Chicago school

Chicago School

A group of active architects working in Chicago (1880–1910) known for major innovations in high-rise construction and for the development of modern commercial building design. The group included Daniel H. Burnham, John W. Root, William Lee Baron Jenney, W. B. Mundie, William Holabird, and Louis Sullivan. The emphasis was on verticality and having the structural frame expressed on the exterior in the form of a skeleton structure, with the fenestration treated as an infill within the framework.

Chicago school

the pioneering grouping of urban sociologists and social theorists located at the University of Chicago in the interwar years.

The eminence of Chicago among American universities, and the city's distinctive Midwestern voice in American affairs, has meant that Chicago has been the centre of numerous major movements in modern social thought, including philosophical PRAGMATISM and SYMBOLIC INTERACTIONISM, as well as the Chicago school of urban sociology. Founded in 1892, Chicago's Department of Sociology was the first to be established in an American university. Its founder, Albion SMALL, and his successor, Robert PARK, developed an approach to urban social analysis distinguished by careful empirical research and a particular model of urban ecology. Drawing on Darwinian ideas, a model of urban ecological processes was developed which presented urban competition over land and housing as resulting in the spatial organization of cities as a series of concentric rings, each with its own shifting functional focus and also subdivided into distinctive neighbourhoods and subcultures (see also URBAN ECOLOGY, URBAN SOCIOLOGY). Chicago has been described as an ideal laboratory for urban social research, and members of the Chicago school were responsible for a stream of classic works in urban sociology, amongst them Thomas and Znaniecki's The Polish Peasant in Europe and America (1917), Park and Burgess's The City (1925), Wirth's The Ghetto (1928) and Zorbaugh's The Goldcoast and the Slum (1929).

Chicago School

in bourgeois political economy, a school of economic theory founded on liberalism. The ideological and theoretical views of the Chicago school began to take shape in the 1930’s and reached their final form as a fully elaborated doctrine in the 1960’s and 1970’s. The school’s principal representatives are American scholars and economists associated, for the most part, with the University of Chicago and include F. Knight, H. Simons, L. Mints, M. Friedman, J. Viner, P. Cagan, D. Meiselman, R. Selden, and A. Schwartz. The theories and practical recommendations of the Chicago school are reflected most fully in the works of Knight and, especially, Friedman.

Adherents of the Chicago school, who belong to the neoclassical school of contemporary bourgeois political economy, take an anti-Keynesian position on such issues as the forms and methods of government regulation of the capitalist economy, monetary theory, demand, pricing, economic cycles, and employment. The school’s methodology is based on the principles of marginalism, on the subjective and psychological marginal utility theory, and on the apologetic concept of the marginal productivity of factors of production (seePRODUCTIVITY, THEORIES OF).

Economists of the Chicago school, who reject the view of J. M. Keynes that a capitalist economy cannot ensure normal expanded reproduction without the intervention of the bourgeois state, argue that the state has a destabilizing influence on the development of a capitalist economy. Idealizing the natural mechanisms of the market, they maintain that effective management and economic efficiency can be achieved only under a system of private ownership and free enterprise.

The Chicago school uses its defense of the mechanisms of the marketplace and free competition to sharply attack the working class, whose demands for higher wages are regarded as a constraint on the free play of market forces. The school’s theorists do not consider unemployment a major socioeconomic problem of modern capitalism, whose ills, they believe, must be ameliorated through the “automatic” mechanisms of the market and through free competition.

Economists of the Chicago school oppose restrictions on the economic expansion of monopolies and have spoken out against the progressive income tax, taxes on corporations and savings, and government price controls. The Chicago school, which expresses the ideology and interests of the most conservative circles of the monopolistic and middle bourgeoisie, is one of the most ardent defenders of private ownership as the basis of a capitalist society.

For the Chicago school, monetary theory constitutes the central problem in economics. In the 1950’s, Friedman and his supporters began working on a modern variant of the quantity theory of money, a variant that has come to be known as monetarism. According to monetarist theory, money plays a key role in the economic development of capitalist society, and quantitative changes in the money supply generate changes in other economic areas. Like such bourgeois economists as K. Wicksell and I. Fisher, then, the adherents of the Chicago school take a monetary approach to the analysis of economic crises. They reject the notion that such crises are regularly recurring phenomena inherent in capitalism, maintaining that the cyclical development of a capitalist economy results from disruptions in the money supply. According to Friedman, the destructive economic crises of 1929–33 could have been ended in the USA by 1931 if the Federal Reserve System had not resorted to a reduction in the money supply.

