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 power of a modern Prince, let him be, by the constitution of his
kingdom, ever so absolute, becomes immediately limited so soon as he
establishes the plan of oeconomy which we are endeavouring to explain.
If his authority formerly resembled the solidity and force of the wedge,
which may indifferently be made use of, for splitting of timber, stones,
and other hard bodies, and which may be thrown aside and taken up again
at pleasure; it will, at length come to resemble the watch, which is
good for no other purpose than to mark the progression of time, and
which is immediately destroyed, if put to any other use, or touched by
any but the gentlest hand.
As modern oeconomy, therefore, is the most effectual bridle ever
invented against the folly of despotism; so the wisdom of so great a
power shines no where with greater lustre, than when we see it exerted
in planning and establishing this oeconomy, as a bridle against the
wanton exercise of power in succeeding generations. I leave it to my
reader to seek for examples in the conduct of our modern Princes, which
may confirm what, I think, reason seems to point out: were they less
striking, I might be tempted to mention them.
The part of our subject we are now to treat of, will present us with a
system of political oeconomy, still more complicated than any thing we
have hitherto met with.
While foreign trade flourishes and is extended, the wealth of a nation
increases daily; but her force is not so easily exerted, as after this
wealth begins to circulate more at home, as we shall easily shew. But,
on the other hand, the force she exerts is much more easily recruited.
In the first case, her frugality enables her to draw new supplies out of
the coffers of her neighbours; in the last, her luxury affords a
resource from the wealth of her own citizens.
In opening my chapter, I have introduced my reader into a new country;
or indeed I may say, that I have brought him back into the same which we
had under our consideration in the first book.
Here luxury and superfluous consumption will strike his view almost at
every step. He will naturally compare the system of frugality, which we
have dismissed, with that of dissipation, which we are now to take up;
and we may very naturally conclude, that the introduction of the latter,
must prove a certain forerunner of destruction. The examples found in
history of the greatest monarchies being broken to pieces, so soon as
the taste of simplicity was lost, seem to justify this conjecture. It
is, therefore, necessary to examine circumstances a little, that we may
compare, in this particular also, the oeconomy of the antients with our
own; in order to discover whether the introduction of luxury be as
hurtful at present, as it formerly proved to those states which made so
great a figure in the world; and which now are only known from history,
and judged of, from the few scattered ruins which remain to bear
testimony of their former greatness.
Public-domain text, read in full here on John Shaqi.
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