markets, his theories point in the direction of a radical ecological-economic program.