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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Use of subaltern Bankers and Exchangers Chap. Formerly, the power of Princes was employed to destroy liberty, and to establish arbitrary subordination; but in our days, we have seen those who have best comprehended the true principles of the new plan stfuart politics, arbitrarily limiting the power of the higher classes, and thereby applying their authority towards the extension of public liberty, by extinguishing every subordination, but that due to the established laws.

James Steuart (economist)

The Lacedemonian form may be compared to the wedge, the most solid and compact of all the mechanical powers. InSteuart added to his wealth the jaems of the substantial lands of Goodtrees from a defunct Denham branch of the family, and changed his name to Steuart Denham as a condition.

Steuart left in October and arrived in Versailles by early December. Thirdly, If the produce of industry consumed in a country surpass the income of those who do not work, the balance due by the consumers must be paid to the suppliers by a proportional alienation of their funds. Sir James Steuart — was a noted Scottish economist who made exceptional contributions to economic theory. From this principle flows the authority, vested in all governments, to load the community with taxes, in order to advance the prosperity of the state.

May I be allowed to say, that, perhaps, one principal reason for this has been, that under these forms the administration of the steuarh has been the most uniform, and consequently, that most liberty has actually been there enjoyed. A people who depend upon nothing but their own industry for their subsistence, ought to be under no farther subordination than what is necessary for their protection. Economic Writings 11 Sir James Steuart: From Wikipedia, the free encyclopedia. Of Artificial or Material Money Chap.


Search my Subject Specializations: This important matter shall be explained at large in another place, when we come to treat of the policy of grain. The numbers of these could not be many, as the timber of their houses was worked with the saw and axe only; and every utensil was made with the greatest simplicity. 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. Of polifical Abuse of Agriculture and Population Chap.

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.

At the level of any individual sales transaction, mercantilism held that profit was developed at the point of the sale.

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

Luxury still tends as much as ever to the advancement of industry, the statesman’s business only is, to remove the seat of it from his own country. New York,p. The change of regime that followed the death of George II and the ascension of George III in afforded Steuart the opportunity to try to find a way back home.

In setting out, I informed my readers that I intended to treat of politucal political oeconomy of free nations only; and upon every occasion where I have mentioned slavery, I have pointed out how far the nature of it is contrary to the advancement of private industry, the inseparable concomitant of foreign and domestic trade. Contents next chapter Political Economy Archive. The George Wythe Encyclopedia.

Inglis Palgraveeditor,Dictionary of Political Economy [ ed. On the other hand, the object of a standard regards foreign trade, and the acquisition of new wealth, at the expence of other nations.

Although the work appears to have been well received its impact was overshadowed by Smith’s Wealth of Nations that was published only nine years later. I should be at no loss to prove this assertion from matters of fact, and by examples, did I think it proper: Steuart’s son, also called James, went first, obtaining a stwuart in the British dragoons.


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. Monarchy conveys the idea of the kf inequality possible. The mechanism of his administration becomes more setuart, 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.

James Williams and Richard Moncrieffe. First, What might remain to them of the fruits of their lot, over their own consumption; and secondly, The work of the slaves employed in trades.

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. The power of Princes, as Princes, must then be distinguished from the power they derive from other circumstances, which do not necessarily follow in consequence of their elevation to the princlples.

He was no stranger to the seducing influence of luxury; and plainly foresaw, that the consequences of industry, which procures to mankind a great variety of new objects of desire, and a wonderful facility in satisfying them, would easily root out the principles he had endeavoured to instil into his countrymen, if the state of simplicity should ever come to be corrupted by foreign communications.

The question before us, though relative to another science, is not altogether foreign to this.

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