First Published in 1995. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 1996. Routledge is an imprint of Taylor & Francis, an informa company.

This volume presents critical writings on the work of the later mercantilists. Sir Josiah Child was elected a governor of the East India Company in 1681. His reputation as an economist rests on his book 'A New Discourse of Trade' published in 1693. His work stimulated a wide range of discussion of such topics as interest rates, population, wage policy, poor relief and colonization. Despite many liberal elements in his thinking, he was a typical Mercantilist in his preference for administrative (...) solutions to economic problems. John Locke, best known for his work on political philosophy, made a major contribution to the debate on the rate of interest in his essay 'Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money' (1692). The central theme of that pamphlet was that the rate of interest, being the price for the hire of money, is determined by the demand for and supply of money, which Parliament is powerless to affect. Locke's other major contribution to economic thought was the so called labour theory of private property contained in the 'Two Treaties on Government' (1690), a classic in the history of political philosophy. (shrink)

I argue that the word mercantilism, born in the beginning from a nasty rhetorical move by Adam Smith, still preserves so much evocative power as to be used emblematically as a name for a whole historical period because of its natural use as a label for aggressive and unfair economic policies but, for analytic purposes we should bring to an end cross-purpose talk between historians of ideas and historians of society.

Handbooks of the history of economic thought typically assume a strict fault line between scholastic economics and mercantilism. Historically, the distinction between the two streams of thought was less evident—especially when it came to the style of argumentation, in which there is much continuity between the scholastic doctors and early mercantilists. However, although the latter did not employ the scholastic method, both traditions frequently called upon classical authorities to strengthen their arguments. What is striking is the high regard for (...) Aristotle among the late-sixteenth and early-seventeenth century English mercantilists. By way of illustration, this article reviews the surprising role of Aristotelian ideas, primarily from the Metaphysics and Physics, within the debate between Gerard Malynes and Edward Misselden on England’s economics crisis. (shrink)

An examination of the relationship between philosophical and economic thought in the nineteenth century, Economy and Self explores how the free enterprise theory of Classical Economy influenced and was in turn influenced by the philosophical notion of alienation common in the writings of the age.

L’analyse des traités de marchands publiés en Angleterre pendant la première moitié du XVIIe siècle permet de faire apparaître les enjeux théoriques et pratiques du discours sur le commerce à un moment clé de l’histoire économique. Alors que l’essor du commerce international renforce leur pouvoir, les marchands élaborent un discours de légitimation visant à inscrire les pratiques commerciales dans un champ social et politique, en ayant principalement recours à des arguments philosophiques et moraux. Cependant, ces traités font apparaître les intérêts (...) divergents de leurs auteurs, plutôt qu’ils ne reflètent les intérêts d’une classe homogène. (shrink)

To justify their activity, the first English mercantilists present commerce as a natural activity, which promotes peace between nations and contributes to the progress of civilization. In particular, they use the lex mercatoria, a notion inherited from the Middle Ages. The idea of a mutual trade of humanity, put forward in the writings of merchants, but also in an author like Grotius, contrasts with the theories of sovereignty linked to a national territory by political thinkers like Francis Bacon, Thomas Hobbes (...) and William Petty, or in some ways with a lawyer like John Selden. Paradoxically, while the constitution of colonial empires coincides with the rise of the great international trade, freedom of trade is presented by its defenders as an alternative to the antagonism between the states and the logic of domination induced by modern theories of imperium. This apparent contradiction between state logic and commercial humanism –or what appears to be such– seems to subsist in the modern resurgences of the lex mercatoria in the twentieth century. Yet, the idea of a source of the law independent of the state and rooted in the antiquity of customs, the uniformity of market practices or the jus gentium, is largely a fable, and an ideological construct aimed at concealing the reality of commercial practices. From this point of view, the fable of the lex mercatoria certainly plays an important role in the constitution of the commonplace of the doux commerce and the promotion of the freedom of trade by those who are, directly or indirectly, the main beneficiaries. (shrink)

This study examines the botanical and chymical investigations Nehemiah Grew conducted for his magnum opus, The Anatomy of Plants (1682), and explores how they informed his political economic theory, as documented in the unpublished manuscript The Means of a Most Ample Increase of the Wealth and Strength of England (1707). While several scholars have argued that Grew's political economy is best described as mercantilist, this article argues for a much more multifaceted and idiosyncratic reading of Grew's political economy, which aligned (...) with or prefigured not only mercantilism, but also aspects of cameralism, physiocracy, Colbertism, and some of the utopian ideologies of Samuel Hartlib and his circle. By focusing on his knowledge of plant anatomy and plant chymistry, this paper shows that Grew developed a sophisticated understanding of local English ecologies and the natural resource management necessary to maintain a financially strong state. It also reveals an economic thinker deeply skeptical of empire, who was, instead, in favor of national economic self-sufficiency through domestic mineral extraction, agrarian improvement, and a highly regulated market. This article focuses on Grew's development of saline chymistry, his geometric approach to both plant anatomy and geography, his investigations of mineral soils, and his research into tree growth and timber management to demonstrate the deep connections between his botany and his economics. (shrink)

