Economists -- Great Britain -- Biography; Smith, Adam, 1723-1790
He puts us, as Lowe remarked with his
usual felicity, in mind of the Sages of Ancient Greece, who, after lives
of labour and study, bequeathed half a dozen maxims for the guidance of
mankind.
CHAPTER X
FREE TRADE
One of the least edifying features of modern controversy, and
particularly of political and economic controversy, is the habit of
appealing to precedents and authorities which, if honestly cited, would
militate against the opinions of the controversialist. No great writer
has suffered more of late years from this species of misrepresentation
than Adam Smith; yet his contemporaries and immediate successors both in
England and abroad perfectly understood his drift. When Pitt and
Shelburne declared themselves disciples of Smith, they thereby declared
themselves free traders, and Pitt’s commercial policy from 1784 to 1794
was simply an attempt to carry out Smith’s views. Resolute retrenchment,
customs’ reform, the commercial treaty with France, reduction of debt,
were all projected under the inspiration and countenance of Mr.
Commissioner Smith.
Nor did the English economists, from Ricardo to Mill, ever suggest that
Adam Smith had doubts about the main doctrine of his book. In France and
Germany his opinions were eagerly embraced. To translate, interpret, and
systematise the _Wealth of Nations_ was the main function of continental
economists in the early years of the nineteenth century; and its
influence was seen in a rapid and radical modification of commercial
policy. Internal barriers were swept away, feudal restrictions
abolished, and tariffs reduced. When the waves of reaction—political
rather than economic—began to roll in, and “national” economists tried
to reconstruct the case for protection, they paid Smith the compliment
of a violent onslaught. “Smithianismus” then became a term of abuse in
protectionist circles, and so remained until it was superseded by the
equally cacophonous “Manchesterthum.” It was in England that the idea
was started of dressing up Adam Smith as a protectionist. While List was
inveighing against “cosmopolitical economy,” our own free traders in
their agitation against the corn laws found themselves confronted with a
new interpretation of their prophet. At one of the League meetings (July
3, 1844) Cobden gave a humorous description of the way in which some
protectionist pamphleteers tried to adapt Adam Smith’s opinions to their
own views. “They have done it in this manner: they took a passage, and
with the scissors snipped and cut away at it, until by paring off the
ends of sentences and leaving out all the rest of the passage, they
managed to make Adam Smith appear in some sense as a monopolist. When we
referred to the volume itself, we found out their tricks, and exposed
them. I tell you what their argument reminds me of. An anecdote is told
of an atheist who once asserted that there was no God, and said he would
prove it from Scripture.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account