William Thompson

Economic Theorist

  • Born: 1775
  • Birthplace: Cork City, County Cork, Ireland
  • Died: March 28, 1833
  • Place of death: Rosscarbery, County Cork, Ireland

Biography

William Thompson was born in 1775 (some sources say 1785) in Cork, Ireland, the son of John Thompson, a wealthy merchant. While still young he became a prominent member of the Cork Philosophical and Literary Society, where he was branded a “red republican,” a reputation that estranged him from his family. In 1814, however, his father died and he inherited the family business. He was uninterested in the trading aspects of the business but it included a small rural estate, which he determined to run in person, in striking contrast to the common situation in the south of Ireland, where absentee landlords routinely exacted ruinous revenues from their tenants without a care for their welfare or the long-term sustenance of their assets.

Thompson established a model farm on the estate and introduced numerous significant agricultural reforms, becoming extremely popular with his Catholic tenants in spite of his loudly professed atheism. His pamphlet on Practical Education for the South of Ireland, issued in 1818, cemented his reputation as a renegade from his class and a man with direly dangerous ideas. In 1819, he was invited by Jeremy Bentham to stay with him in London, and he did so for four months. He met James Mill and other prominent reformers and became interested in the utopian ideas of Robert Owen.

Thompson published his most significant and original work, An Inquiry into the Principles and Distribution of Wealth Most Conducive to Human Happiness, in 1824. It laid down the fundamental ideas of the Co-operative movement, a philosophy that was to prove enormously important on the British mainland in the latter part of the century. He followed the book with An Appeal of One Half of the Human Race (1825), a classic feminist text written in collaboration with Anna Doyle Wheeler. Labor Rewarded: The Claims of Labor and Capital Conciliated, published in 1827, was a significant economic analysis which rejected the supposed benefits of economic competition, declaring that the ideology of competition was merely a mask for coercion and exploitation. The analysis anticipated Karl Marx but scrupulously demanded reform rather than revolution.

Thompson’s Practical Directions for the Speedy and Economical Establishment of Communities on the Principle of Mutual Cooperation, issued in 1830, extended the theory that would eventually fuel and underlie the Co-operative movement. He also helped to establish the Co-operative Magazine but did not live to see his work take full effect. He never married and lived very frugally; he was a nonsmoker, a teetotaler, and a vegetarian. Thompson died on March 28, 1833, of an inflammation of the chest. His story did not end there, however; he was buried, in spite of his declared wishes, and had to be exhumed again so that the terms of his will could be fulfilled and his corpse dissected in the cause of medical science.