This paper presents a theoretical elaboration of the ethical framework of classical capitalism as formulated by Adam Smith in reaction to the dominant mercantilism of his day. It is seen that Smith's project was profoundly ethical and designed to emancipate the consumer from a producer and state dominated economy. Over time, however, the various dysfunctions of a capitalist economy — e.g., concentration of wealth, market power — became manifest and the utilitarian ethical basis of the system eroded. Contemporary capitalism, (...) dominated as it is by large corporations, entrenched political interests and persistent social pathologies, bears little resemblance to the system which Smith envisioned would serve the common man. Most critiques of capitalism are launched from a Marxian-based perspective. We find, however, that by illustrating the wide gap between the reality of contemporary capitalism and the model of amoral political economy developed by Smith, the father of capitalism proves to be the most trenchant critic of the current order. (shrink)

The international trading system remains a locus of fierce social conflict. The protesters who besiege gatherings of its managers—most famously on the streets of Seattle at the turn of the millennium—regard it with suspicion and hostility, as a threat to their livelihoods, an enemy of global justice, and their grievances are exploited by populist statesmen peddling their own mercantilist agendas. If we are to support the trading system, we must first assure ourselves that it can withstand moral scrutiny. We must (...) ensure that it works for and not against those whom it envelops; that it serves to emancipate, not ensnare. While there is an extensive literature addressing the economic and legal aspects of trade, the ethical questions its raises have escaped close inspection. This book contributes to resetting the balance. It grapples with moral quandaries relating to world politics, globalization, and international commerce, and recognizes that resolving these problems is essential if we are to move toward a world in which trade justice is a reality. (shrink)

Historians of science find it difficult to pinpoint to an exact period in which symbolic algebra came into existence. This can be explained partly because the historical process leading to this breakthrough in mathematics has been a complex and diffuse one. On the other hand, it might also be the case that in the early twentieth century, historians of mathematics over emphasized the achievements in algebraic procedures and underestimated the conceptual changes leading to symbolic algebra. This paper attempts to provide (...) a more precise setting for the historical context in which this decisive step to symbolic reasoning took place. For that purpose we will consider algebraic problem solving as model-based reasoning and symbolic representation as a model. This allows us to characterize the emergence of symbolic algebra as a shift from a geometrical to a symbolic mode of representation. The use of the symbolic as a model will be situated in the context of mercantilism where merchant activity of exchange has led to reciprocal relations between money and wealth. (shrink)

Political oeconomy in the 18th century operated in the absence of the conception of an autonomous social order articulated in the later concepts of `the economy' and `society'. Without a self-sustaining mechanism oriented to stability and endogenous economic growth, national prosperity and social order were assumed to depend upon the detailed interventions in economic life that are characteristic of mercantilism and the police of the poor. Smith's theory that autonomous economic growth underpinned a stable order of social interdependencies based (...) upon the division of labour allowed him to move beyond or modify these assumptions. It freed him from the ideas that constant interference in the relationship between agriculture and manufacturing was necessary in order to guarantee food security and that social order and national prosperity depended upon enforcing constraints upon the interests of wage earners. (shrink)