An important place in monetarist theory belongs to the notion of a regular income, which presupposes the existence of a constant component of consumer expenditure. A central element in monetarist doctrine is the money demand function, which underlies the conclusion that there is a proportional relation between growth in the money supply and a change in price level. The monetarists believe that inflation occurs when deficit financing based on Keynesian methods of regulating the economy results in an excessive money supply. The monetarists criticize such methods, believing that only the growth of the money supply requires regulation. Friedman asserts that a regular, steady increase in the money supply of 3–5 percent annually will ensure the smooth functioning of a capitalist economy. The implementation of the recommendations of the Chicago school cannot, however, eliminate the cyclical nature of the development of a capitalist economy. Economic cycles stem from the basic contradiction of capitalism—the contradiction between the social nature of production and the private, capitalist form of appropriation.

REFERENCES

Seligman, B. Osnovnye techeniia sovremennoi ekonomicheskoi mysli. Moscow, 1968. Chapter 7, sees. 5 and 7. (Translated from English.)
Burachas, A. I. Teorii sprosa. Moscow, 1970. Chapter 3.
Usoskin, V. M. Teorii deneg. Moscow, 1976. Chapter 3.
Friedman, M. The Optimum Quantity of Money, and Other Essays. Chicago, 1969.
Friedman, M. Money and Economic Development: The Horowitz Lectures of 1972. New York, 1973.

A. A. KHANDRUEV

Chicago School

A group of highly influential architects, including Adler and Sullivan, Burnham and Root, William LeBaron Jenney, and their followers in Chicago in the latter part of the 19th century. The School’s central philosophy was that architectural design should be of its time rather than based on the past. This group initially applied its philosophy to both skyscrapers and homes, but its greatest and most lasting influence was in the design of skyscrapers, and its greatest achievements were in structural design. Also see Prairie School.

Chicago School

Related to Chicago School: University of Chicago

Chicago School

Among contemporary movements in U.S. law, few have had as much influence as the Chicago school. This school of thought helped revolutionize legal thinking on economics from the 1970s to the 1980s. At the heart of its philosophy is the idea that economic efficiency should be the goal of national policy and law. This argument left its mark, in particular, in the area of antitrust, where the Chicago school swayed the U.S. Supreme Court for more than a decade. Although they received less attention in the 1990s than they had earlier, the school's leaders continued to rank among the preeminent—and more controversial—figures on the legal landscape.

The Chicago school takes its name from the University of Chicago, with which most of its core proponents were all affiliated at one time. These include Professor Ronald H. Coase, Judge Frank H. Easterbrook, Professor Richard A. Epstein, Professor Daniel R. Fischel, Judge richard a. posner, and Judge Ralph K. Winter Jr. robert h. bork, another prominent member, was a professor at Yale. The early work of the Chicago school, produced in the 1960s, built on scholarship by Professor Aaron Director. Director's specialty had been antitrust, the area of law that addresses Unfair Competition in business. Antitrust has a long history, in which ideas have come and gone. Through the late 1960s, the U.S. Supreme Court took a harsh view of restraints on trade. The Court ruled that certain anticompetitive practices were per se illegal—so harmful to competition that they need not even be evaluated on a case-by-case basis.

The Chicago school urged the Court to take another look. Scholars of the school praised economic efficiency. If they could show, for instance, that certain restraints on trade were actually a result of efficient competition, then why should these practices be considered illegal by courts? Underlying this view was the contention that markets could take care of themselves without the need for heavy regulation. It was not long before the Chicago school's ideas began to influence the Supreme Court. In 1977, the Court abandoned its reliance on per se rules in Continental T.V. v. GTE Sylvania, 433 U.S. 36, 97 S. Ct. 2549, 53 L. Ed 2d 568, and turned instead to a rule of "reason," opening a new era in Antitrust Law.

