Principles of Economic Sociology

Principles of Economic Sociology Synopsis

First published in 1939, Principles of Economic Sociology has a two-fold object: first, to develop an economic theory of primitive life, secondly, to show the social principles behind the making of economic decisions, whether among primitive or advanced peoples. Economic theory was first developed with regard to Western exchange economics. Since then, it has been explored among the activities of totalitarian states. Here the process is carried a step further, by tracing economic theory in the lives of primitive peoples. It shows how the Bantu of Africa make economic choices, dispose of their resources, and apply capital to the meeting of future needs, always in a manner dictated by their own culture, yet fundamentally on principles similar to those of advanced peoples.

The importance of groups in the making of economic decisions is stressed. Economics is enriched by a study of the structure of groups, since this plays a fundamental part in the forming of decisions. The author hopes that his work will encourage economists to use a knowledge of primitive peoples to test their theories and help to coordinate the two major branches of social science, economics and sociology. This is an important historical reference work for scholars of African economics, economic sociology, and economic history.