- Person
- David Ricardo
- Lived
- 1772–1823
- Field
- Economics and finance
- From
- British
The story
In the early nineteenth century many seats in the House of Commons were controlled by a handful of voters or by a single patron. These so-called rotten boroughs could be bought and sold, while growing industrial cities had little or no representation. David Ricardo entered the Commons in February 1819 through that very system. He sat for Portarlington, an Irish borough with only about a dozen electors, whose seat he had acquired for £4,000 as part of the terms of a £25,000 loan to Lord Portarlington, and he never visited his constituents.
Once in Parliament, he worked to change the system that had put him there. He did not attach himself firmly to any party, but on general questions he tended to side with the opposition, and he sat as a Whig. He was a staunch advocate of moderate reform of Parliament, which he described as the most effective safeguard against revolution. He voted for parliamentary reform and in 1822 spoke in its favour at the Westminster anniversary reform dinner.
He also supported the secret ballot. His friend John Louis Mallett wrote that Ricardo spoke of parliamentary reform and the ballot as a man who would bring such things about and destroy the existing system tomorrow, if he could, and without the slightest doubt about the result.
His concern for political liberty went further. Months after he entered Parliament, cavalry charged a crowd of about 60,000 people gathered at St Peter's Field in Manchester to demand parliamentary reform, killing eighteen in what became known as the Peterloo Massacre. Ricardo voted for an inquiry into the massacre and against the repressive Gagging Acts that followed, and he supported religious toleration throughout.
Ricardo died in 1823, before the reform he wanted came about. Two of his sons later served as MPs, and the causes he championed, a wider and fairer franchise and the secret ballot, eventually became part of British democracy.
Why it matters
Ricardo's support helped build the case for a fairer electoral system in which ordinary voters could choose freely.
About David Ricardo
Sephardic stockbroker’s son who made a fortune in the City, then founded classical economics, the theory of comparative advantage, rent and money behind the case for free trade.
More about David Ricardo
- David Ricardo called slavery a stain on BritainDavid Ricardo was an abolitionist. In March 1823 he told a meeting of the East India Company’s Court that he regarded slavery as a stain on the nation’s character.
- David Ricardo voted to end the death penalty for forgeryAs an MP, David Ricardo voted in 1821 to abolish the death penalty for forgery, backed criminal law reform and sought an inquiry into the Peterloo Massacre.
- David Ricardo admitted machines could hurt workersIn 1821 David Ricardo added a chapter “On Machinery” to his Principles, openly changing his mind and accepting that machines could harm workers’ interests.
- David Ricardo proved that trade can benefit every nationIn his 1817 Principles, David Ricardo introduced comparative advantage, showing that two countries gain from trade even if one is better at producing everything.
- David Ricardo warned against issuing too much moneyIn 1810 David Ricardo published The High Price of Bullion, arguing that the Bank of England’s excessive note issue had caused banknotes to lose value.
- David Ricardo’s theory of rent inspired later reformersDavid Ricardo explained economic rent as the extra return from better land, an idea that inspired Henry George’s 1879 classic Progress and Poverty.
- David Ricardo campaigned against Britain’s Corn LawsDavid Ricardo argued that Britain’s Corn Laws made bread dearer and held back growth. After his death Parliament repealed them in 1846 and free trade became policy.
- David Ricardo proposed an independent central bankIn his Plan for the Establishment of a National Bank, published in 1824, David Ricardo argued that money should be issued by an independent public body.
Sources
- David Ricardo Wikipedia
- David Ricardo, Ireland’s first Jewish-born MP, was elected 200 years ago Patrick Comerford
- Ricardo, David (1772–1823) Keir Armstrong, Carleton University (from The New Palgrave)
- Peterloo Massacre Wikipedia
Another act of tikkun olam. This is part of tikkun olam, the Jewish idea of repairing the world, and every one of us can add to it.