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 less attentive any government is to do their duty, the more
essential it is that every individual be animated by _that_ spirit,
which then languishes in the very part where it ought to flourish with
the greatest strength and vigour; and on the other hand, the more public
spirit is shewn in the administration of public affairs, the less
occasion has the state for assistance from individuals.
Now as I suppose my statesman to do his duty in the most minute
particulars, so I allow every one of his subjects to follow the dictates
of his private interest. All I require is an exact obedience to the
laws. This also is the interest of every one; for he who transgresses
ought most undoubtedly to be punished: and this is all the public spirit
which any perfect government has occasion for.
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CHAP. I.
_Of the reciprocal Connections between Trade and Industry._
I am now going to treat of trade and industry, two different subjects,
but which are as thoroughly blended together, as those we have discussed
in the first book. Similar to these in their mutual operations, they are
reciprocally aiding and assisting to each other, and it is by the
constant vibration of the balance between them, that both are carried to
their height of perfection and refinement.
_TRADE_ _is an operation, by which the wealth, or work, either of
individuals, or of societies, may be exchanged, by a set of men called
merchants, for an equivalent, proper for supplying every want, without
any interruption to industry, or any check upon consumption_.
_INDUSTRY_ _is the application to ingenious labour in a free man, in
order to procure, by the means of trade, an equivalent, fit for the
supplying every want_.
I must observe, that these definitions are only just, relatively to my
subject, and to one another: for _trade_ may exist without _industry_,
because things produced partly by nature may be exchanged between men;
_industry_ may be exercised without _trade_, because a man may be very
ingenious in working to supply his own consumption, and where there is
no exchange, there can be no _trade_. _Industry_ likewise is different
from _labour_. _Industry_, as I understand the term, must be voluntary;
_labour_ may be forced: the one and the other may produce the same
effect, but the political consequences are vastly different.
_Industry_, therefore, is only applicable to free men; _labour_ may be
performed by slaves.
Let me examine this last distinction a little more closely, the better
to try whether it be just, and to point out the consequences which
result from it.
Public-domain text, read in full here on John Shaqi.
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