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 traders will, therefore, be very fond of falling upon every method
and contrivance to inspire this people with a taste of refinement and
delicacy. Abundance of fine presents, consisting of every instrument of
luxury and superfluity, the best adapted to the genius of the people,
will be given to the prince and leading men among them. Workmen will
even be employed at home to study the taste of the strangers, and to
captivate their desires by every possible means. The more eager they are
of presents, the more lavish the traders will be in bestowing and
diversifying them. It is an animal put up to fatten, the more he eats
the sooner he is fit for slaughter. When their taste for superfluity is
fully formed, when the relish for their former simplicity is
sophisticated, poisoned, and obliterated, then they are surely in the
fetters of the traders, and the deeper they go, the less possibility
there is of their getting out. The presents then will die away, having
served their purpose; and if afterwards they are found to be continued,
it will probably be to support the competition against other nations,
who will incline to share of the profits.
If, on the contrary, this not-trading nation does not abound with
commodities useful to the traders, these will make little account of
trading with them, whatever their turn may be; but if we suppose this
country inhabited by a laborious people, who, having taken a taste for
refinement from the traders, apply themselves to agriculture, in order
to produce articles of subsistence, they will sollicit the merchants to
give them part of their manufactures in exchange for those; and this
trade will undoubtedly have the effect of multiplying numbers in the
trading nation. But if food cannot be furnished, nor any other branch of
production found out to support the correspondence, the taste for
refinement will soon die away, and trade will stop in this quarter.
Had it not been for the furs in those countries adjacent to Hudson’s
Bay, and in Canada, the Europeans never would have thought of supplying
instruments of luxury to those nations; and if the inhabitants of those
regions had not taken a taste for the instruments of luxury furnished to
them by the Europeans, they never would have become so indefatigable nor
so dexterous hunters. At the same time we are not to suppose, that ever
these Americans would have come to Europe in quest of our manufactures.
It is therefore owing to our merchants, that these nations are become in
any degree fond of refinement; and this taste, in all probability, will
not soon exceed the proportion of the productions of their country. From
these beginnings of foreign trade it is easy to trace its increase.
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