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
What, therefore, is meant in this operation comes to this, that when a
statesman finds, that the natural taste of his people does not lead them
to profit of the surplus of commodities which lie upon hand, and which
were usually exported, he should interpose his authority and management
in such a way as to prevent the distress of the workmen, and when, by a
sudden fall in a foreign demand, this distress becomes unavoidable,
without a more powerful interposition, he should then himself become the
purchaser, if others will not; or, by premiums or bounties on the
surplus which lies upon hand, promote the sale of it at any rate, until
the supernumerary hands can be otherwise provided for. And although I
allow that the rich people of a state are not naturally led, from a
principle either of public spirit or self-denial, to render such
political operations effectual to promote the end proposed, yet we
cannot deny, that it is in the power of a good governor, by exposing the
political state of certain classes of the people, to gain upon men of
substance to concur in schemes for their relief; and this is all I
intend to recommend in practice. My point of view is to lay down the
principles, and I never recommend them farther than they are rendered
possible in execution, by preparatory steps, and by properly working on
the spirit of the people.
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CHAP. XVII.
_Symptoms of Decay in foreign Trade._
If manufacturers are found to be without employment, we are not
immediately to accuse the statesman, or conclude this to proceed from a
decay of trade, until the cause of it be inquired into. If upon
examination it be found, that for some years past food has been at a
higher rate than in neighbouring countries, the statesman may be to
blame: for it is certain, that a trading nation, by turning part of her
commerce into a proper channel, may always be able to establish a just
balance in this particular. And though it be not expedient in years of
scarcity to bring the price of grain very low, yet it is generally
possible to raise the price of it in all rival nations, which, with
regard to the present point, is the same thing.
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