Abstract

In the “Principles of the Civil Code,” Jeremy Bentham identifies four “principles subsidiary to utility”: subsistence, abundance, equality, and security. Whereas these subsidiary principles form part of the bedrock of classical liberalism, in this essay I show that in the hands of his friend and disciple William Thompson, they are transformed into the foundations for socialism. Where Bentham prioritizes security over equality, and security of property takes a preeminent role, Thompson shows that the system of individual competition and private property—his way of describing capitalism—is best characterized by the “inequality of security.” Based on the labor theory of property, Thompson argues that the system that assigns ownership to the providers of capital violates the workers’ security—the right to have the full produce of their labor secured to them. Thompson then reconciles security and equality, understanding them as mutually constitutive instead of in conflict. From his work...