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
We must examine the natural effects of this revolution; we must point
out how every inconvenience may be avoided, and how a statesman may
regulate his conduct, so as to prevent the exportation of any part of
that wealth which the nation may have heaped up within herself, during
the prosperity of her foreign trade. How he may keep the whole of his
people constantly employed, and by what means he may promote an equable
circulation of domestic wealth, as an adequate equivalent given by the
rich, for services rendred them by the industrious poor. How, by a
judicious imposition of taxes, he may draw together an equitable
proportion of every man’s annual income, without reducing any one below
the standard of a full physical-necessary. How he may, with this public
fund, preserve in vigour every branch of industry, and be enabled also,
by the means of it, to profit of the smallest revolution in the
situation of other nations, so as to re-establish the foreign trade of
his own people. And lastly, how the society may be thereby sufficiently
defended against foreign enemies, by a body of men regularly supported
and maintained at the public charge, without occasioning any sudden
revolution hurtful to industry, either when it becomes necessary to
increase their numbers, in order to carry on an unavoidable war, or to
diminish them, upon the return of peace and tranquility. This is, in few
words, the object of a statesman’s attention when he is at the head of a
people living upon their own wealth, without any mercantile connections
with strangers.
However hurtful the natural and immediate effects of political causes
may have been formerly, when the mechanism of government was less
compounded than at present, they are now brought under such
restrictions, by the complicated system of modern oeconomy, that the
evil which might otherwise result, is guarded against with ease.
As often, therefore, as we find a notable prejudice resulting to a
state, from a change of their circumstances, _gradually taking place_,
we may safely conclude, that negligence, or want of abilities, in those
who have the direction of public affairs, has more than any other cause
been the occasion of it.
It was observed, in the third chapter of the first book, that before the
introduction of modern oeconomy, which is made to subsist by the means
of taxes, a state was seldom found to be interested in watching over the
actions of the people. They bought and sold, transferred, transported,
modified, and compounded productions and manufactures, for public use,
and private consumption, just as they thought fit. Now it is precisely
in these operations that a modern state is chiefly interested; because
proportional taxes are made to affect a people on every such occasion.
Public-domain text, read in full here on John Shaqi.
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