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
The first thing to be inquired into, is the state of natural advantages.
If any branch of natural produce, such as grain, cattle, wines, fruits,
timber, or the like, are here found of so great importance to the rival
nation, that they will purchase them with money, not with an exchange of
their manufactures, such branches of trade may be kept open with them.
If none such can be found, the first step is to cut off all
communication of trade by exchange with such a people; and to apply
closely to the supply of every want at home, without having recourse to
foreigners.
So soon as these wants begin to be supplied, and that a surplus is
found, other nations must be fought for, who enjoy less advantages; and
trade may be carried on with them in a subaltern way. People here must
glean before they can expect to reap. But by gleaning every year they
will add to their stock of wealth, and the more it is made subservient
to public uses, the faster it will increase.
The beginners will have certain advantages inseparable from their infant
state; to wit, a series of augmentations of all kinds, of which we have
so frequently made mention. If these can be preserved in an equable
progression; if the balance of work and demand, and that of population
and agriculture, can be kept in a gentle vibration, by alternate
augmentations; and if a plan of oeconomy, equally good with that of the
rivals, be set on foot and pursued; time will bring every natural
advantage of climate, soil, situation, and extent, to work their full
effects; and in the end they will decide the superiority.
I shall now conclude my chapter, with some observations on the
difference between theory and practice, so far as regards the present
subject.
In theory, we have considered every one of the causes which produce high
prices, and prevent exportation, as simple and uncompounded: in practice
they are seldom ever so. This circumstance makes the remedies difficult,
and sometimes dangerous. Difficult, from the complication of the
disease; dangerous, because the remedy against consolidated profits will
do infinite harm, if applied to remove that which proceeds from dear
subsistence, as has been said.
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