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
On the other hand, the wealth and luxury of the trading cities
abovementioned, which was of the same species with that of modern times,
proceeded from the alienation of their work; that is, from their
industry. Nothing was gained for nothing, and when they were forced to
go to war, they found themselves obliged either to dissipate their
wealth, by hiring troops, or to abandon the resources of it, the labour
of their industrious citizens. Thus the punic wars exalted the grandeur
of plundering Rome, and blotted out the existence of industrious
Carthage. I do not here pretend to vindicate the justness of these
reflections in every circumstance, and it is foreign to my present
purpose to be more particular; all I seek for, is to point out the
different effects of luxury in antient and modern times.
Antient luxury was quite _arbitrary_; consequently could be laid under
no limitations, but produced the worst effects, which _naturally_ and
_mechanically_ could proceed from it.
Modern luxury is _systematical_; it cannot make one step, but at the
expence of an adequate equivalent, acquired by those who stand the most
in need of the protection and assistance of their fellow citizens; and
without producing a vibration in the balance of their wealth. This
balance is in the hands of the statesman, who may receive a contribution
upon every such vibration. He has the reins in his hand, and may turn,
restrain, and direct the luxury of his people, towards whatever object
he thinks fit.
Luxury here is so far from drawing on a neglect of public affairs, that
it requires the closest application to the administration of them, in
order to support it. When these are neglected, the industrious will be
brought to starve, consumption will diminish; that is, luxury will
insensibly disappear, and hoarding will succeed it. These and similar
consequences will undoubtedly take place, and _mechanically_ follow one
another, when a skilful hand is not applied; to prevent them.
It is impossible not to perceive the advantages of supporting a
flourishing inland trade, after the extinction of foreign commerce. By
such means elegance of taste, and the polite arts, may be carried to the
highest pitch. The whole of the inhabitants may be employed in working
and consuming; all may be made to live in plenty and in ease, by the
means of a swift circulation, which will produce a reasonable equality
of wealth among all the inhabitants. Luxury can never be the cause of
inequality. Hoarding and parcimony form great fortunes, luxury
dissipates them and restores equality.
Such a situation would surely be of all others the most agreeable, and
the most advantageous, were all mankind collected into one society, or
were the country where it is established cut off from every
communication with other nations.
Public-domain text, read in full here on John Shaqi.
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