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
This I do not consider as a species of farming. It is more properly, in
a political light, a sort of village life, only the village here appears
dispersed over a large extent; and I call it a village life, because
here the occupation of the inhabitants is principally directed towards
the prosecution of their trades: agriculture is but a subaltern
consideration, and will be carried on so far only, as it occasions no
great avocation from the main object. It will however have the effect to
parcel out the lands into small possessions: a system admirably
calculated for the improvement of the soil, and advantageous to
population, when the spirit of industry is not thereby checked. This is
not the case when such possessors apply totally to agriculture, and
content themselves with a bare subsistence from it, without prosecuting
any other branch of industry, or forming any plan of ambition for
themselves, or for their children’s emerging from so circumscribed a
sphere of life: from this alone proceeds, in most countries, the
inconveniency of a minute subdivision of land property.
We shall presently see, by various examples, the truth of this
proposition; and from what observations I have been able to make, it
appears, that a great inconvenience flows from it; the _property_ of the
lands, and not the _bare possession_ of them, is vested in the lower
classes. While they only remain as tenants, the interest of the
proprietor, on one hand, will lead him to incorporate these small
possessions into larger farms, the moment the possessors, by relaxing
from their principal occupation, (industry) are no longer able to pay a
rent above the value of the grounds when let in farms; and the interest
of these tenants, on the other hand, will frequently lead them to
abandon such small possessions, when the prosecution of their industry
demands a change of habitation. Thus the interest of agriculture will go
hand in hand with that of industry, and classes will separate their
habitations, according as their respective interests require.
It is certainly the interest of every landlord, whose land is ill
improved, to multiply habitations upon it, providing he makes choice of
such people as can live by some other branch of industry than bare
agriculture: and, in many cases, it may be his advantage to incorporate
his lands into farms as soon as they are fully cultivated. By this plan
he will advance the improvement of his land; he will multiply the useful
inhabitants; and he will at the same time share the profits of their
industry beyond the value of the land rent.
By these means has the woollen manufacture in England, and the linen in
Ireland and Scotland been greatly augmented. But as the improvement of
land goes on, this oeconomy will decline: towns will swell in
consequence of the principles we are now going to deduce; the lands will
become more thinly inhabited; and farms will by degrees grow more
extensive. I appeal to experience for the justness of this opinion.
Public-domain text, read in full here on John Shaqi.
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