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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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, politlcal how the abuse of consumption in the rich may affect the prosperity of a state. A government could not therefore encourage a system which tended to throw power into the hands of those who were made to obey only.
Despite his father’s death inSteuart carried on his law studies was admitted to the bar in He permitted the dead to be buried within the walls; the handling of dead bodies was not reckoned pollution among the Lacedemonians. The first natural, between parents and children; the second political between masters and servants, lords and vassals, Princes polltical subjects; the third commercial, between the rich and the industrious.
Of this plan we have a description in the life of this legislator written by Plutarch, one of the most judicious authors to be met with priinciples any age. And as the protection of the whole body of such a people implies the protection of every individual, so every political subordination should there be general and equal: Riches indeed are forbid to all who have neither mines, or foreign trade.
He must, as before, be attentive to provide food, other necessaries and employment for all his people; but as the foreign connections make these very circumstances prinicples upon the entertaining a good correspondence with neighbouring nations, he must acquire a proper knowledge of their domestic situation, so as to reconcile, as much as may be, the interests of both parties, by engaging the strangers to furnish articles of the first necessity, when the precious metals cannot be procured; and to accept, in return, the most consumable superfluities which industry can invent.
Upon this the health of a trading state principally depends.
An Inquiry into the Principles of Political Economy
Politcal a grand Balance may be paid by Banks, without the assistance of Coin Chap. And although the prerogative of some princes be increased considerably beyond the bounds of the ancient constitution, even to such a degree as perhaps justly to deserve the name of usurpation; yet the consequences resulting from the revolution, cannot every where be said, upon the whole, to have impaired what Jamess call public liberty.
I deduce modern liberty from the independence of the same classes, by the introduction of industry, and circulation of an adequate equivalent for every service. The greater the extent of steyart trade in any nation is, the lower these standards must be kept; the less the extent of it is, the higher they may be allowed to rise.
From this part of the plan I conclude, that Lycurgus discovered the utter insufficiency of an agrarian law for establishing equality among the individuals of a state, without proscribing, at the same time, both wealth and industry.
As the Lacedemonians had no mercantile communications with other nations, the iron coin was no more than a bank note of no intrinsic value, as I suppose, but a middle term introduced for keeping accounts, and for facilitating barter. Why are some Countries found very populous in respect of others, equally well calculated for Improvement?
The chief significance of this question is the numbering of the baronets; it is not inconceivable that both grants occurred. Why in Time this Balance is destroyed Chap.
At the time it was published, An Inquiry into the Principles of Political Economy was considered to be the most complete and systematic survey of political economy ever written in England.
An Inquiry Into the Principles of Political Economy – James Stewart – Google Books
When this theory again comes to be applied to examples, combinations will crowd in, and every one of these must be attended to. Although the work appears to have been well received its impact was overshadowed by Smith’s Wealth of Nations that was published only steuadt years later.
Oliver and Boyd for the Scottish Economic Society. Of the first Principles of Exchange Chap.
Sir James Steuart: Principles of Political Economy
He was promoted full General, and lived to be ninety-five, ranking officer in the British Army. Every freeman in the state was bred up from his infancy to arms. Lycurgus stopt at the only determined frontier, the pure physical necessary. Adam Smith ‘s attacks on Mercantilism were mainly directed against Steuart even though the latter was not mentioned by name.
Let me now conclude this chapter by an illustration of the subject, which will still more clearly point out the force of the principles upon which this Lacedemonian republic was established.
Sir James Steuart: Principles of Political Economy – Oxford Scholarship
The life of the democratical system is equality. Now, if, on one side, the equality of the democracy secures liberty; on the other, the moderation in expence discourages industry; and if, on one side, the inequality of the monarchy endangers liberty, the progress of luxury encourages industry on the other. Steuart began researching economics at this time – publishing, as a side-effect, a small treatise on the coinage of the German principalities in Were nobody in a nation employed in producing the necessaries of life, and all the industrious employed in supplying other articles of consumption, the prices of necessaries might be allowed to fall as low as possible.
By a people’s being free, I understand no more than their being governed by general laws, well known, not depending upon the ambulatory will of any man, or any set of men, and established so as not to be changed, but in a regular and uniform way; for reasons which regard the body of the society, and not through favour or prejudice to particular persons, or particular classes. I deduce the origin of the great subordination under the feudal government, from the necessary dependence of the lower classes for their subsistence.
But such reflections seem rather to be too great a refinement on my subject, and exceed the bounds of political oeconomy. Of the Extent of Taxation Chap X: 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: I ask, what confederacy among the modern European Princes, would carry on a successful war against such a people?
By these arts, the Spartans lived in great harmony in the midst of a continual war. But habit is all in things of this kind.