An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
History
An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
The superfluity of industry must, therefore, form the principal part of
exportation, and if the nation fully stocked be surrounded by others
which abound in grain and articles of subsistence, where the inhabitants
have a taste for elegance, and are eager of acquiring the manufactures
and improvements of their industrious neighbours; it is certain, that a
trade with such nations will very considerably increase the inhabitants
of the other, though fully stocked, relatively to the production of
their own soil; and the additional numbers will only increase that of
manufacturers, not of husbandmen. This is the case with Holland, and
with many large trading cities which are free and have but a small
territory.
If, on the contrary, the nation fully stocked be in the neighbourhood of
others who take the same spirit as itself, this supply of food will
become in time more difficult to be had, in proportion as their
neighbours come to supply their own wants. They must therefore seek for
it at a greater distance, and as soon as the expence of procuring it
comes to exceed the value of the labour of the free hands employed in
producing the equivalent, their work will cease to be exported, and the
number of inhabitants will be diminished to the proportion of the
remaining food.
I do not say that trade will cease on this account; by no means. Trade
may still go on, and even be more considerable than before; but it will
be a trade which never can increase inhabitants, because for this
purpose there must be subsistence. It may have however numberless and
great advantages: it may greatly advance the wealth of the state, and
this will purchase even power and strength. A trading nation may live in
profound peace at home, and send war and confusion among her enemies,
without even employing her own subjects. Thus trade without increasing
the inhabitants of a country can greatly add to its force, by arming
those hands which she has not fed, and employing them for her service.
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CHAP. XIX.
_Is the Introduction of Machines into Manufactures prejudicial to the
Interest of a State, or hurtful to Population?_
This I find has been made a question in modern times. The antients held
in great veneration the inventors of the saw, of the lathe, of the
wimble, of the potters wheel; but some moderns find an abuse in bringing
mechanism to perfection: (see _Les Interets de la France mal entendus_,
p. 272. 313.) the great Montesquieu finds fault with water mills, though
I do not find that he has made any objection against the use of the
plow.
Did people understand one another, it would be impossible that such
points could suffer a dispute among men of sense; but the circumstances
referred to, or presupposed, which authors almost always keep in their
eye, though they seldom express them, render the most evident truths
susceptible of opposition.
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