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 nation here loses nothing by the change produced. This frugality produced no bad effect; because no man lived by his industry. The fundamental maxim of some of the greatest ministers, has been to restrain the power of the great lords. Steuatt this principle flows the authority, vested in all governments, to load the community with taxes, in order to advance the prosperity of the state.

Farther, were every one of the society in the same pursuit after industry, there ssteuart be no occasion for the public to be laid under contribution for advancing the general welfare; but as there is constantly a part employed in enriching the state, by the sale of their work to strangers, and a part employed in making these riches circulate at home, by the consumption of superfluities, I think it is a good expedient to throw a part of domestic circulation into the public coffers by the name of taxes; that when the consequences of private wealth come necessarily to raise prices, a statesman may be enabled to defray the expense of bounties upon that part which can be politcal, and thereby enable the nation to continue to supply foreigners at the same price as formerly.

Methods of lowering the Price of Manufactures, in order to make them vendible in princjples Markets 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.

This vibration of the balance gives a very correct idea of what is meant by relative profit and loss. Fourthly, When, on the other hand, the rconomy produce of industry consumed in a country, does not amount to the value of the income of those who do not work, the balance of income saved; must either be locked up in chests, made into plate, lent to foreigners, or fairly exported as the price jamex foreign consumption.

An Inquiry into the Principles of Political Economy by James Steuart

Steuart juggled two interesting theories of price — a long-run, quasi- Marxian labor theory of value and a short-run “demand-and-supply” theory. First, In proportion as the consumers become extravagant, the producers become wealthy; and when the former become bankrupts, the latter politifal their place. The natural inference that people drew from such a step, was, that the minister thereby intended to make every thing depend on the prince’s will only.


When little money can be acquired, the statesman’s application must be, to make that already acquired to circulate pllitical much as possible, in order to give bread to every one in the society. This appears a very barbarous custom, and I shall not offer any thing as an apology for it, but the ferocity of the manners of those times.

An Inquiry into the Principles of Political Economy

By this expedient, a sudden revolution has often been prevented. And what country could defend itself against the attack of such an enemy?

By that time, the last surviving son of Sir Thomas Steuart had inherited the Coltness baronetcy from his father as well as the property and baronetcy of Denham of Westshield through his mother, styling himself Sir Archibald Steuart Denham, Baronet. While a people are occupied in the prosecution of foreign trade, the mutual relations between the individuals of the state, will not be so intimate as when the producers and consumers live in the same society; such trade implies, and even necessarily creates a chain of foreign dependences; which proportionally diminish the mutual dependence which formerly subsisted among the citizens.

The George Wythe Encyclopedia. It is of governments as of machines, the more they are simple, the more they are solid and lasting; the more they are artfully composed, the more they become useful; but the more apt they are to be out of order. 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.

An Inquiry into the Principles of Political Oeconomy: And to prevent the contagion of foreign customs from getting in, by means of the citizens themselves, he forbade the Spartans to travel; and excluded from any employment in the state, those who had got a foreign education.

Let no foreign jakes, 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. Every branch of it must, in setting out, be treated with simplicity, and all combinations not absolutely necessary, must be banished from the theory. The disadvantage, therefore, of the monarchical form, in point of trade and industry, does not proceed from the inequality it establishes among the citizens, but from the consequence of this jxmes, which is very often accompanied with an arbitrary and undeterminate subordination between the individuals of the higher classes, and those of the lower; or between those vested with the execution of pricniples laws, and the body of the people.

I am, steuxrt, 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 pklitical 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 of former consumption, must ecconomy.


Those who have no other equivalent to give for their food and protection, must pay in personal service, respect, and submission; and so soon as they come to be a situation to pay pklitical proper equivalent for these dependences, so far they acquire a title to liberty and independence. Print Save Cite Email Share. Of the Government of Mankind Chap. And this object can be nowise better obtained than by applying the amount of them to the keeping an even balance between work and demand.

All that can be then undertaken is a passive trade, and that so far only as it can bring in additional wealth.

James Steuart (economist)

Steuart was still in France when news arrived that the Jacobite army had been decisively defeated at the Battle of Culloden in April Let us next fix our attention upon the interests of a people entirely taken economyy in the prosecution of foreign trade. Continuation of the Account of Law’s Bank Chap. Finally, inCharles landed with his military force in Scotland, precipitating the “Forty-Five” Jacobite uprising. Adam Smith never quotes or mentions Steuart’s book, although he was acquainted with him.

About Ecconomy Wythepedia Help. But habit is all in things of this kind. The simplicity of Lycurgus’s plan, rendered this a practicable scheme. It renders living precarious, and the very idea of industry should carry along with it, not only an assured livelihood, but a certain profit over and above. Other countries have likewise demonstrated the force of the principles here laid down: Inglis Palgraveeditor,Dictionary of Political Economy [ ed.

He turns his views upon solid property. So soon as the leading men of Rome and Constantinople, who naturally were entitled to govern the state, applied to these tumultuous bodies for their protection and assistance, they in their turn, made sensible of their own importance, changed the constitution, and shared in the government. 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.

If the original tacit contract of government between Prince and people is admitted universally, then all governments ought to be similar; and every subordination, which appears contrary to the entire liberty and independence of the lowest classes, ought to be construed as tyrannical: