Grand Pursuit: A Story of Economic Genius. Sylvia Nasar
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opponents of slavery, and foes of protectionism, monopolies, and landowner privileges. He himself favored unions, universal suffrage, and women’s property rights. In response to the economic crisis and social strife of the Hungry Forties, he advocated the repeal of the 50 percent tax on imported grain. The typical laborer spent at least one-third of his meager pay on feeding himself and his family. Mill correctly predicted that once the tax on imports was abolished food prices would decline and real wages would rise. Yet even he remained profoundly pessimistic about the scope of improvements in the lives of workers. Like Carlyle, he was convinced that the repeal of the Corn Laws would only buy time, as the invention of the railroad, the opening up of the North American continent, and the discovery of gold in California had. Such developments, while beneficial, could not repeal the immutable laws by which the world was governed.
Malthus’s law of population and Ricardo’s iron law of wages and law of diminishing returns—the notion that using more and more labor to farm an acre would produce less and less extra output—all dictated that population would outrun resources and that the nation’s wealth could be enlarged only at the expense of the poor, who were doomed to spend “the great gifts of science as rapidly as . . . [they] got them in a mere insensate multiplication of the common life.”89 Government could do no more than create conditions in which enlightened self-interest and laws of supply and demand could work efficiently.
For Mill, economies are governed by natural laws, which couldn’t be changed by human will, any more than laws of gravity can. “Happily,” Mill wrote as he was finishing Principles in 1848, “there is nothing in the laws of Value which remains for the present or any future writer to clear up; the theory of the subject is complete.”90
Henry Mayhew, for one, refused to accept this conclusion. By his lights, Mill had failed in his attempt to turn political economy into a “gay science,” that is, a science capable of increasing the sum of human happiness, freedom, or control over circumstances.91 The fact that Mill had not jettisoned the iron law of wages was all the more reason for trying again. Ultimately, Mayhew did not succeed in mounting a challenge to the classical wage doctrine, and neither did anyone else of his generation. Still, his landmark series on London labor became the unofficial Baedeker for a younger generation of “social investigators” who were inspired by his reporting and shared his desire to learn how much improvement was possible without overturning the social order.
In August 1849, less than two years after Karl Marx had arrived in London amid a cholera epidemic, the whole world seemed to be descending upon his sanctuary to see the Great Exhibition. The first world’s fair was the brainchild of another German émigré, Queen Victoria’s husband, Prince Albert, but Marx, who was by then living with his wife, Jenny, their three young children, and their housekeeper in two dingy rooms over a shop in Soho, wanted nothing to do with it. He fled to seat G7 in the high-domed reading room of the British Museum with its cathedral-like gloom and refreshing quiet. Ignoring breathless newspaper accounts about the construction of the Crystal Palace in Hyde Park, Marx filled notebook after notebook with quotations, formulas, and disparaging comments as he pored over the works of the English economists Malthus, Ricardo, and James Mill, the father of John Stuart Mill. Let the philistines pray in the bourgeois Pantheon, he told himself. He would have no truck with false idols.
In May 1851, Karl Marx was no longer the dreamy young university student who spent days holed up in his dressing gown writing sonnets to a baron’s daughter, or the louche journalist who drank all night in Paris cafés. In the ten years since he had obtained his mail-order doctorate from the University of Jena, he had squandered a surprise inheritance of 6,000 francs from a distant relative. He had started three radical journals, two of which had folded after a single issue. He had never held a job for more than a few months. While his erstwhile protégé, Engels, had produced a best seller, his own magnum opus remained unwritten. He had published, but mostly long-winded polemics against other Socialists. At thirty-two, he was just another unemployed émigré, the head of a large and growing family, forced to beg and borrow from friends. Luckily for him, his guardian angel, Engels, had promised to pursue a career at his family’s firm expressly so that Marx could focus on his book full-time.
Meanwhile, as heads of state and other dignitaries swooped into town, Scotland Yard was keeping a close eye on radicals. Judging by a report from a Prussian government spy, the main threat posed by Marx was to Mrs. Beeton’s standards of housekeeping:
Marx lives in one of the worst, therefore one of the cheapest quarters of London. He occupies two rooms. The one looking out on the streets is the salon, and the bedroom is at the back. In the whole apartment there is not one clean and solid piece of furniture. Everything is broken, tattered and torn, with a half inch of dust over everything and the greatest disorder everywhere. In the middle of the salon there is a large old fashioned table covered with an oil cloth, and on it lie manuscripts, books and newspapers as well as the children’s toys, the rags and tatters of his wife’s sewing basket, several cups with broken ribs, knives, forks, lamps, an inkpot, tumblers, Dutch clay pipes, tobacco ash—in a word everything is topsy-turvy and all on the same table. A seller of second hand goods would be ashamed to give away such a remarkable collection of odds and ends.92
The Exhibition season represented a new nadir in Marx’s affairs. Though he adored his wife, he had carelessly gotten Helen Demuth, her personal maid and the family housekeeper, pregnant. Jenny, who was pregnant as well, was beside herself. Three months after she gave birth to a sickly girl, the family’s housekeeper delivered a bouncing baby boy. To quash the “unspeakable infamies” about the affair already circulating around gossipy émigré circles, Marx had his newborn son whisked off to foster parents in the East End, never to see him again. “The tactlessness of some individuals in this respect is colossal,” he complained to a friend.93 The boy’s mother stayed behind to care for the Marx family as before. With home more unbearable than ever, Marx hurried to seat number G7 every morning and stayed until closing.
By the time the Great Exhibition opened on May Day of 1851, Marx had already begun to doubt that the modern Rome would be overthrown by her own subjects. Instead of Chartists storming Buckingham Palace, four million British citizens and tens of thousands of foreigners invaded Hyde Park to attend the first world’s fair. The human wave helped launch Thomas Cook in the tour business and brought people of all backgrounds together. “Never before in England had there been so free and general a mixture of classes as under that roof,” crowed one of the many accounts of the fair published at the time.94 For Marx, the fair resembled the games Roman rulers staged to keep the mob entranced. “England seems to be the rock which breaks the revolutionary waves,” he had written in an earlier column for the Neue Rheinische Zeitung. “Every social upheaval in France . . . is bound to be thwarted by the English bourgeoisie, by Great Britain’s industrial and commercial domination of the world.”95 The Exhibition was meant to encourage commercial competition, which Prince Albert and some of its other sponsors hoped would foster peace. Marx had prayed for war: “Only a world war can break old England . . . and bring the proletariat to power.”96 The worse things got, he reasoned, the better the odds of revolution.
Still, he was not willing to totally discount the possibility that “the great advance in production since 1848” might lead to a new and more deadly crisis. Dismissing the Exhibition as “commodity fetishism,” he predicted the “imminent” collapse of the bourgeois order.97 As he and Engels had written in their Manifesto: “What the bourgeoisie therefore produces, above all, are its own grave-diggers.”98
Racing against time so as not to be overtaken by the “inevitable” revolution—if not in England, then on the Continent—Marx began working furiously on his own book of Revelation, a critique of “what Englishmen call ‘The Principles of Political Economy.’ ”99 Marx spent most days scouring the reading room at the British Museum for material for his great work. To the contemporary questions “How much improvement in living standards was possible under the modern system of private property and competition?” and “Could it endure?” Marx knew the answers had to be negative. His challenge now was to prove it.
When he took up economics in 1844, Marx did not set out to show that life under capitalism was awful. A decade of