The London School

The London School, England Economic History

The London School of Economics, which began operations in 1895, a period of depression, was founded by such Fabian Socialists as the Webbs, G. B. Shaw, and Wallas, aided by such Historical School economists as Hewins. This group was dissatisfied with the teaching of economics, and the aim was to counteract the doctrines of the Classical School, including free trade. Edwin Cannan, as an anti-Classical economist, cooperated. About 1909, the courses were expanded to include methods of relieving poverty and training for social workers. Ten years later, Sir Wm. Beveridge became director. And the early years after World War I brought in the Socialist, H. Laski.x

In 1921, the publication Economica was begun.

J. R. Hicks came to the School a little later. (There he worked with N. Kaldor, A. P. Lerner, and R. G. D. Allen in the years 1930-1935.) It is to be noted that the London School, while predominantly Socialist or Institutionalist in its early tendency, has been broad in its policies, and has had on its faculty such outstanding and relatively conservative economists as Hayek, Lionel Robbins, and A. A. Young.