Moral Economy 19th Century

Moral Economy
Moral economy is said to be based on moral code goodness of a community. It means moral economy is based on fairness, goodness and justice. This kind of economy is usually stable in small and well formed communities. In these communities, the principle of mutuality is followed. This principle is that “If you scratch my back, I will scratch yours”. It means that if you do me a favor, I will do a favor for you. In these communities, people take care of each other.
It is operate to avoid free rider problem, Where economic transaction between strangers who cannot be formally sanctioned by the social network. The free rider problem can’t be solved easily and in response to that it can be difficult to maintain moral economy.
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Riots against the merchants who increased prices of products during the time of dearth were justified by moral economy so that the just price can be reassert. Historian E. P. Thompson described this phenomenon in his pioneering article on "The Moral Economy of the English Crowd in the Eighteenth Century" (1971). Other historians and sociologists later have describe this phenomenon in different situations, which also includes peasants' riots in continental Europe during the 19th century and Other developing countries suffer from same phenomenon in the twentieth. The scientist who was also famous for his political input James C. Scott, explained how this ideology could be used as a method of resisting authority in The Moral Economy of the Peasant: Subsistence and Rebellion in Southeast Asia (1976).
UTOPIAN MORAL ECONOMIES
In recent times, the moral economies in Utopia have arisen so that their economic system can be systematically reorganized and they reject the traditions of modern economies.
MODERN VIEWS ON MORAL