A history of economic doctrines : $b from the time of the physiocrats to the present dayGide, Charles
History
A history of economic doctrines : $b from the time of the physiocrats to the present day
Gide, Charles
Economics -- History
On this matter of commercial liberty there was already, towards the
end of the seventeenth and the beginning of the eighteenth centuries,
a small but a growing band of Mercantilists who had begun to protest
against the irksomeness of the Customs regulations. They were, of course,
still largely imbued with mercantile prejudice, but they are rightly
classed as “Liberals.” Just as in France Boisguillebert had foreshadowed
the Physiocrats, so in England Child, Petty, Tucker, Dudley North, and
Gregory King had been preparing the way for a more liberal policy in
foreign trade.[128]
In addition to Hutcheson and Hume one other writer must be mentioned in
this connection, namely, Bernard de Mandeville. He was not an economist
at all, but a doctor with considerable philosophical interests. In 1704
he had published a small poem, which, along with a number of additions,
was republished in 1714 under the title of _The Fable of the Bees; or,
Private Vices Public Benefits_. The fundamental idea of the book, which
caused quite a sensation at the time, and which was seized by order of
the Government, is that civilisation—understanding by that term not only
wealth, but also the arts and sciences—is the outcome, not of the virtues
of mankind, but of what Mandeville calls its vices; in other words, that
the desire for well-being, comfort, luxury, and all the pleasures of life
arises from our natural wants. The book was a sort of apology for the
natural man and a criticism of the virtuous.
Smith criticised Mandeville in his _Theory of Moral Sentiments_,[129]
and reproached him particularly for referring to tastes and desires as
vices though in themselves they were nowise blameworthy. But despite his
criticism Mandeville’s idea bore fruit in Smith’s mind. Smith in his turn
was to reiterate the belief that it was personal interest (in his opinion
no vice, but an inferior virtue) that unwittingly led society in the
paths of well-being and prosperity. A nation’s wealth for Smith as well
as for Mandeville is the result, if not of a vice, at least of a natural
instinct which is not itself virtuous, but which is bestowed upon us by
Providence for the realisation of ends that lie beyond our farthest ken.
Such are the principal writers in whose works we may find an outline of
some of the more important ideas which Smith was to incorporate in a true
system.
Mere systematisation, however, would not have given the _Wealth of
Nations_ its unique position. Prior to Smith’s time attempts had been
made by Quesnay and the Physiocrats to outline the scope of the science
and to link its various portions together by means of a few general
principles. Although he was not the first to produce a connected
scientific treatise out of this material, he had a much greater measure
of success than any of his predecessors.
Public-domain text, read in full here on John Shaqi.
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