An inquiry into the permanent causes of the decline and fall of powerful and wealthy nations : $b Designed to shew how the prosperity of the British empire may be prolongedPlayfair, William
Philosophy
An inquiry into the permanent causes of the decline and fall of powerful and wealthy nations : $b Designed to shew how the prosperity of the British empire may be prolonged
Playfair, William
Economics; Great Britain -- Economic conditions; History -- Philosophy
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{127} The whole taxes in this country do not amount to above four
pounds a head, of which one-third is paid entirely by those wealthy, or
at least affluent; it is, then, putting the share paid by the labouring
body very high to put it at three pounds each person.
{128} Both in France and England, during the last scarcity, the use of
every other sort of [end of page #151] food was recommended, to save
the consumption of bread-corn. Potatoes are the only substitute that
tended really to relieve the distress; all others, and, in particular,
animal food, had an effect in augmenting it.
-=-
The danger of wanting food, though very formidable, does not act so
instantaneously as to serve as an excuse for want of reflection, like an
alarm of fire, where the anxiety to escape sometimes prevents the
possibility of doing so; yet the fact is, that all the measures that have
generally been taken, in times of scarcity, have tended rather to
increase than to diminish the evil.
In monopoly, a sort of combination is supposed to exist between the
sellers of an article, when the article does not happen to be all in the
hands of one person, or one body of persons. But combinations are of
various sorts; there are express combinations entered into by people
having the same interest for a particular purpose. Those are done by a
sort of an agreement, when the interest of the individual and of the
body are the same. Such combinations are generally effectual, {129}
but unlawful. There are combinations not less effectual, that arise
merely from circulating intelligence of prices, and certain
circumstances on which prices are known to depend, amongst all
those concerned, who immediately know how to act in unison.--This
is not unlawful.
An elegant historian has said that there was a time when the sovereign
pontiff, like the leader of a band of musicians, could regulate all the
clergy in Europe, so that the same tones should proceed from all the
pulpits on the same day. The list of prices, at a great corn-market, has
the same effect on the minds of all the sellers within a certain distance.
Intelligence now flies so swift that there is no interval of uncertainty;
the whole of the dealers know how to act, according to circumstances,
and they are all led to act nearly as if they were in one single body.
Like gamesters, who have won a great deal, rather than hasten to sell,
even when they fear that prices may fall, they keep back their stock,
and risk to lose something of what they have gained, by continuing to
speculate on the agreeable and winning chance by which they have
already profited.
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{129} There are sometimes combinations which it is the interest of a
whole body to preserve, but of each individual to break, if he can with
impunity; such generally soon fall to the ground.
-=-
[end of page #152]
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