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
Were industry and frugality found to prevail equally in every part of
the great political bodies, or were luxury and superfluous consumption,
every where carried to the same height, trade might, without any hurt,
be thrown entirely open. It would then cease to be an object of a
statesman’s care and concern. On the other hand, were all nations
equally careful to check every branch of unprofitable commerce, a
general stagnation of trade would soon be brought about. Manufactures
would no more be the object of traffic; every nation would supply
itself, and nothing would be either exported or imported but natural
productions.
But as industry and idleness, luxury and frugality, are constantly
changing their balance throughout the nations of Europe, able merchants
make it their business to inform themselves of these fluctuations, and
able statesmen profit of the discovery for the re-establishment of their
own commerce; and when they find that this can no more be carried on
with the manufactures or produce of their own country, they engage their
merchants to become carriers for their neighbours, and by these means,
form as it were a third and last entrenchment, which, while they can
defend it, will not suffer their foreign trade to be quite extinguished;
because, by this last expedient, it may continue for some time to
increase their national stock. It is in order to cut off even this
resource, that some nations lay not only importations under restraint,
but also the importers[L]. Let such precautions be carried to a certain
length on all hands, and we shall see an end to the whole system of
foreign trade, so much alamode, that it appears to become more and more
the object of the attention as well as of the imitation of all modern
statesmen.
Footnote L:
By the act of navigation in England.
------------------------------------------------------------------------
CHAP. XXV.
_When a rich Nation finds her Foreign Trade reduced to the Articles of
Natural Produce, what is the best plan to be followed? and what are the
Consequences of such a Change of Circumstances?_
There is now no more question of a trading nation; this character is
lost, the moment there is a stop put to the export of the labour and
ingenuity of her people.
The first objects of her care should be to increase, by every possible
means, the quantity of her natural produce; to be as frugal as possible
in the consumption of it, and to export the surplus to the best
advantage.
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