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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Some even considered it to be one of the first full-fledged economics treatises to appear anywhere.

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 jmes in them be formed, under the command of the former land proprietors, into a body 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.

But the regulation of the lots permitted no more than a fixed number of citizens. These are lawful pursuits among men, when purchased by success in so laudable an emulation. 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 produced 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 the industrious, proportioned to the diminution eclnomy former consumption, must decrease.

Let him engage the whole proprietors of land to renounce their several possessions: The lands he divided into equal lots, according to the number of citizens. Economic Writings 11 Sir James Steuart: Were no man in the state employed in supplying strangers, the prices of superfluities might be allowed to rise as high as possible, and a standard would also become useless, as the sole design of it is to favour exportation.

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 on the export of gold and silver. The multiplicity and variety of employments among us, makes it absolutely necessary to trust the parents with the education of their children; whereas in Sparta, there were not two employments for a free man; there was neither orator, lawyer, physician, or politician, by profession to be found.

Poligical what is called Expence, Profit, and Loss Chap. The youth were continually striving together in all military exercises; such as boxing and wrestling. He must consider the manufactures of superfluity, as wrought up for the use of strangers, and discourage all domestic competition for them, by every possible means.


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

The simplicity of Lycurgus’s plan, rendered this a practicable scheme. Unlike the old Mercantilists, he recognized Cantillon ‘s “population-subsistence” dynamics. The consequences of both may be easily guessed at, and the principles which influence them shall be particularly stwuart in the following chapter.

This vibration of the balance gives a very correct idea of what is meant by relative profit and loss. The child of commerce, the indispensible consequence of industry, and a middle term, which our Gothic ancestors found themselves obliged to adopt, in order not entirely to lose their own rank in the state.

Nay monarchy itself is hereby hurt, as this undeterminate subordination implies an arbitrary power in the state, not vested in the monarch. 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 I call public liberty.

Also the German philosopher Hegel recognized that book and wrote a comment about it in the year Trade, therefore, and foreign communications, form a new kind of a society among nations; and consequently render the occupation of statesman more complex.

The pretorian cohorts were at first subordinate to the orders of the Emperors, and were the guards of the city of Rome.

Steuart was translated into French inand used by the revolutionaries to argue for certain reforms. The second, That no domestic competition should be encouraged upon articles of superfluity, so as to raise prices beyond a certain standard.

If you think you should have access to this title, please contact your librarian. The first step our legislator took, was to prepare the spirit of the people, so as to engage them to submit to a pllitical reform, which could not fail of being attended with innumerable inconveniences.

Such a system of political oeconomy, I readily grant, is not likely to take place: Views Read View source View history. All these violent convulsions have been owing to the short-sightedness of statesmen; who, inattentive to the consequences of growing wealth and industry, foolishly imagined that hereditary subordination was to subsist among classes, whose situation, with respect to each other, was entirely changed. Of the Interest prlnciples Money Chap. Retrieved from ” http: May I be allowed to say, that, perhaps, one principal reason for this has been, that under these forms the administration of the laws has been the most uniform, and consequently, that most liberty has actually been there enjoyed.

Or accurately, while on the Continent, Steuart had imbibed the sophisticated Enlightenment Mercantilism that was in the air — particularly, German Neo-Cameralism — which sfeuart a legal-statist approach with a “natural” approach to economics.

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.


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

They were in reality a body of steuwrt, which paid a certain quantity of fruits out of every lot; to wit, 70 medimni of barley: Print Save Cite Email Share.

Oxford Dictionary of National Biography. How far the Form of Government of a particular Country may be favourable or unfavourable jame a Competition with other Nations, in matters of Commerce Chap. Money, they found, must carry off the fasces, sicso they chose rather to adopt the wealthy plebeians, and to clothe ignoble shoulders with their purple mantle, than to allow these to wrest all principle out of the hands of the higher class.

The first seldom have occasion for the statesman’s protection; the last constantly stand in need of it. Awaiting his own chance, Steuart moved north to Antwerp, and opened communications with the new British government.

He died at his family seat, Coltnessin Lanarkshire. This I do not deny.

James Steuart (economist)

Monarchy conveys the idea of the greatest inequality possible. After graduating from the University of Edinburgh he was admitted to the Scottish bar at the age of twenty-four. 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.

On the other hand, as to the manufactures of superfluity, domestic competition should be discouraged, beyond a certain standard, in order that prices may not rise above those offered by foreigners; but it might be encouraged below the steuagt, in order to promote consumption and give bread to manufacturers. He destroyed all inequality at one stroke. 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.

The danger which liberty is exposed to under monarchy, and steuuart discouragement to industry, from the frugality of the democracy, are only the natural and immediate effects of the two forms politocal 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.

For this purpose he went to Delphi, without having communicated his design to any body. This difference in the form or administration of governments, is the only one which it is essentially necessary to examine in this inquiry.