Alfred Marshall-Rise and Fall of Neoclassical Dogma

This article investigates the evolution of Marshallian neoclassical conceptualisations against the background of the tempestuous changes that restructured British and international capitalism between 1873 and 1914, It highlights the role of the Great Depression of 1873 which influenced Marshall's thought although, as he points out, business cycle theory occupied a peripheral role in his thinking. The contributions of Marshall to economic theory in the context of economic concentration, and the parallel upsurge of the labour and trade union movements are also examined.