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
To provide a proper employment for all the members of a society, is the
same as to model and conduct every branch of their concerns.
Upon this idea, I think, may be formed the most extensive basis for an
inquiry into the principles of political oeconomy.
The next thing to be done, is to fall upon a distinct method of
analysing so extensive a subject, by contriving a train of ideas, which
may be directed towards every part of the plan, and which, at the same
time, may be made to arise methodically from one another.
For this purpose I have taken a hint from what the late revolutions in
the politics of Europe have pointed out to be the regular progress of
mankind, from great simplicity to complicated refinement.
This first book shall then set out by taking up society in the cradle,
as I may say. I shall then examine the principles which influence their
multiplication, the method of providing for their subsistence, the
origin of their labour, the effects of their liberty and slavery, the
distribution of them into classes, with some other topics which relate
to mankind in general.
Here we shall find the principles of industry influencing the
multiplication of mankind, and the cultivation of the soil. This I have
thrown in on purpose to prepare my reader for the subject of the second
book; where he will find the same principle (under the wings of liberty)
providing an easy subsistence for a numerous populace, by the means of
trade, which sends the labour of an industrious people over the whole
world.
From the experience of what has happened these last two hundred years,
we find to what a pitch the trade and industry of Europe has increased
alienations, and the circulation of money. I shall, therefore, closely
adhere to these, as the most immediate consequences of the preceding
improvement; and, by analysing them, I shall form my third book, in
which I intend to treat of credit.
We see also how credit has engaged nations to avail themselves of it in
their wars, and how, by the use of it, they have been led to contract
debts; which they never can satisfy and pay, without imposing taxes. The
doctrine then of debts and taxes will very naturally follow that of
credit in this great chain of political consequences.
By this kind of historical clue, I shall conduct myself through the
great avenues of this extensive labyrinth; and in my review of every
particular district, I shall step from consequence to consequence, until
I have penetrated into the utmost recesses of my own understanding.
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