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, when industry springs up, when the manners of a
people change all of a sudden, or by quick degrees, as has been the case
in many countries in Europe within these threescore years: it is a mark
of a narrow capacity not to perceive that a change of administration
becomes necessary; and if on such revolutions those who are at the head
of corporations should profit of the increase of demand, and occasion
prices to rise in favour of the incorporated workmen, the infallible
consequence will be, to make the city become deserted, and deprived of a
trade, which otherwise would necessarily fall to her share, in
consequence of the advantage she must draw from establishments already
made for supplying every branch of consumption[K]. But let the principle
above mentioned be constantly followed; let profits be kept at a right
standard; let hands be increased according to demand; let the city
workmen gain no advantage over those of the country which may not be
compensated by the difference of the price of subsistence; let the
disadvantages again on the side of the town affect only their own
consumption, not the surplus of their industry; let every convenience
for carrying on foreign trade (every thing here is understood to be
foreign, which does not enter into the consumption of the town) be
provided for in the suburbs, or, if you please, in a place out of the
town walled in for that purpose; let markets there be held for every
kind of work coming from the country; and then the true intent of a
corporation will be answered. If it be found that the prosperity of
trade demands still more liberty, then the corporation may be thrown
open; but on the other hand, every burthen must be taken off, and every
incorporated member must be indemnified by the state, for the loss he is
thereby made to suffer.
Footnote K:
The cities of the Austrian Netherlands are, from these causes, at
present in a state of depopulation; and the industrious classes are
assembling in the villages, which are beginning to rival the
populousness of cities. In these villages, the privileges of the
cities are not established. Privileges which will in all probability
end in their bankruptcy as well as depopulation. The depopulation will
follow from the causes already mentioned; the bankruptcy from the sums
these corporations lend the sovereign, on the credit of new
impositions constantly laying upon every branch of consumption. This
is so true, that the acquisition of this country (one of the most
fertile and most populous in Europe) would hardly be worth the having,
if the debts owing by the corporations were to be fairly paid, and
their ruinous _privileges_ (as they are called) allowed to subsist
without alteration.
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