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
It is for these and other such considerations, that many small states
are found to fortify their capital; to keep a body of soldiers in
constant pay, bearing a great proportion to the number of the
inhabitants; to form arsenals well stored with artillery, and to
institute sumptuary laws and other regulations proper to check luxury.
Nothing so wise in every respect! Their territory cannot be extended nor
improved, nor can their inhabitants be augmented, but at the expence of
their wealth; for such as gained their livelihood at the expence of
strangers, are at present out of the question. Were their own citizens
therefore permitted, out of the abundance of their wealth, to give bread
to as many as their extravagance could maintain, the public stock would
be constantly diminishing, in proportion to the foreign subsistence
imported for these supernumeraries, fed at the expence of the luxurious;
which would be just so much lost.
In other states which are extended, powerful by means of wealth, and
strong by nature and situation, whose safety is connected with the
general system of European politicks, which secures them against
conquest; such as Spain, France, Great Britain, &c. the progress of
luxury does little harm (as these territories are still capable of
infinite improvements) provided it does not descend to the lower classes
of the people.
It ought to be the particular care of a statesman to check its progress
there, otherwise there will be small hopes of ever recovering foreign
trade. Whereas, if the lower classes of a people continue frugal and
industrious, from these very circumstances trade may open anew, and be
recovered by degrees, in proportion as luxury comes to get footing in
other nations, where the common people are less laborious and frugal.
Luxury, among those who live upon a revenue already got, and who, by
their rank in the state, are not calculated for industry, has the good
effect of affording bread to those who supply them; but there never can
be any advantage in having luxury introduced among the lower classes,
because it is then only a means of rendring their subsistence more
chargeable, and consequently more precarious.
Having thus briefly laid together the principal objects of a statesman’s
care, upon the cessation of the foreign trade of his people, I shall
finish my chapter, by pointing out some general consequences which
reason and experience shew to be naturally connected with such a
revolution; not with regard to industry and inland trade, but as they
influence the spirit, government, and manners of a people.
Public-domain text, read in full here on John Shaqi.
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