Review of W. Stark (ed.), Jeremy Bentham's Economic Writings. Vol. III

Abstract

Early 18th-century colonial Louisiana faced persistent stagnation due to speculative leadership and the failure of tobacco and wheat cultivation, yet French expansion toward the Rio Grande eventually established vital hinterland connections. During the same era, the evolution of economic thought was shaped by the transition of utilitarian theory from broad inquiry to specific examinations of monetary regulation and state intervention. Jeremy Bentham’s conceptualization of utility and the material motivations of the individual provided a critical psychological basis for subsequent marginal analysis and welfare economics, even as his later writings focused more heavily on the practicalities of bank regulation. Concurrent with these theoretical developments, 19th-century infrastructure projects like the Welland Canal struggled to overcome the commercial dominance of established routes such as the Erie Canal. Despite its strategic potential for linking the Great Lakes to the St. Lawrence, the project suffered from chronic capital shortages, technical failures, and a reliance on foreign investment, leading to its eventual absorption by the state. These separate historical trajectories—the fragile stability of early colonies, the refinement of utilitarian economic frameworks, and the competitive pressures of inland navigation—collectively demonstrate the volatility of early modern economic development and the increasing necessity of public administration in sustaining large-scale enterprise. – AI-generated abstract.