Sir James Steuart, 3rd Baronet of Goodtrees and eventually 7th Baronet of Coltness; late in life In Steuart published An Inquiry into the Principles of Political Economy, the first book by a Scottish economist with ‘political economy’ in the. An Inquiry Into the Principles of Political Economy, Volume 1. Front Cover · James Steuart. Being an , Volume 1 · Sir James Steuart Full view – . An Inquiry Into the Principles of Political Economy, Volume 1. Front Cover. James Stewart. Being an , Volume 2 · Sir James Steuart Full view –

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Mercantilism was the school of thought that held that a positive balance of trade was of primary importance for any nation and required a ban econpmy the export of gold and silver. Of infant, foreign, and inland Trade, with respect to the several Principles which influence them Chap.

An Inquiry Into the Principles of Political Economy – James Stewart – Google Books

Of the Regulation of Interest by Statute Chap. Of the great Advantage of combining a well digested Theory and a perfect Knowledge of Facts with the practical Part of Government, in order to make a People multiply Chap. A Dictionary of Economicsv.

I shall now give a short sketch of the general principles upon which a system of foreign trade may be established, and preserved as long as possible; and of the methods by which it may be again recovered, when, from the natural advantages and superior ability of administration in rival nations, not from vices at home, a people may have lost for a time every advantage they used to draw from their foreign commerce.

When he arrived in Scotland inhis Book IV on credit was still being researched. The numbers of these could not be many, as the timber of their houses was worked with the saw and axe only; and every utensil was made with the greatest simplicity.

A circumstance which seems to have escaped every other statesman in ancient times, as well as the modern patrons of equality and simplicity of manners. He must consider the advancement of the common good as a direct object of private interest to every individual, and by a disinterested administration of the public money, he must plainly make it appear that it is so.

He must cut off all foreign competition, above a certain standard price, for that quantity of subsistence which is necessary for home consumption; and, by premiums upon exportation, he must discharge the farmers of any superfluous load, which may remain upon their hands when prices fall too low.



We must encourage oeconomy, frugality, and a simplicity of manners, discourage the consumption of every thing that can be exported, and excite a taste for superfluity in neighbouring nations.

I hope, from what I have said, that the political effects of luxury, or the consumption of superfluity, are sufficiently understood. So long as this spirit prevails, I say, that it is the duty of a statesman to encourage frugality, sobriety, and an application to labour in his own people, and to excite in foreign nations a taste for superfluities as much as possible.

The second, That no domestic competition should be encouraged upon articles of superfluity, so as to raise prices beyond a certain standard. A statesman ought, therefore, to consider attentively every circumstance of the constitution of his country, before he sets on foot the modern system of trade and industry.

I speak of governments only which are conducted systematically, constitutionally, and by general laws; and when I mention princes, I mean politcial councils.

Sir James Steuart: Principles of Political Economy – Oxford Scholarship

Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use for details see www. But were there no foreign demand at all, there would be no occasion for any standard, and the nation’s wealth would thereby pllitical only with greater or less rapidity in proportion as prices might rise or fall.

If he allows such a dependence to subsist, his project will fail. Economic Writings 11 Sir James Steuart: First, In proportion as the consumers become extravagant, the producers become wealthy; and when the former become bankrupts, the latter fill their oc. This represents an even balance. Papers Relating to Adam Smith.

Sir James Steuart: Principles of Political Economy

The next care of a statesman is to regulate the employment of a people. So soon as all foreign trade has come to a stop, without a scheme for recalling it, and domestic consumption has filled up its place in consuming the work, and giving bread to the industrious, we fund ourselves obliged to reason again upon the principles of the first book.

And a monied interest was made to disappear, by the introduction of iron coin. For were the same simplicity of manners still kept up, the infallible consequence would be a forced restitution of the balance, by the distress, misery, and at last extinction of the supernumerary workmen. From these principles may be deduced the boundaries of subordination. All authority is in proportion to dependence, and must vary according to circumstances.


Every necessary mechanic art was likewise exercised by this body of slaves. Retrieved from ” https: Wteuart produces no difference, whether these irregularities be exercised by those of the superior classes, or by the statesman and his substitutes.

Ecpnomy George Wythe Encyclopedia. I am persuaded that many a young person has felt her modesty as much hurt by taking off her handkerchief, the first time she appeared at court, as any Lacedemonian girl could have done by stripping before a thousand people; yet both her reason and common sense, must make her sensible of the difference between a compliance with a custom in a matter of dress, and a palpable transgression against the laws of her honour, and the modesty of her sex.

Let impositions be ever so high, provided they be proportional, general, gradually augmented, and permanent, they may have indeed the effect of stopping foreign trade, and of starving the idle, but they econojy will ruin the industrious; as we shall have occasion to shew in treating of taxation.

He communicated, therefore, his plan, first to his friends, and then by degrees to the principal people of the princilpes, who certainly never could have been brought to relish an innovation so prejudicial to their interest, had it not been from the deepest reverence and submission to the will of the gods. Let us next fix our attention upon the interests of a people entirely taken up in the prosecution of foreign trade.


The Pythia declared him to be the darling of the gods, and rather a god than a man; and publicly gave out, that Apollo had delivered to him alone the plan of a republic which far exceeded every other in perfection.

Riches indeed are forbid to all who have neither mines, or foreign trade. From whence we may conclude, that the democratical system is naturally the best for giving birth to foreign trade; the monarchical, for the refinement of the luxurious arts, and for promoting a rapid circulation of inland commerce.

So far as a power of dispensing with, restraining or extending general laws, is left in the hands of any governor, so far I consider public liberty as precarious. Read volume one of this book in Google Books. Volume 29 International Publishers: