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
In treating of the present state of France, we observed, in the chapter
above-cited, how the vibration of the balance of agriculture and
population may carry food and numbers to their height; but as foreign
trade was not there the direct object of inquiry, I did not care to
introduce this second balance of work and demand, for fear of perplexing
my subject. I hope I have now abundantly shewn the force of the
different principles, and it must depend upon the judgment of the
statesman to combine them together, and adapt them to his plan: a thing
impossible to be even chalked out by any person who is not immediately
at the head of the affairs of a nation. My work resembles the formation
of the pure colours for painting, it is the artist’s business to mix
them: all I can pretend to, is to reason consequentially from
suppositions. If I go at any time farther, I exceed my plan, and I
confess the fault.
I shall now conclude my chapter by introducing a new subject. I have
been at pains to shew how the continued neglect of a statesman, in
watching over the vibrations of the balance of work and demand,
naturally produces a total subversion of it; but this is not, of itself,
sufficient to undo an industrious people. Other nations must be taught
to profit of the disorder; and this is what I call the competition
between nations.
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CHAP. XII.
_Of the Competition between Nations._
Mankind daily profit by experience, and acquire knowledge at their own
cost.
We have said that what lays the foundation of foreign trade, is the ease
and conveniency which strangers find in having their wants supplied by
those who have set industry on foot. The natural consequence of this
foreign demand is to bring in wealth, and to promote augmentations of
every kind. As long as these go on, it will be impossible for other
nations to rival the traders, because their situation is every day
growing better: dexterity increasing, diminishes the price of work;
every circumstance, in short, becomes more favourable; the balance never
vibrates, but by one of the scales growing positively heavier, and it is
constantly coming even by an increase of weight on the other side. We
have seen how these revolutions never can raise the intrinsic value of
goods, and have observed that this is the road to greatness.
The slower any man travels, the longer he is in coming to his journey’s
end; and when his health requires travelling, and that he cannot go far
from home, he rides out in a morning and comes home to dinner.
This represents another kind of vibration of the balance, and when
things are come to such a height as to render a train of augmentations
impossible, the next best expedient is, to permit alternate vibrations
of diminution and augmentation.
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