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 imagine it would be impossible for the most able minister that ever
lived, to provide nourishment for a country so extended as France, or
even as England, supposing these as fully peopled as Holland is: even
although it should be admitted that a sufficient quantity of food might
be found in other countries for their subsistence. The enterprise would
be too great, abuses would multiply; the consequence would be, that the
inhabitants would die for want. But in Holland the case is different,
every little town takes care of its own inhabitants; and this care,
being the object of application and profit to so many persons, is
accomplished with success.
When once it is laid down as a maxim in a country, that food must of
necessity be got from abroad, in order to feed the inhabitants at home,
the corn trade becomes considerable, and at the same time certain,
regular, and permanent. This was the case in Holland: as the inhabitants
were industrious, the necessary consequence has been, a very
extraordinary multiplication; and at the same time such an abundance of
grain, that instead of being in want themselves, they often supply their
neighbours. There are many examples of England’s being supplied with
grain from thence, and, which is still more extraordinary, from the
re-exportation of the very produce of its own fruitful soil.
It is therefore evident, that the only way to support industry, is to
provide a supply of subsistence, constantly proportional to the demand
that may be made for it. This is a precaution indispensably necessary
for preventing hurtful competition. This is the particular care of the
Dutch: so long as it can be effectual, their state can fear no decline;
but whenever they come to be distressed in the markets, upon which they
depend for subsistence, they will sink into ruin. It is by mere dint of
frugality, cheap and parsimonious living, that the navigation of this
industrious people is supported. Constant employment, and an
accumulation of almost imperceptible gains, fills their coffers with
wealth, in spight of the large outgoings to which their own proper
nourishment yearly forces them. The large profits upon industry in other
countries, which are no proof of generosity, but a fatal effect of a
scanty subsistence, is far from dazzling their eyes. They seldom are
found in the list of competitors at any foreign port; if they have their
cargo to dispose of, they wait with pleasure in their own vessels,
consuming their own provisions, and at last accept of what others have
left. It may be said, that many other circumstances concur in favour of
the Dutch, besides the article of subsistence. I shall not dispute this
matter; but only remind my reader of what was said in the first book; to
wit, that if a computation be made of the hands employed in providing
subsistence, and of those who are severally taken up in supplying every
other want, their numbers will be found nearly to balance one another in
the most luxurious countries.
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