Throughout the 1970s, the Chicago school continued to refine its economic theory in numerous essays and treatises such as Posner's Antitrust Law (1976) and Robert H. Bork's The Antitrust Paradox (1978), both of which attacked the idea that big business is necessarily bad. The school argued that an unrestricted market, in which producers and consumers acted freely, will operate rationally and efficiently all by itself. The hands-off implications of this picture had broad significance for corporate law and national policy. Chicago school theory influenced the Reagan administration's attack on government regulation.

President ronald reagan appointed several Chicago school members to the federal bench: Posner in 1981 to the Seventh Circuit, Winter in 1982 to the Second Circuit, and Easterbrook in 1985 to the Seventh Circuit. Bork, a judge on the U.S. Court of Appeals for the District of Columbia Circuit, was nominated to the U.S. Supreme Court in 1987. However, widespread protest over his views led the U.S. Senate to block his confirmation.

In the 1990s the Chicago school continued to provoke lively debate. Bork, despite resigning from the judiciary in 1988 following his failed nomination to the Supreme Court, attracted attention with publications such as his 1990 book The Tempting of America: The Political Seduction of the Law. But in the area of antitrust, at least, the heyday of the school's influence was over. For years, the Chicago school's theory had been undergoing a reevaluation, with critics questioning its faith in government nonintervention.

