James Buchanan (1919-2013), economist and philosopher, was awarded the Nobel Prize in Economics in 1986 for his original theory of political democracy as market exchange. Buchanan believed economics should be concerned with liberty, individualism and equity.

Richard Titmuss, Professor at the London School of Economics, adviser to governments, prolific author, was instrumental in shaping the new disciplines of Social Policy and Administration. He made a valuable contribution to social philosophy through his attempt to integrate welfare into its broad social context. In this revised edition of his well-known book, Professor Reisman relies on the whole of Titmuss's work, unpublished as well as published, to explain and evaluate the theories of this provocative but often difficult author.