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 balance between work and demand would then only influence the
balance of wealth among individuals. If hands became scarce, the balance
would turn the quicker in favour of the laborious, and the idle would
grow poor. If hands became too plentiful (which indeed is hardly to be
expected) every thing would be bought the cheaper; but the same quantity
of wealth would still remain without any diminution.
Where is, therefore, the great advantage of foreign trade?
I answer by putting another question. Where is the great advantage of a
person’s making a large fortune in his own country? A man of a small
estate may, no doubt, be as happy as another with a great one; and the
same thing would be true of nations, were all equally inspired with a
spirit of peace and justice; or were they subordinate to a higher
temporal power, which could protect the weak against the violence and
injustice of the strong.
It is, therefore, the separate interests of nations who incline to
communicate together, and consume of one another’s commodities, which
renders the consideration of the principles of trade, a matter of great
importance.
While nations contented themselves with their own productions, while the
difference of their customs, and contrast of their prejudices were
great, the connections between them were not very intimate.
From this proceeds the great diversity of languages and dialects. When a
traveller finds a sudden transition from one language to another, or
from one dialect to another, it is a proof that the manners of such
people have been long different, and that they have had little
communication with one another. On the contrary, when dialects change by
degrees, as in the provinces of the same country, it is a proof that
there has been no great repugnancy in their customs. In like manner,
when we find several languages, at present different, but plainly
deriving from the same source, we may conclude, that there was a time
when such nations were connected by correspondence, or that the language
has been transplanted from one to the other, by the migration of
colonies. But I insensibly wander from my subject.
I have said, that when nations contented themselves with their own
productions, connections between them were not very intimate. While
trade was carried on by the exchange of consumable commodities, this
operation also little interested the state: consumption then was equal
on both sides; and no balance was found upon either. But so soon as the
precious metals became an object of commerce, and when, by being rendred
an universal equivalent for every thing, it became also the measure of
power between nations, then the acquisition, or at least the
preservation of a proportional quantity of it, became, to the more
prudent, an object of the last importance.
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