Do activist trade and industrial policies offer developing countries a viable alternative to either neoliberal or mercantilist development regimes? We hope to answer the question by, first, distinguishing the “open economy industrial policies” in vogue today from either their “closed economy” predecessors—i.e., import-substituting industrialization—or more orthodox approaches to development policy making; second, tracing the growth of nontraditional exports from Latin America and the Caribbean to the diffusion of more active approaches in the 1990s; and, third, accounting for activism’s apparent success (...) in an otherwise inauspicious spatial and temporal context by identifying three distinct limits to rent-seeking in the open economy: infant exporter maturation; the costs of government support; and the reactions of foreign rivals. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 17-29 [Access article in PDF] A Christian Critique of Economics Carol Johnston Christian Theological Seminary Introduction: A Word About History Contrary to the assertions of many contemporary economists, no economic model is "value-free." Both of the major models in the world today, capitalism (or neoclassical economic theory) and Marxism (or Marxian economics), have a long history in which basic assumptions and value choices were made (...) that govern the models. Those assumptions and value choices have deep roots in Western culture, and were certainly shaped by Christianity as it has been practiced in the West (as opposed, often, to how it should have been practiced!). But in both cases, alternative choices were possible, and, as we shall see, some opportunities were missed. However, it is not my purpose to attempt to determine to what extent Christianity can be blamed or credited with the economics we must live with today. Rather, I hope to examine economics from the perspective of my Christian faith to ask how the economic models so powerful today have missed (or worked against) crucial elements of Jewish and Christian standards of justice, and how they might be transformed to create economies that are healthier for human and natural communities, and ecologically sustainable.When Adam Smith published his Inquiry into the Nature and Causes of the Wealth of Nations in 1776, he was asking if there could be a better way to run economies than the entrenched mercantilism of his day, which operated through state monopolies to benefit an elite. He and many others in his time were frustrated with mercantilism and searching for alternatives. They never imagined that the ideas they wrote about would some day coalesce into what we now call "capitalism," and succeed beyond their wildest dreams. They were just trying to make the system more open to more participation by a wider range of people. I believe that today we are in a similar situation. Capitalism has been wildly successful in its single goal: constant growth in the production of "goods." From a Christian perspective, this is an ambiguous goal and in and of itself cannot be supported. In addition, capitalism also has serious negative effects on both communities and the natural environment that must be dealt with, and it has a built-in tendency to leave many people marginalized—not only unemployed and often unemployable within the capitalist market system, but even worse, [End Page 17] stripped of traditional access to subsistence living. Consequently, many of us are searching for solutions—for ways to go beyond cosmetic reforms and really transform capitalism to make it a more equitable and environmentally sustainable system. Surely if Adam Smith and others of his day could think their way through to better ideas about economics than those offered in mercantilism, we can do the same with the economic models available to us today. If they could do it, we can do it. Thinking Theologically About Economics and Acting Responsibly As a Christian, I already approach economics with a number of assumptions, value choices, and perspectives that come from my tradition. I hope to be clear about what those are and compare them with those that are embedded in economics.First of all, the world (which is both material and spiritual) is created by God, who recognizes it as "good" (Gen. 1). This world then is not something to be escaped (contrary to the beliefs of some Christians), but is to be lived in as fully as possible as the gracious gift of a generous and loving God. From a Christian perspective, science has for the most part focused solely on the material aspect of creation and ignored the spiritual. Insofar as economics has tried to be "scientific," it has also worked within a narrow framework of "facts" that focuses solely on "natural laws" and how things work at a material level. This is very inadequate from a Christian perspective, but as far as it goes, it is true enough. If economics would carefully stay within its own realm of "facts," Christians could have little to quarrel with. However... (shrink)

Resumo: Este artigo busca obter contribuições de Jacques Lacan para a educação, não em aspectos técnicos e metodológicos, mas no que se refere à constituição da subjetividade dos professores. A primeira seção analisa as reflexões lacanianas sobre a linguagem, assumindo seu vínculo com a Sofística, de um lado, seu distanciamento ante as teorizações de Aristóteles, de outro, e adotando Montaigne como intermediário para dialogar com Lacan. A segunda seção assume Freud como ponto de partida para entender o conceito lacaniano de (...) angústia, visando revelar seu potencial criativo mediante a noção de sublimação. O artigo propõe a performance como linguagem artística capaz de atuar sobre a subjetividade dos professores, o que só pode ser realizado com a adoção de uma pedagogia disposta a romper com os parâmetros vigentes na atualidade, cuja inclinação mercantilista faz da educação uma ferramenta voltada à inserção dos estudantes no mercado e vê os educadores como peças de uma engrenagem sem poder de decisão sobre si mesmos. Palavras-chaves: Lacan; Psicanálise; Sofística; Trabalho Docente Performance as logos-pharmakon: Lacan for teachers Abstract: This article seeks to draw contributions from Jacques Lacan to education, not in technical and methodological aspects, but in terms of the constitution of teachers’ subjectivity. The first section analyzes Lacan’s reflections on language, assuming firstly its link with Sophistry, secondly its distance from Aristotle’s theories and finally adopting Montaigne as an intermediary to dialogue with Lacan. The second section takes Freud as a starting point to understand the Lacanian concept of anguish, aiming to reveal its creative potential through the notion of sublimation. The article proposes performance as an artistic language capable of acting on the subjectivity of teachers, something that can only be achieved with the adoption of a pedagogy that breaks up with the parameters in force today, which tend towards mercantilism in making education a tool aimed at the insertion of students in the market and in seeing educators as cogs in a gear with no decision-making power over themselves. Keywords: Lacan; Psychoanalysis; Sophistry; Teaching Work Performance como logos-pharmakon: Lacan para professores Resumen: Este artículo busca obtener aportes de Jacques Lacan a la educación, no en aspectos técnicos y metodológicos, sino en cuanto a la constitución de la subjetividad de los docentes. El primer apartado analiza las reflexiones de Lacan sobre el lenguaje, asumiendo su vinculación con la Sofística, por un lado, su alejamiento de las teorías aristotélicas, por otro, y adoptando a Montaigne como intermediario para dialogar con Lacan. La segunda sección toma a Freud como punto de partida para comprender el concepto lacaniano de angustia, con el objetivo de revelar su potencial creativo a través de la noción de sublimación. El artículo propone la performance como un lenguaje artístico capaz de actuar sobre la subjetividad de los docentes, lo que sólo puede hacerse con la adopción de una pedagogía dispuesta a romper con los parámetros vigentes hoy, cuya inclinación mercantilista hace de la educación una herramienta dirigida a la inserción de estudiantes en el mercado y ve a los educadores como engranajes sin poder de decisión sobre sí mismos. Palabras clave: Lacan; Psicoanálisis; Sofistería; Trabajo Docente Data de registro: 06/07/2022 Data de aceite: 22/03/2023. (shrink)

