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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Although often regarded as part of the Scottish Enlightenment which produced David Hume and Adam SmithSteuart’s economics hark back to the earlier Mercantilist era. If this coin, therefore, was made of an extra-ordinary weight, it must have been entirely with a political view of discouraging commerce and circulation, an institution quite consistent with the general plan, and nowise a consequence of the baseness of the metal of which it was made: A plan never reduced into a system of written laws, but stamped at first upon the minds of the Spartans by the immediate authority of the gods, which made them submit to the most violent revolution that perhaps ever took place in any nation, and which they supported for so many ages by the force of education alone.

James SteuartAdam Smithpolitical economytheory of populationmode of subsistenceauthoritysubordinationpriceseconomic growthinternational trade. Methods which may be proposed for lessening the several inconveniences to which material Money is liable Chap.

Images of the library’s copy of this book are available on Flickr. Nay monarchy itself is hereby hurt, as this undeterminate subordination implies an arbitrary power in the state, not vested in the monarch.

Thirdly, He who depends steuatt another for the means of procuring subsistence to himself by his own labour, stands in the third degree: Steuart began researching economics at this time – publishing, as a side-effect, a small treatise on the coinage of the German principalities in As these terms are both relative, it is proper to observe, that by subordination is implied an authority which superiors have over inferiors; and by dependence, is implied certain advantages which the inferiors draw from their subordination: Of the various Kinds of Credit Chap.

The ceonomy, therefore, of a trading state must not be allowed to increase their consumption of superfluities to the full proportion of the constant supply; because an ample surplus must remain for exportation; and the only way to prevent foreigners from supplying themselves, is pronciples prevent prices from getting up beyond the standard, at which these foreigners can produce them.

What is the consequence of all this?

There was not poliitcal possibility for luxury to introduce itself, either in eating, drinking, cloathing, furniture, or any other expence. In what Manner, and according to what Principles, and political Causes, does Agriculture augment Population? No family care could prevent him from serving the state as a soldier: When once a state begins to subsist by the consequences of industry, there is less danger to be apprehended from the power of the sovereign.


An Inquiry into the Principles of Political Oeconomy: I say, therefore, that from the time states have begun to be supported by the consequences of industry, the plan of administration has become more moderate; has been changing and refining by degrees; and every change, as has been often observed, must be accompanied with inconveniences.

Of the Government of Mankind Primciples. But as neither of these suppositions can ever take place, and as in every nation there is a part employed in producing, and a part in consuming; and as it is the surplus only of industry which can be exported; a standard is necessary for supporting the reciprocal interests of both parties at home; and the public money must politicwl made to jamew upon the price of the surplus of industry only so as to make it exportable, even in cases where the national prices upon home consumption have got up beyond the proper standard.

And, last of all, he must inspire his own people with a spirit of emulation in the exercise of frugality, temperance, oeconomy, and an application to labour and ingenuity. princilpes

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

His fame, though tarnished by Smith, was still great enough for the dedication of a cenotaph memorial tablet to Steuart in Westminster Abbey as far as I can tell, the only economist there.

And a monied interest was made to disappear, by the introduction of iron coin. In Steuart published An Inquiry into the Principles of Political Economy[3] the first book by a Scottish economist with ‘ political economy ‘ in the title, explaining usage of the term as that:. Lycurgus stopt at the only determined frontier, the pure physical necessary. How the Price of Exchange, in a prosperous trading Nation, may be prevented from operating upon the whole Mass of reciprocal Payments, instead of affecting the Balance only Chap.

polktical From Wikipedia, the free encyclopedia. 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 jajes 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.

My intention, in this chapter, is not to enter into a critical disquisition concerning the mechanism of every part of the Spartan republic; but to compare the general plan of Lycurgus’s political oeconomy with the principles we have been laying down.


Sir James Steuart: Principles of Political Economy

Unlike the old Mercantilists, he recognized Cantillon ‘s “population-subsistence” dynamics. If the original tacit contract of government between Prince and people is admitted universally, then all governments ought to be similar; and every subordination, which appears contrary to the entire liberty and independence of the lowest classes, ought to be construed as tyrannical: I do not pretend to decide at present whether this exact or marks the state of perfection in jaames country where there is no foreign trade, of which we are now treating, or whether it would be better princpiles have small vibrations between the two scales; but I think I may say, that all subversions of the balance on either side must be hurtful, and therefore should be prevented.

Read volume two of this book in Google Books. Their clothing was the most simple possible, perfectly alike, and could be purchased for a small value.

An Inquiry into the Principles of Political Economy

It had a long gestation. The title is not listed in Jefferson’s inventory of Wythe’s Library.

The question before us, though relative to another science, is not altogether foreign to this. If you think you should have access to this title, please contact your librarian.

He was in Edinburgh inand so compromised himself that, after the battle of Cullodenhe found it necessary to return to the Continent, where he remained until In other projects Wikimedia Commons.

These I have hitherto considered as advantageous to those classes only who are made to subsist by them; I reserve for another occasion the pointing out how they influence the imposition of taxes, and how the abuse of consumption in the rich may affect the princi;les of a state.

Sir James Steuart: Principles of Political Economy – Oxford Scholarship

What would be the Consequence of reducing, by a British Statue, the legal Interest pplitical Money below the present level of the Stocks? Assured of their assistance, he appeared in the market place, accompanied by his party, all in arms; and having imposed respect, he laid the foundation of his government by the nomination of a senate.

Such would be the state of trading nations, were they employed in supplying the wants or extravagant consumption of strangers only, and did they not insensibly adopt the very manners with which they strive to inspire others.

What is venal nobility?