An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
hostile lord were interposed between them, the one might not be able to
give the least assistance to the other. Under the vigorous administration
of the Tudors, who governed England during the latter part of the
fifteenth, and through the whole of the sixteenth century, no baron was
powerful enough to dare to disturb the public security.
The reader will find at the end of this chapter all the prices of wheat
which have been collected by Fleetwood, from 1202 to 1597, both inclusive,
reduced to the money of the present times, and digested, according to the
order of time, into seven divisions of twelve years each. At the end of
each division, too, he will find the average price of the twelve years of
which it consists. In that long period of time, Fleetwood has been able to
collect the prices of no more than eighty years; so that four years are
wanting to make out the last twelve years. I have added, therefore, from
the accounts of Eton college, the prices of 1598, 1599, 1600, and 1601. It
is the only addition which I have made. The reader will see, that from the
beginning of the thirteenth till after the middle of the sixteenth
century, the average price of each twelve years grows gradually lower and
lower; and that towards the end of the sixteenth century it begins to rise
again. The prices, indeed, which Fleetwood has been able to collect, seem
to have been those chiefly which were remarkable for extraordinary
dearness or cheapness; and I do not pretend that any very certain
conclusion can be drawn from them. So far, however, as they prove any
thing at all, they confirm the account which I have been endeavouring to
give. Fleetwood himself, however, seems, with most other writers, to have
believed, that, during all this period, the value of silver, in
consequence of its increasing abundance, was continually diminishing. The
prices of corn, which he himself has collected, certainly do not agree
with this opinion. They agree perfectly with that of Mr Dupré de St Maur,
and with that which I have been endeavouring to explain. Bishop Fleetwood
and Mr Dupré de St Maur are the two authors who seem to have collected,
with the greatest diligence and fidelity, the prices of things in ancient
times. It is somewhat curious that, though their opinions are so very
different, their facts, so far as they relate to the price of corn at
least, should coincide so very exactly.
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