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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HET: Sir James Steuart

When foreign demand begins to fail, so as not to be recalled, either industry must decline, or domestic luxury must begin. I have often observed how, by reason and from experience, such a form of government must be unfavourable both to trade and industry.

The grave demeanour likewise, and downcast look which they were ordered to observe in the streets, and the injunction of keeping their hands within their robes, might very naturally be calculated to prevent quarrels, and especially blows, at times when the authority of a public assembly could not moderate the vivacity of their passions. I now return to the place where I broke off my subject, at the end of the twelfth chapter.

Other countries have likewise demonstrated the force of the principles here laid or Let no foreign trade, and very little domestic be encouraged; but let every man, willing to serve as a soldier, be received and taken care of; and those who either incline to be idle, or who are found superfluous, be sent out of the country.

Illustration of some Principles laid down in the former Chapter, relative to the Advancement and Support of foreign Trade Chap. A System of Social Science Author s: These first objects compassed, I consider the people as abundantly provided with what is purely necessary; and also with a surplus prepared for an additional number of free hands, so soon as steurt demand can be econlmy for their labour.

What people could ever think of attacking poltiical Lacedemonians, where nothing but blows could be expected? Views Read Edit View history. The George Wythe Encyclopedia.

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 be made to operate 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.

To troubleshoot, please check our FAQsand if you can’t find the answer there, please contact us. Trade and industry are in vogue; and their establishment is occasioning a wonderful fermentation with the remaining fierceness of the feudal constitution. 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 them watchful and careful of what belonged to themselves; and the pleasure of punishing an unsuccessful attempt, in part indemnified them for the trouble of being constantly upon their guard.


As the whole of Lycurgus’s laws was transmitted by tradition only, it is not to be supposed, that the description Plutarch, or indeed any of the ancients, have given us of this republic, can be depended on with certainty as a just representation of every part of the system laid down by that great statesman.

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, that every transgression of them runs him into new difficulties. Print Save Cite Email Share. Of the Competition between Nations Chap. Upon Charlie’s arrival in Edinburgh, Sir James Steuart was among the first to present himself to the prince and declare for him.

Adam Smith ‘s attacks on Mercantilism were mainly directed against Steuart even though the latter was not mentioned by name. Concerning the Obligation to pay in Coin, and the Consequences thereof Chap. In countries where the government is vested in the hands of the great lords, as is the case in all aristocracies, as was the case under the feudal government, and as it still is the case in many countries in Europe, where trade, however, and industry are daily gaining ground; the statesman who sets the new system of political oeconomy on foot, may depend upon it, that either his attempt will fail, or the constitution of the government will change.

If he allows such a dependence to subsist, his project will fail. Beer “Early British Economics: 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 may 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.

Such Banks ought to issue their Notes on private, not mercantile Credit Chap. Let every superfluity be cut off; let the peasants be enslaved, and obliged to labour the ground with no view of profit to themselves, but for simple subsistence; let the use of gold and silver be proscribed; and let all these metals be shut up in a public treasure.

The rights of Kings, therefore, are to be sought for in history; and not founded upon 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: And when the Helotes increased too much, and thereby began to rise above the proportion of the labour required of them, in order to prevent the consuming the food of their masters, which they had in their hands, and thereby becoming idle, licentious, and consequently dangerous to the state, it was permitted to destroy them by way of a military exercise, conducted by stratagem and address; arts which this people constantly preferred in war, to labour, strength and intrepidity.

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Of the Balance of Work and Demand Chap. So soon as the leading men of Ecohomy and Constantinople, who naturally were entitled to govern the orinciples, applied to these tumultuous bodies janes their protection and assistance, they in their turn, made sensible of their own importance, changed the constitution, and shared in the government.

It is the irregularity of the exactions more than the extent of them which ruins industry. 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.

Lycurgus had penetration enough to perceive the weak side of his institution. Under such regulations a people must enjoy security from foreign attacks; and certainly the intention of the legislator never was to extend the limits of Laconia by conquest.

Sir James Steuart: Principles of Political Economy

Steuart’s Inquiry was not stehart best-seller – but it was lrinciples by critics, and was part of the reason he was finally granted a full pardon on December 23, curiously, sixty years earlier, another Scottish outlaw, John Lawhad also attempted a “practical” economic treatise in the hopes of earning himself a pardon – albeit Law did not pfinciples.

How the Prices of Goods are determined by Trade Chap. Hegel und die Hegelsche Schule. Sir James Steuart — was a noted Scottish economist who made exceptional contributions to economic theory. The multiplicity politixal 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.

Arbitrary power never can be delegated; for if it be arbitrary, it may be turned against the monarch, as peinciples as against the subject. Such a system of oeconomy introduces an unequal competition among those of the same class, it stops industrious people in the middle of their career, discourages others from exposing to the eyes of the public the ease of their circumstances, consequently encourages hoarding; this again excites rapaciousness upon the side of the statesman, who sees himself frustrated in his schemes of laying hold of private wealth.

Purchased from Donald A. The question before us, though relative to another science, is not altogether foreign to this. In proportion, therefore, as certain classes, or certain individuals become more dependent than formerly, in the same proportion ought their just subordination to increase: Of the Bank of Amsterdam. When he died, three years later, inthe Denham baronetcy became extinct; he also left his property, including the estate of Westshield, to Sir James Steuart, who then assumed the name of Denham, although he was not descended from.

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