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
While a people are occupied in the prosecution of foreign trade, the
mutual relations between the individuals of the state, will not be so
intimate as when the producers and consumers live in the same society;
such trade implies, and even necessarily creates a chain of foreign
dependencies; which work the same effect, as when the mutual dependence
subsisted among the citizens. Now the use of dependencies, I have said,
is to form a band of society, capable of making the necessitous subsist
out of the superfluities of the rich, and to keep mankind in peace and
harmony with one another.
Trade, therefore, and foreign communications, form a new kind of society
among nations; and consequently render the occupation of a statesman
more complex. He must, as before, be attentive to provide food, other
necessaries and employment for all his people; but as the foreign
connections make these very circumstances depend upon the entertaining a
good correspondence with neighbouring nations, he must acquire a proper
knowledge of their domestic situation, so as to reconcile, as much as
may be, the interests of both parties, by engaging the strangers to
furnish articles of the first necessity, when the precious metals cannot
be procured; and to accept, in return, the most consumable superfluities
which industry can invent. And, last of all, he must inspire his own
people with a spirit of emulation in the exercise of frugality,
temperance, oeconomy, and an application to labour and ingenuity. If
this spirit of emulation is not kept up, another will take place; for
emulation is inseparable from the nature of man; and if the citizens are
not made to vie with one another, in the practice of moderation, the
wealth they must acquire, will soon make them vie with strangers, in
luxury and dissipation.
While a spirit of moderation prevails in a trading nation, it may rest
assured, that in as far as it excels the nations with whom it
corresponds in this particular, so far will it increase the proportion
of its wealth, power, and superiority, over them. These are lawful
pursuits among men, when purchased by success in so laudable an
emulation.
If it be said, that superfluity, intemperance, prodigality, and
idleness, qualities diametrically opposite to the former, corrupt the
human mind, and lead to violence and injustice; is it not very wisely
calculated by the Author of all things, that a sober people, living
under a good government, should by industry and moderation, necessarily
acquire wealth, which is the best means of warding off the violence of
those with whom they are bound in the great society of mankind? And is
it not also most wisely ordained, that in proportion as a people
contract vicious habits, which may lead to excess and injustice, the
very consequence of their dissipation (poverty) should deprive them of
the power of doing harm? But such reflections seem rather to be too
great a refinement on my subject, and exceed the bounds of political
oeconomy.
Public-domain text, read in full here on John Shaqi.
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