John A. Hobson: Economist Of Imperialism And Underconsumption
John A. Hobson, a British economist, played a significant role in shaping economic thought on imperialism and underconsumption. His theory of underconsumption, arguing that insufficient consumer demand leads to economic crises, challenged the prevailing classical economic theories. Hobson’s writings also influenced the Fabian Society and the Labour Party, contributing to the development of social and…