John Atkinson John Atkinson Hobson British economist, popular lecturer and writer, widely known for his harsh criticism of imperialism. Date of Birth: 06.07.1858 Country: Great Britain

1. Biography of John Atkinson Hobson
2. Education and Teaching Career
3. Theory of Underconsumption
4. Publications and Criticism of Imperialism
5. International Reputation and Later Years

Biography of John Atkinson Hobson

John Atkinson Hobson was a British economist, popular lecturer, and writer, widely known for his sharp criticism of imperialism. He was born on July 6, 1858, in Derby, to William Hobson, a prosperous newspaper owner, and Josephine Atkinson. His older brother, Ernest William Hobson, was a mathematician.

Education and Teaching Career

Hobson studied at Derby School and Lincoln College, Oxford. After completing his education, he taught classical and English literature at Faversham and Exeter schools. In 1887, he moved to London, where England was experiencing a prolonged economic depression. Hobson became acquainted with the ideas of social democrats, Christian socialists, and Henry George, as well as prominent members of the Fabian Society at the London School of Economics.

Theory of Underconsumption

Hobson's contribution to economics, particularly the theory of underconsumption, stemmed from his collaboration with Albert F. Mummery, a well-known businessman and mountaineer. Together, they introduced the concept of underconsumption in their 1889 book, "Physiology of Industry," which sharply criticized the principle of frugality in classical economics and Say's Law. However, the bold and self-assured tone of their book damaged Hobson's reputation in professional economic circles, leading to his marginalization from the scientific community.

Publications and Criticism of Imperialism

Towards the end of the 19th century, Hobson published notable works such as "Problems of Poverty" (1891), "Evolution of Modern Capitalism" (1894), "Problem of the Unemployed" (1896), and "John Ruskin: Social Reformer" (1898). These works established Hobson as a critic of the classical theory of rent. During his tenure as a correspondent for the Manchester Guardian in South Africa, he developed the idea that imperialism was a direct result of the expansion of modern capitalism. Hobson believed that mine owners, led by Cecil Rhodes, manipulated the forces of Britain to engage in a struggle with the Boers in order to maximize their profits from resource extraction.

International Reputation and Later Years

Hobson's return to England was marked by his strong condemnation of the war in South Africa. In the following years, his publications explored the links between imperialism and international conflicts. His major work, "Imperialism" (1902), argued that imperial expansion was driven by the search for new markets and investment opportunities overseas. This book gained Hobson international recognition and influenced the ideas of prominent thinkers such as Lenin, Trotsky, and Hannah Arendt.

In 1909, Hobson published "The Industrial System," in which he asserted that the uneven distribution of income, through over-accumulation and underconsumption, led to unemployment. He proposed the use of taxation and the nationalization of monopolies as means of redistributing income and eliminating these "surpluses." Hobson opposed the First World War and joined the Union of Democratic Control. However, he strongly disagreed with the establishment of the League of Nations. In 1919, Hobson joined the Independent Labour Party and began writing for socialist publications.

In his later years, Hobson published his autobiography, "Confessions of an Economic Heretic" (1938), and expressed hope for the United States to join Britain in World War II. He passed away on April 1, 1940, before German planes attacked British airspace.