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
It is a great assistance to memory, now and then to assemble our ideas,
after certain intervals, in going through an extensive subject. No part
of it can be treated of with distinctness, without banishing
combinations; and no part of it can be applied to practice, or adapted
to any plan, without attending to combinations almost infinite.
For this reason nothing can appear more inconsistent than the spirit
which runs through some parts of this book, if compared with that which
prevailed in the first. _There_ luxury was looked on with a favourable
eye, and every augmentation of superfluity was considered as a method of
advancing population. We were then employed in drawing mankind, as it
were, out of a state of idleness, in order to increase their numbers,
and engage them to cultivate the earth. We had no occasion to divide
them into societies having separate interests, because the principles we
treated of were common to all. We therefore considered the industrious,
who are the providers, and the luxurious, who are the consumers, as
children of the same family, and as being under the care of the same
father.
We are now engaged in a more complex operation; we represent different
societies animated with a different spirit; some given to industry and
frugality, others to dissipation and luxury. This creates separate
interests among nations, and every one must be supposed under the
government of a statesman, who is wholly taken up in advancing the good
of those he governs, though at the expence of other societies which lie
round him.
This presents a new idea, and gives birth to new principles. The general
society of mankind treated of in the first book, is here in a manner
divided into two. The industrious providers are supposed to live in one
country, the luxurious consumers in another. The principles of the first
book remain here in full vigour. Luxury still tends as much as ever to
the advancement of industry; the statesman’s business is only to remove
the seat of it from his own country. When that can be accomplished
without detriment to industry at home, he has an opportunity of joining
all the advantages of antient simplicity, to the wealth and power which
attend upon the luxury of modern states. He may preserve his people in
sobriety, and moderation as to every expence, as to every consumption,
and make them enjoy, at the same time, riches and superiority over all
their neighbours.
Such would be the state of trading nations, were they only employed in
supplying the wants or extravagant consumption of strangers; and did
they not insensibly adopt the very manners with which they strive to
inspire others.
As often, therefore, as we suppose a people applying themselves to the
advancement of foreign trade, we must simplify our ideas, by dismissing
all political combinations of other circumstances; that is to say, we
must suppose the spirit universal, and then point out the principles
which influence the success of it.
Public-domain text, read in full here on John Shaqi.
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