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
One circumstance, that makes the matter still more favourable for
Britain is, that the western country of America, by far the most fertile,
as well as the most extensive, is now peopling very rapidly. The
labour and capital of the inhabitants are entirely turned to agriculture
and not to manufactures, and will be so for a great number of years;
for, when there are fifty millions of inhabitants in the United States,
their population will not amount to one-half of what may naturally be
expected, or sufficient to occupy the lands. The fertility of the soil will
enable the Americans, with great ease to themselves, to make returns
in produce wanted in Europe, so that we may expect a durable, a great,
and an advantageous trade with them. In British [end of page #268]
manufactures our trade was not near so great before the revolt, for we
then supplied America with every article.
This, however, will depend partly on our circumstances; for, if wages
and the prices of our manufactures rise, as they lately have done, our
merchants will buy upon the continent of Europe, what they otherwise
would purchase in England, to supply the American market.
America is the only country in the world where, with respect to the
wages of labour, and the produce of industry, money is of less value
than in England. The Americans will then be able to afford to
purchase English goods, when other nations will not; but then, they
will only purchase such articles as cannot be had elsewhere; for
though they may and will continue able to purchase, they will not do it
if they can get goods that suit them elsewhere. {206}
No country, that we read of in history, ever enjoyed equal advantages
with the American states; they have good laws, a free government,
and are possessed of all the inventions and knowledge of the old
world. Arts are now conveyed across the Atlantic with more ease than
they formerly were from one village to another. It is possible, that a
new market of so great an extent being opened may do away those
jealousies of commerce, which have, for these two or three last
centuries, occasioned many quarrels, and which are peculiarly
dangerous to a nation that has risen high above its level.
All those things, with care and attention, will prove advantageous to
Britain in a superior degree. They afford us much reason for hope and
comfort, and do away one of the causes for fearing a decline that has
been stated, namely, the being supplanted by poorer nations, or by not
having a market for our increasing manufactures.
There remains yet another consideration in favour of Britain, as a
manufacturing and a commercial country; for, as such, we must view
it, reckoning more on industry than on the ideal wealth of our colonies
in the West, and our conquests in the East. It is this, we are the
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