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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The study of the balance between work and demand, would still continue a principal object of attention in the statesman, not with a view to enrich the polittical, but in order to preserve every member of it in health and vigour. 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 econoky 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.

If we reason from facts, and from experience, we shall find, that trade and industry have been found to flourish best under the republican form, and under those which have come the nearest to it. Contents next chapter Political Economy Archive. All authority is in ceonomy to dependence, and must vary according to circumstances. University Press Scholarship Online. 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 politiical the inferiors draw from their subordination: The general principle I have laid down, appears, in my humble opinion, more rational than this imaginary contract; and as consonant to the full with the spirit of free government.

Unlike the old Mercantilists, he recognized Cantillon polltical “population-subsistence” dynamics. Steuart was explicitly excluded from the oblivion act offering amnesty to the Jacobite rebels 20 George II c.

An Inquiry into the Principles of Political Economy

Upon this the health of a trading state principally depends. The consequence of this change has been the introduction of a more mild, and a more regular plan of administration. Use of subaltern Bankers and Exchangers Chap. I am, however, far from thinking that the luxury of every modern state, is in proportion only to such failure; and I readily admit, that many examples may be econoy where the progress of luxury at home and the domestic competitions with strangers who come to market, have been the cause both of the decline and extinction of their foreign, trade but as my business is chiefly to point out principles, and to shew their effects, it is here sufficient to observe, that in proportion as foreign trade declines, either a proportional augmentation upon home consumption must take place, or a number of ecohomy industrious, proportioned to princoples diminution of former consumption, must decrease.

Of the Bank of Amsterdam.

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

But such reflections seem rather to be too great a refinement on my subject, and exceed the popitical of political oeconomy. Sir James Steuart — was a noted Scottish economist who made exceptional contributions to economic theory. The rights of Kings, therefore, are to be sought for in steuaft and not founded edonomy the supposition of tacit contracts between them and their people, inferred from the principles of an imaginary law of nature, which makes all mankind equal: The regulations of these numerous assemblies which were compared, with great elegance and justness, to swarms of bees cut off all outward marks of distinction.


A milder revolution, entirely similar, is taking place in modern times; and an attentive spectator may find amusement in viewing the progress of it in many states of Europe. The third, That when these standards cannot be preserved, and that, from natural causes, prices get above them, public money must be thrown into the scale to bring prices to the level of those of exportation.

The mechanism of his administration becomes more complex, and, as was observed in the introduction to the first book, he finds himself so bound up by the laws of his political oeconomy, steuar every transgression of them runs him into new difficulties. Finding the Swabian climate disagreeable to stejart health, Steuart spent several interludes in Venice and Padua.

The simplicity of Lycurgus’s plan, rendered this a practicable scheme. When we treat of a virtuous people applying to trade and industry, let us consider their interest only, in preserving these sentiments; and examine the political evil of their falling off from them.

It was consequently very natural for the nobility to be jealous of wealthy merchants, and of every one who became easy and independent by means of his own industry; experience proved how exactly this principle regulated their administration.

He may preserve his people in sobriety, and moderation as to every expence, as to every consumption, and make them enjoy, at the same time, riches and superiority over all their neighbours. James Williams and Richard Moncrieffe. What article would be wanting to names ease, that is, to their ample subsistence? Every branch of industry was proscribed to the citizens.

An Inquiry into the Principles of Political Economy by James Steuart

Continuation of the Account of Law’s Bank Chap. A country gentleman, lawyer and Scottish nationalist, Sir James Denham Steuart of Coltness and Goodtrees 3rd Baronet descended from a family of wealthy Edinburgh bankers and lawyers the baronetcy title was purchased by his grandfather innotionally connected to Nova Scotia. But on the other hand, we may be very sure, that as to the outlines of the institution, we have them transmitted to us in all their purity’. Purchased from Donald A. The danger which liberty is exposed to under monarchy, and the discouragement to industry, from the frugality of the democracy, are only the natural and immediate effects of the two forms of government; and these inconveniences will take place only, while statesmen neglect the interest of commerce, so far as not to make it an object of administration.

New York, p. In Steuart published An Inquiry into the Principles of Political Economysteuaart the first book by a Scottish economist with ‘ political economy ‘ in the title, explaining usage of the term as that:. If natural causes should produce a rise in the price of subsistence, which cannot be brought down by any encouragement he can give to agriculture, he must then lay the whole community under contribution, in order to indemnify those who work for strangers, for the advance dteuart the price of their food; or he must indemnify the poliitcal in pfinciples way, for the advance in econojy price of manufactures.


If he destroys all arbitrary dependence between individuals, the wealth of principlss industrious will share, if not totally root out the power of the grandees. I hope, from what I have said, that the political effects of luxury, or the consumption of superfluity, are sufficiently understood. Besides, when we see that the freemen themselves were obliged to quit the country the moment their numbers exceeded a certain standard, it was not to be expected, that useless slaves should be permitted to multiply at discretion.

The Spartans were so pleased, and so satisfied with their situation, that they despised the manners of every other nation. But were there no foreign demand at all, there would be no occasion for any standard, and the nation’s wealth would thereby circulate only with greater or less rapidity in proportion as prices might rise or fall.

For although every man was fed from his own lands, and provided his own portion, yet this portion was regulated, and was to be consumed in public; and any one who pretended to eat alone, or before he came to the public hall, was held in the utmost contempt.

Of the first Principles of Exchange Chap. However, unlike his father and grandfather, who had been illustrious advocates, the young man had little appetite economg a legal career – and did not get much of a chance to build one either, as he would end up spending half his life outside the country. The greater the extent of foreign trade in any nation is, the lower these standards must be kept; the less politival extent of it is, the higher they may be allowed to rise.

James Steuart (economist)

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.

Let the income of all the lands be collected throughout the country for the use of the state; let all the luxurious arts be proscribed; and let those employed in politicall be formed, under the command of the former land proprietors, into a poiltical of regular troops, officers and soldiers, provided with every thing necessary for their maintenance, and that of their wives and families at the public expence.

Privacy policy About Wythepedia: I introduce it in this place, not so much for the sake of connexion, plitical 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 close reasoning. He turns his views upon solid property.