Summary
The son of James Mill, a famous economist, philosopher, and champion of laissez faire, John Stuart Mill, a child prodigy, learned Greek at the age of three and studied Latin at eight. By the age of twelve, he had read Greek and Roman classics in the original as well as English philosophy and history. He absorbed geometry, algebra, and differential calculus, and wrote books on history. By the age of thirteen, he mastered logic and read major works on economics.
Mill did not write his philosophy of economics, however, until thirty years later. In the meantime, he fell in love with Harriet Taylor, who educated him on the subject of women's rights. Because she was married, their romance remained platonic for twenty years, even though they lived and traveled together. They married after Mrs. Taylor's husband died.
With the publication of his two-volume economic masterpiece, Principles of Political Economy (1848), Mill gained recognition as the greatest economist of his age. The significance of this work is that it dealt a severe blow to the concept of laissez faire. In surveying the field of economics, Mill discovered that laws laid down by classical economists applied to production but not to the distribution of wealth. He argued that, because distribution depended on society's customs and laws, there was no right way to distribute wealth. This profound discovery meant that society could distribute its wealth on the basis of ethics and morality instead of cold, impersonal laws.
In contrast to the despair of Malthus and Ricardo, Mill envisioned hope. He believed that through education, workers would realize the impact of the Malthusian doctrine and would voluntarily regulate population. He maintained that workers should form cooperatives and unions to seek higher wages.
Opposed to government regulation and recognizing communism's threat to individualism, he believed legislation was necessary to protect women and children who worked in factories.
Consequently, by favoring government intervention to remedy injustice, Mill modifed the doctrine of laissez faire. He called for taxes on inheritance and rent. The success of his book led to Mill's publication of a cheap, one-volume edition, priced to reach the working class.
Commentary
John Stuart Mill, founder of utilitarianism, is known for contributing to political science and ethics. His essay "On Liberty," a manifesto against despotism, is perhaps the finest piece written on individualism. A peaceful and reasonable man, Mill treasured his wife and the pursuit of knowledge. He later called himself a socialist, although his philosophy placed him somewhere between capitalism and socialism. He was one of the first spokespersons favoring equal rights and education for women, the subject of his "Enfranchisement of Women" and The Subjection of Women (1869).
