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
The third cause for envy is likewise wanting. The commerce with the
West Indies is but of a recent date, and no nation has ever owed its
greatness or decline to that single source. {161} It is not like the
Asiatic trade, a sort of hereditary cause of quarrel; a species of
heirloom, entailing upon the possessor the envy and enmity of all
other nations.
The envy occasioned by the West India trade is farther diminished by
the circumstance that the plantations have been raised with the money
of the persons by whom they are possessed; and that if they had no
original right to the soil in its barren state, the cultivation at least is
owing to their capital and industry.
The most solid and secure portion of our trade is that which con-
---
{161} France was the nation that, before the revolution, gained the
most by this trade; indeed, no nation has, to this date, gained so much
as it did.
-=-
[end of page #199]
sists of our manufactures at home. In those, though we excite envy,
we excite no other of the hateful passions. Emulation is natural, and
admiration is unavoidable, on seeing the vast progress that arts and
industry have made in this country; so that England is absolutely
considered as the first country in the world for manufactures.
This cause of greatness and wealth operates in a more uniform and
durable manner; though, like others, it has its bounds, yet the nature of
them is not easily ascertained.
In this there are two things essential,--the procuring a market, and the
means of supplying it. We have always yet found the means of
supplying every market we have got; but we have not always been
able to extend our market so much as it might have been wished.
America and Russia offer new markets, as has already been observed,
but, to extend our old markets, we must either reduce the price,
improve the quality, or extend the credit, and invention is the only
means by which these things can be done; and there is no possibility
of knowing where to set bounds to invention, aided by capital and the
division of labour. We are, however, not to forget that priority in point
of time being one of the causes of a nation's rise, and being of a nature
to be destroyed in the course of years, the superiority we enjoy may
leave us, as it did other nations in former times.
When a country produces the raw material, and labour is cheap, and
the art established, we might suppose the superiority secure; but it is
not. The cotton trade was first established in the East Indies, where the
material grows, where the labour is not a tenth of the price that it is in
England, and the quality of the manufactured article is good; yet
machinery and capital have transplanted it to England. But the same
machinery may give a superiority, or at least an equality, to some
other country; it is, therefore, our business to persevere in encouraging
invention, by the means that have hitherto been found so successful.
{162}
Public-domain text, read in full here on John Shaqi.
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