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
I cannot pretend to advance, as a confirmation of this doctrine, that
the establishment of slavery in our colonies in America was made with a
view to promote agriculture, and to curb manufactures in the new world,
because I do not know much of the sentiments of politicians at that
time: but if it be true, that slavery has the effect of advancing
agriculture, and other laborious operations which are of a simple
nature, and at the same time of discouraging invention and ingenuity;
and if the mother-country has occasion for the produce of the first, in
order to provide or to employ those who are taken up at home in the
prosecution of the latter; then I must conclude, that slavery _has been_
very _luckily_, if not _politically_, established to compass such an
end: and therefore, if any colony, where slavery is not common, shall
ever begin to rival the industry of the mother-country, a very good way
of frustrating the attempt will be, to encourage the introduction of
slaves into such colonies without any restrictions, and allow it to work
its natural effect.
Having given the definition of trade and industry, as relative to my
inquiry, I come now to examine their immediate connections, the better
to cement the subject of this book, with the principles deduced in the
former.
In treating of the reciprocal wants of a society, and in shewing how
their being supplied by labour and ingenuity naturally tends to increase
population on one hand, and agriculture on the other, the better to
simplify our ideas, we supposed the transition to be direct from the
manufacturer to the consumer, and both to be members of the same
society. Matters now become more complex, by the introduction of trade
among different nations, which is a method of collecting and
distributing the produce of industry, by the interposition of a third
principle. Trade receives from a thousand hands, and distributes to as
many.
To ask, whether trade owes its beginning to industry, or industry to
trade, is like asking, whether the motion of the heart is owing to the
blood, or the motion of the blood to the heart. Both the one and the
other, I suppose, are formed by such insensible degrees, that it is
impossible to determine where the motion begins. But so soon as the body
comes to be perfectly formed, I have little doubt of the heart’s being
the principle of circulation. Let me apply this to the present question.
A man must first exist, before he can feel want; he must want, that is,
desire, before he will demand; and he must demand, before he can
receive. This is a natural chain, and from it we have concluded in Book
I. that population is the cause, and agriculture the effect.
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