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 statesman is thus defending the foreign trade of his country, by
an extraordinary operation performed upon the circulation of its wealth,
he must at the same time employ the second expedient with equal address.
He must be attentive to support sobriety at home, and wait patiently
until abuses among his neighbours shall produce some of the
inconveniencies we have already mentioned. So soon as this comes to be
the case, he has gained his point; the premiums then may cease; the
public money may be turned into another channel; or the tax may be
suppressed altogether, according as circumstances may require.
I need not add, that the more management and discretion is used in such
operations, the less jealousy will be conceived by other rival nations.
And as we are proposing this plan for a state already in possession of a
branch of foreign trade, ready to be disputed by others, having superior
natural advantages, it is to be supposed that the weight of money, at
least, is on her side. This, if rightly employed, will prove an
advantage, more than equal to any thing which can be brought against it;
and if such an operation comes to raise the indignation of her rival, it
will, on the other hand, reconcile the favour of every neutral state,
who will find a palpable benefit from the competition, and will never
fail giving their money to those who sell the cheapest. In a word, no
private trader can stand in competition with a nation’s wealth. Premiums
are an engine in commerce, which nothing can resist but a similar
operation.
Hitherto we have been proposing methods for removing the inconveniencies
which accompany wealth and superiority, and for preserving the
advantages which result from foreign trade already established: we must
now change sides, and adopt the interest of those nations who labour
under the weight of a heavy competition with their rich neighbours,
versed in commerce, dextrous in every art and manufacture, and conducted
by a statesman of superior abilities, who sets all engines to work, in
order to make the most of every favourable circumstance.
It is no easy matter for a state unacquainted with trade and industry,
even to form a distant prospect of rivalship with such a nation, while
the abuses attending upon their wealth are not supposed to have crept in
among them. Consequently, it would be the highest imprudence to attempt
(at first setting out) any thing that could excite their jealousy.
Public-domain text, read in full here on John Shaqi.
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