单词	chicago school
释义	Chicago School Chicago School n.1. A group of US architects of the late 1800s to early 1900s, including William Le Baron Jenney and Louis Sullivan, noted for their utilitarian designs and their use of steel framing as a skeleton for multistory buildings.2. An approach to economics that emphasizes monetarism and disfavors government intervention in the free-market economy as inherently inefficient. [So called because many important figures in the school were active in Chicago, Sense 2, so called because important advocates of the approach were University of Chicago faculty members.] Chicago school Chicago School A group of active architects working in Chicago (1880–1910) known for major innovations in high-rise construction and for the development of modern commercial building design. The group included Daniel H. Burnham, John W. Root, William Lee Baron Jenney, W. B. Mundie, William Holabird, and Louis Sullivan. The emphasis was on verticality and having the structural frame expressed on the exterior in the form of a skeleton structure, with the fenestration treated as an infill within the framework. Chicago school the pioneering grouping of urban sociologists and social theorists located at the University of Chicago in the interwar years. The eminence of Chicago among American universities, and the city's distinctive Midwestern voice in American affairs, has meant that Chicago has been the centre of numerous major movements in modern social thought, including philosophical PRAGMATISM and SYMBOLIC INTERACTIONISM, as well as the Chicago school of urban sociology. Founded in 1892, Chicago's Department of Sociology was the first to be established in an American university. Its founder, Albion SMALL, and his successor, Robert PARK, developed an approach to urban social analysis distinguished by careful empirical research and a particular model of urban ecology. Drawing on Darwinian ideas, a model of urban ecological processes was developed which presented urban competition over land and housing as resulting in the spatial organization of cities as a series of concentric rings, each with its own shifting functional focus and also subdivided into distinctive neighbourhoods and subcultures (see also URBAN ECOLOGY, URBAN SOCIOLOGY). Chicago has been described as an ideal laboratory for urban social research, and members of the Chicago school were responsible for a stream of classic works in urban sociology, amongst them Thomas and Znaniecki's The Polish Peasant in Europe and America (1917), Park and Burgess's The City (1925), Wirth's The Ghetto (1928) and Zorbaugh's The Goldcoast and the Slum (1929). Chicago School in bourgeois political economy, a school of economic theory founded on liberalism. The ideological and theoretical views of the Chicago school began to take shape in the 1930’s and reached their final form as a fully elaborated doctrine in the 1960’s and 1970’s. The school’s principal representatives are American scholars and economists associated, for the most part, with the University of Chicago and include F. Knight, H. Simons, L. Mints, M. Friedman, J. Viner, P. Cagan, D. Meiselman, R. Selden, and A. Schwartz. The theories and practical recommendations of the Chicago school are reflected most fully in the works of Knight and, especially, Friedman. Adherents of the Chicago school, who belong to the neoclassical school of contemporary bourgeois political economy, take an anti-Keynesian position on such issues as the forms and methods of government regulation of the capitalist economy, monetary theory, demand, pricing, economic cycles, and employment. The school’s methodology is based on the principles of marginalism, on the subjective and psychological marginal utility theory, and on the apologetic concept of the marginal productivity of factors of production (seePRODUCTIVITY, THEORIES OF). Economists of the Chicago school, who reject the view of J. M. Keynes that a capitalist economy cannot ensure normal expanded reproduction without the intervention of the bourgeois state, argue that the state has a destabilizing influence on the development of a capitalist economy. Idealizing the natural mechanisms of the market, they maintain that effective management and economic efficiency can be achieved only under a system of private ownership and free enterprise. The Chicago school uses its defense of the mechanisms of the marketplace and free competition to sharply attack the working class, whose demands for higher wages are regarded as a constraint on the free play of market forces. The school’s theorists do not consider unemployment a major socioeconomic problem of modern capitalism, whose ills, they believe, must be ameliorated through the “automatic” mechanisms of the market and through free competition. Economists of the Chicago school oppose restrictions on the economic expansion of monopolies and have spoken out against the progressive income tax, taxes on corporations and savings, and government price controls. The Chicago school, which expresses the ideology and interests of the most conservative circles of the monopolistic and middle bourgeoisie, is one of the most ardent defenders of private ownership as the basis of a capitalist society. For the Chicago school, monetary theory constitutes the central problem in economics. In the 1950’s, Friedman and his supporters began working on a modern variant of the quantity theory of money, a variant that has come to be known as monetarism. According to monetarist theory, money plays a key role in the economic development of capitalist society, and quantitative changes in the money supply generate changes in other economic areas. Like such bourgeois economists as K. Wicksell and I. Fisher, then, the adherents of the Chicago school take a monetary approach to the analysis of economic crises. They reject the notion that such crises are regularly recurring phenomena inherent in capitalism, maintaining that the cyclical development of a capitalist economy results from disruptions in the money supply. According to Friedman, the destructive economic crises of 1929–33 could have been ended in the USA by 1931 if the Federal Reserve System had not resorted to a reduction in the money supply. An important place in monetarist theory belongs to the notion of a regular income, which presupposes the existence of a constant component of consumer expenditure. A central element in monetarist doctrine is the money demand function, which underlies the conclusion that there is a proportional relation between growth in the money supply and a change in price level. The monetarists believe that inflation occurs when deficit financing based on Keynesian methods of regulating the economy results in an excessive money supply. The monetarists criticize such methods, believing that only the growth of the money supply requires regulation. Friedman