- Person
- David Ricardo
- Lived
- 1772–1823
- Field
- Economics and finance
- From
- British
The story
In the early nineteenth century English criminal law was notoriously harsh. By the end of the eighteenth century some 220 offences were punishable by death, a system later called the Bloody Code. Among them was the forgery of deeds, bills of exchange, stocks and banknotes. David Ricardo, who had made his fortune in finance and then retired to Gatcombe Park in Gloucestershire, knew the world of paper money well.
In February 1819 Ricardo entered Parliament as member for Portarlington. He sat as a Whig and quickly built a record as an earnest reformer, often voting with the opposition against the government of the day on questions of justice and liberty.
Months after he took his seat, the Peterloo Massacre of August 1819 left eighteen people dead when cavalry charged a crowd gathered to demand reform. Ricardo voted for an inquiry into the massacre, against the repressive Gagging Acts that followed, and to repeal the Blasphemous and Seditious Libels Act. In 1821 he voted for the abolition of the death penalty for forgery, and he again supported criminal law reform.
His concern for justice reached beyond Britain. He backed an inquiry into the administration of justice in the colony of Tobago and supported liberal movements in Naples and Sicily. In 1823 he condemned slavery as a stain on the nation's character. His friend John Louis Mallett remarked that Ricardo spoke of reform as a man who would bring such things about tomorrow if he could. The historian Patrick Comerford sums up his record as that of an earnest reformer who sought an inquiry into Peterloo and supported free trade, criminal law reform and the abolition of the death penalty.
Ricardo died in September 1823, but the cause he supported advanced. That same year the Judgment of Death Act made the death penalty discretionary for all crimes except treason and murder, and by 1861 the number of capital offences had been reduced to five.
Why it matters
Ricardo's votes added a respected voice to the campaign that gradually made British criminal justice more humane.
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 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 backed reform of Parliament and the ballotDavid Ricardo used his seat in Parliament to support parliamentary reform and the secret ballot, speaking for reform at a Westminster dinner in 1822.
- 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
- Bloody Code 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.