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
Luxury is the child of wealth; and wealth is acquired by states, as by
private people, either by a lucrative, or by an onerous title, as the
civilians speak. The lucrative title, by which a state acquires, is
either by rapine, or from her mines; the onerous title, or that for a
valuable consideration, is by industry.
The wealth of the ancient monarchs of Babylon, Persia, Greece, and Rome,
was the effect of rapine; whereas industry enriched the cities of Sydon,
Tyre, Carthage, Athens, and Alexandria. The luxury of the first, proved
the ruin of the luxurious; the luxury of the last, advanced their
grandeur: because they had no rivals to take advantage of the natural
effects of this luxury, in cutting off the profits of foreign trade.
Peace was as hurtful to the plunderers, as war was destructive to the
industrious.
When an empire was at war, its wealth was thereby made to circulate for
an equivalent in services performed. So soon as peace was restored,
every one returned, as it were, to a state of slavery. The monarch then
possessed himself of all the wealth, and distributed it by caprice.
Fortunes were made in an instant, and no body knew how: they were lost
again by transitions equally violent and sudden. The luxury of those
days was attended with the most excessive oppression. Extraordinary
consumption was no proof of the circulation of any adequate equivalent
in favour of the industrious: it had not the effect of giving bread to
the poor, nor of proportionally diminishing the wealth of the rich. The
great constantly remained great; and the more they were prodigal, the
more the small were brought into distress. In one word, luxury had
nothing to recommend it, but that quality which _solely_ constitutes the
abuse of it in modern times; to wit, the excessive gratification of the
passions of the great, which frequently brought on the corruption of
their manners.
When such a state became luxurious, public affairs were neglected;
because it was not from a right administration that wealth was to be
procured. War, under such circumstances, worked effects almost similar
to the springing up of industry in modern times; it procured employment,
and this produced a more regular circulation, as has been said.
Public-domain text, read in full here on John Shaqi.
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