asserts that a regular, steady increase in the money supply of 3–5 percent annually will ensure the smooth functioning of a capitalist economy. The implementation of the recommendations of the Chicago school cannot, however, eliminate the cyclical nature of the development of a capitalist economy. Economic cycles stem from the basic contradiction of capitalism—the contradiction between the social nature of production and the private, capitalist form of appropriation. REFERENCES Seligman, B. Osnovnye techeniia sovremennoi ekonomicheskoi mysli. Moscow, 1968. Chapter 7, sees. 5 and 7. (Translated from English.) Burachas, A. I. Teorii sprosa. Moscow, 1970. Chapter 3. Usoskin, V. M. Teorii deneg. Moscow, 1976. Chapter 3. Friedman, M. The Optimum Quantity of Money, and Other Essays. Chicago, 1969. Friedman, M. Money and Economic Development: The Horowitz Lectures of 1972. New York, 1973. A. A. KHANDRUEV Chicago School A group of highly influential architects, including Adler and Sullivan, Burnham and Root, William LeBaron Jenney, and their followers in Chicago in the latter part of the 19th century. The School’s central philosophy was that architectural design should be of its time rather than based on the past. This group initially applied its philosophy to both skyscrapers and homes, but its greatest and most lasting influence was in the design of skyscrapers, and its greatest achievements were in structural design. Also see Prairie School. Chicago School Related to Chicago School: University of Chicago Chicago School Among contemporary movements in U.S. law, few have had as much influence as the Chicago school. This school of thought helped revolutionize legal thinking on economics from the 1970s to the 1980s. At the heart of its philosophy is the idea that economic efficiency should be the goal of national policy and law. This argument left its mark, in particular, in the area of antitrust, where the Chicago school swayed the U.S. Supreme Court for more than a decade. Although they received less attention in the 1990s than they had earlier, the school's leaders continued to rank among the preeminent—and more controversial—figures on the legal landscape. The Chicago school takes its name from the University of Chicago, with which most of its core proponents were all affiliated at one time. These include Professor Ronald H. Coase, Judge Frank H. Easterbrook, Professor Richard A. Epstein, Professor Daniel R. Fischel, Judge richard a. posner, and Judge Ralph K. Winter Jr. robert h. bork, another prominent member, was a professor at Yale. The early work of the Chicago school, produced in the 1960s, built on scholarship by Professor Aaron Director. Director's specialty had been antitrust, the area of law that addresses Unfair Competition in business. Antitrust has a long history, in which ideas have come and gone. Through the late 1960s, the U.S. Supreme Court took a harsh view of restraints on trade. The Court ruled that certain anticompetitive practices were per se illegal—so harmful to competition that they need not even be evaluated on a case-by-case basis. The Chicago school urged the Court to take another look. Scholars of the school praised economic efficiency. If they could show, for instance, that certain restraints on trade were actually a result of efficient competition, then why should these practices be considered illegal by courts? Underlying this view was the contention that markets could take care of themselves without the need for heavy regulation. It was not long before the Chicago school's ideas began to influence the Supreme Court. In 1977, the Court abandoned its reliance on per se rules in Continental T.V. v. GTE Sylvania, 433 U.S. 36, 97 S. Ct. 2549, 53 L. Ed 2d 568, and turned instead to a rule of "reason," opening a new era in Antitrust Law. Throughout the 1970s, the Chicago school continued to refine its economic theory in numerous essays and treatises such as Posner's Antitrust Law (1976) and Robert H. Bork's The Antitrust Paradox (1978), both of which attacked the idea that big business is necessarily bad. The school argued that an unrestricted market, in which producers and consumers acted freely, will operate rationally and efficiently all by itself. The hands-off implications of this picture had broad significance for corporate law and national policy. Chicago school theory influenced the Reagan administration's attack on government regulation. President ronald reagan appointed several Chicago school members to the federal bench: Posner in 1981 to the Seventh Circuit, Winter in 1982 to the Second Circuit, and Easterbrook in 1985 to the Seventh Circuit. Bork, a judge on the U.S. Court of Appeals for the District of Columbia Circuit, was nominated to the U.S. Supreme Court in 1987. However, widespread protest over his views led the U.S. Senate to block his confirmation. In the 1990s the Chicago school continued to provoke lively debate. Bork, despite resigning from the judiciary in 1988 following his failed nomination to the Supreme Court, attracted attention with publications such as his 1990 book The Tempting of America: The Political Seduction of the Law. But in the area of antitrust, at least, the heyday of the school's influence was over. For years, the Chicago school's theory had been undergoing a reevaluation, with critics questioning its faith in government nonintervention. Further readings Katz, Ronald S., and Janet S. Arnold. 1993. "Kodak v. Image Technical Services: Downfall of the Chicago School of Antitrust Economics." American Law Institute (January 21). Posner, Richard A. 1975. "The Economic Approach to Law." Texas Law Review 53. Protos, Jill Dickey. 1993. "Kodak v. Image Technical Services: A Setback for the Chicago School of Antitrust Analysis." Case Western Reserve Law Review (spring). Rosenthal, Douglas E. 1993. "Reevaluating the Chicago School Paradigm for Promoting Innovation and Competitiveness." Canada–United States Law Journal. Simpson, Alexander G. 1993. "Shareholder Voting and the Chicago School: Now Is the Winter of Our Discontent." Duke Law Journal (October). Chicago school Chicago school a group of economists at Chicago University, most notable of whom is Milton FRIEDMAN, who have adopted and refined the QUANTITY THEORY OF MONEY, arguing the need for governments to control the growth of the MONEY SUPPLY over the long term. Within the broad parameters set by stable money growth, the Chicago school stresses the importance of the market system as an allocative mechanism, leaving consumers free to make economic decisions with minimal government interference. See MONETARISM.
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Chicago School

Chicago School

Chicago school

Chicago School

Chicago school

Chicago School

REFERENCES

Chicago School

Chicago School

Chicago School

Further readings

Chicago school

Chicago school