Economists -- Great Britain -- Biography; Smith, Adam, 1723-1790
It is not within the scope of a work like the present to give an
account of the doctrines of the _Wealth of Nations_, or any estimate
of their originality or value, or of their influence on the progress
of science, on the policy and prosperity of nations, or on the
practical happiness of mankind. Buckle, as we know, declared it to be
"in its ultimate results probably the most important book that has
ever been written"; a book, he said, which has "done more towards the
happiness of man than has been effected by the united abilities of all
the statesmen and legislators of whom history has preserved an
authentic account";[246] and even those who take the most sober view
of the place of this work in history readily admit that its public
career, which is far from being ended yet, is a very remarkable story
of successive conquest.
It has been seriously asserted that the fortune of the book in this
country was made by Fox quoting it one day in the House of Commons.
But this happened in November 1783, after the book had already gone
through two editions and was on the eve of appearing in a third. It is
curious, however, that that was the first time it was quoted in the
House, and it is curious, again, that the person to quote it then was
Fox, who was neither an admirer of the book, nor a believer in its
principles, nor a lover of its subject. He once told Charles Butler
that he had never read the book, and the remark must have been made
many years after its publication, for it was made at St. Anne's Hill,
to which Fox only went in 1785. "There is something in all these
subjects," the statesman added in explanation, "which passes my
comprehension; something so wide that I could never embrace them
myself nor find any one who did."[247] On another occasion, when he
was dining one evening in 1796 at Sergeant Heywood's, Fox showed his
hearty disdain for Smith and political economy together. The Earl of
Lauderdale, who was himself an economist of great ability, and by no
means a blind follower of Smith, made the remark that we knew nothing
of political economy before Adam Smith wrote. "Pooh," said Fox, "your
Adam Smiths are nothing, but" (he added, turning to the company) "that
is his love; we must spare him there." "I think," replied Lauderdale,
"he is everything." "That," rejoined Fox, "is a great proof of your
affection." Fox was no believer in free trade, and actively opposed
the Commercial Treaty with France in 1787 on the express and most
illiberal ground that it proceeded from a novel system of doctrines,
that it was a dangerous departure from the established principles of
our forefathers, and that France and England were enemies by nature,
and ought to be kept enemies by legislation.
Public-domain text, read in full here on John Shaqi.
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