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
All sudden revolutions are to be avoided. A sudden stop upon a large
importation, raises the prices of domestic industry by jerks, as it
were; they do not rise gradually; and these sudden profits engage too
many people to endeavour to share in them. This occasions a desertion
from other branches of industry equally profitable to the state. Such
revolutions do great harm; because it is a long time before people come
to be informed of their true cause, and during the uncertainty, they
are, as it were, in a wilderness, surprized and delighted with the
consequences, according as their several interests are affected by them.
Every one accounts for the phenomena in a different way. Some are for
applying remedies against the inconveniencies; while others are totally
taken up in profiting to the utmost of every momentary advantage. In a
word, nothing is more hurtful than a sudden revolution, in so
complicated a body as that of the whole class of the industrious, in a
modern society. When therefore such changes happen, in spite of all a
statesman can do, the best way to prevent the inconveniencies which they
draw along with them, is to inform the public of the true causes of
every change, favourable or hurtful to the several classes of
inhabitants. This also seems to be the best method to engage every one
to concur in promoting the proper remedies, when the inconveniencies
themselves cannot be prevented. So much for a scheme of encouraging
growing manufactures, or of supporting them in their decline. I proceed
next to consider the methods of preventing the loss of others already
established.
We have said, that the importation of any article of consumption usually
provided at home, was a proof by no means equivocal of a foreign
rivalship. I shall say nothing, at present, of the methods to be used as
a remedy for this inconvenience: these have been already discussed. We
must now suppose, every one that might be contrived for this purpose, to
become ineffectual; and that foreign industry is so far gaining ground,
as daily, more and more, to supply the several branches of domestic
consumption.
Upon this, the statesman will begin by laying the importation of such
commodities under certain restrictions. If these do not prove
sufficient, they must be increased; and if the augmentation produces
frauds, difficult to be prevented, the articles must be prohibited
altogether. By this method of proceeding, it will be found, that without
any violent or sudden prohibition laid upon foreign trade, by little and
little, every pernicious branch of it will be cut off, till at last it
will cease altogether, as in the case mentioned above; to wit, when the
most advantageous branches cannot be carried on without loss.
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