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
I need not add, as a restriction of this principle of discouraging the
importation of foreign commodities (which become articles of a greater
superfluous home-consumption) that when such a branch of trade becomes
necessary to be carried on, in order to engage a neighbouring nation to
consume of home-superfluities; in this case, the luxury of the consumers
of the foreign produce, has an evident tendency to national improvement.
If delicate wines, and raw silk, are imported as a return for salt
herrings and raw hides, the support of such a trade is only the means of
making the rich consume these articles of home-production, by converting
them into burgundy and velvet.
These considerations regard the augmentation, or at least the
preservation of national wealth. If they are attended to, it is hardly
possible that any part of what is already acquired, can go abroad; and
in this case the whole balance of the exportation of natural produce
becomes clear gain.
There are still several things to be observed with regard to the
exportation of natural produce. Such articles as are in great abundance,
and are not produced in other countries, as wines in the southern
countries of Europe, ought always to be exported by the inhabitants,
because considerable profits must be made upon a trade where there is no
rivalship; and on such occasions, a people ought to be wise enough to
keep such profits for themselves.
But if other nations will not receive them, unless they be imported by
their own subjects, then the statesman may impose a duty upon
exportation, which is one way of sharing the profits with the carriers.
All the precaution necessary, in imposing this duty, is not to raise it
so high as to diminish the demand; nor to give an encouragement to a
neighbouring nation, to enter into competition for such a branch of
trade.
Neighbouring states which furnish the same articles of natural produce,
regulate, commonly, the duties upon exportation, in such a manner as
nearly to compensate all differences which strangers may find, between
trading with the one or with the other. Or they grant particular
privileges in point of trade, to the nations with whom they find it most
for their advantage to trade.
If the natural advantages upon such articles are less considerable, no
duty can be imposed. Exportation may then be encouraged by granting
still greater privileges to strangers or others, who may promote the
exportation at little cost to the state.
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