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 more rich and luxurious a people are, the more delicate they become
in their manner of living; if they fed on bread formerly, they will now
feed on meat; if they fed on meat, they will now feed on fowl. The same
ground which feeds a hundred with bread, and a proportional quantity of
animal food, will not maintain an equal number of delicate livers. Food
must then become more scarce; demand for it rises; the rich are always
the strongest in the market; they consume the food, and the poor are
forced to starve. Here the wide door to modern distress opens; to wit, a
hurtful competition for subsistence. Farther, when a people become rich,
they think less of oeconomy; a number of useless servants are hired, to
become an additional dead weight on consumption; and when their starving
countrymen cannot supply the extravagance of the rich so cheaply as
other nations, they either import instruments of foreign luxury, or seek
to enjoy them out of their own country, and thereby make restitution of
their gains.
Is it not therefore evident, that if, before things come to this pass,
additional subsistence be not provided by one method or other, the
number of inhabitants must diminish; although riches may daily increase
by a balance of additional matter, supposed to be brought into the
country in consequence of the hitherto beneficial foreign trade. This is
not all. I say farther, that the beneficial trade will last for a time
only. For the infallible consequence of the rise of prices at home will
be, that those nations which at first consumed your manufactures,
perceiving the gradual increase of their price, will begin to work for
themselves; or finding out your rivals who can supply them cheaper, will
open their doors to them. These again, perceiving the great advantages
gained by your traders, will begin to supply the market; and since every
thing must be cheaper in countries where we do not suppose the
concurrence of all the circumstances mentioned above, these nations will
supplant you, and be enriched in their turn.
Here comes a new revolution. Trade is come to a stop: what then becomes
of all the hands which were formerly employed in supplying the foreign
demands?
Were revolutions so sudden as we are obliged to represent them, all
would go to wreck; in proportion as they happen by quicker or slower
degrees, the inconveniencies are greater or smaller.
Public-domain text, read in full here on John Shaqi.
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