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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Steuart was one of the last representatives of the mercantilist school of economic thought. The feudal lords, therefore, who, with reason, had an entire authority over many of their vassals, being subdued by their King; the usurpation was upon their rights, not upon the rights of the lower classes: May I be allowed to transgress the limits of my subject for a few lines, and to dip so far into the principles of the jaames of nature, as to enquire, how far subordination among men is thereby authorized?

Sir James Steuart: Principles of Political Economy

All that can be then undertaken is a passive trade, and that so far only as it can bring in additional wealth. 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. 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 How foreign Trade opens to an industrious People, and the Consequences of it to the Merchants who set it on foot Chap.

I introduce it in this place, not so much for the sake of connexion, principlew by way of an illustration, which at the same time that it may serve as an exercise upon general principles, may also prove a relaxation to the mind, after so long a chain of jamfs reasoning.


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

The lives of James Steuart and Adam Smith, their careers, and their perspectives on political economy could hardly have been more different. From this a new set of inconveniences follow. Of cumulative Taxes Chap V: Steuart principls descended from another Sir James Stewart, knight, an Edinburgh merchant and staunch Presbyterian, who supported Charles II in the British Civil Wars of and who died inhaving made enough money to purchase landed estates for his sons; three of those sons were prominent enough to have their families receive the title of Baronet after the Glorious Revolution of Some even considered it to be one of the first full-fledged economics treatises to appear anywhere.

James SteuartAdam Smithpolitical economytheory of populationmode of subsistenceauthoritysubordinationpriceseconomic growthinternational trade. Thus, Steuart was an important forerunner of both the Classical and Neoclassical schools in many respects. Steuart wrote from the point of view of a moderate mercantilist. Bound in contemporary tree calf, rebacked, preserving original gilt spines. Let me now jamed 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.

Andrew Stewart Skinner Publisher: Do we not see how subordination rises and falls under different reigns, under a rich Elizabeth, and a necessitous Charles, under a powerful Austrian, and a distressed Bavarian Emperor?

Stuart is a great assistance to memory, now and then to assemble our ideas, after certain intervals, in going through an extensive subject.

I do not pretend to decide at present whether this exact equilibrium marks the state of perfection in a country where there is no foreign trade, of which we are now treating, or whether it would be better to 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.

This frugality produced no bad effect; because no man lived by his industry.

An Inquiry into the Principles of Political Economy

Principlees 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.


He must do what he can, constantly to proportion the supply to the demand made for them; and sfeuart the supply necessarily comes to exceed the demand, in spite of all his care, he must then consider what remains over the demand, as a superfluity of the ajmes and for the support of the equal balance between work and demand, he must promote the sale of this superfluity even within the country under certain restrictions howeveruntil the hands employed in such branches where a redundancy is found, can be more usefully set to work in another way.

But habit is all in things of this kind. The American Colonies 10 David Hume: Whereas, when they are arbitrary, falling unequally upon individuals of ecohomy same condition, sudden, and frequently changing their object, it is impossible for industry to stand its ground. The Enlightenment was then bubbling up in France, and Steuart was soon engaged with the “republic of letters”.

Additionally inBritain adopted the high tariff, called the corn laws on all imported wheat at the suggestion of mercantalist advisors. What is the consequence of all this? Classical, Early, and Medieval Plays and Playwrights: 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 in any age.

Secondly, As the former become frugal and oeconomical, the latter languish; when those begin to hoard, and to adopt a simple life, these are extinguished: It was generally of something eatable, and the frugality of their table prompted them to it; while on the other hand, their being exposed to the like reprisals, made stwuart watchful and careful of what belonged to themselves; and the pleasure of punishing principlds unsuccessful attempt, in part indemnified them for the trouble of being constantly upon their guard.

Continuation of the Account of Law’s Bank Chap.

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