ABSTRACT In the following pages we will address the internal and external dimensions of the Hegelian conceptualization of political economy in the analytical context of the Rechstphilosophie of 1820. We will understand by internal dimensions the moments proper to the Hegelian argument in its logical coherence and consistency and, by external dimensions, the validity and representativeness of that same argument in relation to the problems of political economy in the late eighteenth and early nineteenth centuries. To this end, we will (...) focus especially on the relationship between capitalism and mercantilism in its physiocratic and cameralist forms in order to establish the logical and historical horizon of the Hegelian exposition. Finally, on the basis of this relationship and its conceptualization, we will summarily address the limits of the meaning of political economy as a representation of the present in Rechtsphilosophie. (shrink)

This article shows how attention to a third political discourse -- mercantilist thought -- provides a direct understanding of the issues of commerce and market relations in the framing and ratification of the constitution drafted at the Philadelphia convention in 1787. Mercantilist political discourse was readily employable alongside the republican, liberal and other political languages already studied at greater length. In contrast to the vagueness of classical republican references to �commerce�, which made it a metaphor for entire social and political (...) orders, mercantilist thought enabled Anglo-Americans to be precise and elaborate in discussing economic relations in political contexts. Mercantilist thought provided a positive analysis of market activities, but it simultaneously forestalled a complete identification of liberty with economic self-interest. By assuming that economic regulation might serve a public interest, mercantilist thought allowed the hypothetical possibility that regulation of the market need not be a compromise of freedom in a republic. (shrink)

In the late nineteenth and early twentieth century the name of Adam Smith was popularly associated with the sort of ‘laissez faire’ policy that is expounded with all the fervour of a religious faith. Smith, so the story ran, in his eagerness to combat the excessive mercantilist government intervention of his day, had resorted to supra-natural claims in his general onslaught against central control and planning by governments. Such intervention was ‘unnatural’ and conflicted with Deistic Design. Only through private actions (...) could mankind reach satisfying and ‘natural’ fulfillment. Action through private self-interest was twice blessed; it. blessed him who profited and his fellows who were ‘profited from’. True there was a kind of central planning that was of supreme importance; but it had a divine origin and it worked not through governments but through individual free trade. Private actions in fact were directed by an Invisible Hand which brought society into a grand and spontaneous Natural Harmony. (shrink)

It is widely believed that John Maynard Keynes wrote The Economic Consequences of the Peace to protest the reparations imposed on Germany after the First World War. The central thesis of this paper is that Britain’s war debt problem, not German reparations, led Keynes to write The Economic Consequences of the Peace. His main goal at the Paris Peace Conference was to restore Britain’s economic hegemony by solving the war debt problem he helped to create. We show that Keynes was (...) responsible for many of the most notorious aspects of the reparations section of the Treaty, and he crafted his proposals in light of mercantilist theories designed to keep Germany relatively poor after the war. His desperate desire to solve Britain’s war debt problem, mixed with his mercantilist ideas, inspired him to write The Economic Consequences of the Peace. (shrink)

Les travaux de Locke sur la monnaie ne sont pas une esquisse maladroite des théories économiques libérales ultérieures mais une partie intégrante de sa philosophie. Il s’agit alors de montrer que l’étude lockienne de la monnaie se situe à l’intersection de trois axes de recherche distincts. D’une part, s’inspirant de l’analyse mercantiliste de la richesse et de sa circulation, Locke s’efforce de définir les catégories propres de l’analyse monétaire. D’autre part, la monnaie métallique se définissant à la fois comme marchandise (...) et comme signe, le problème se situe alors sur le terrain d’une analyse philosophique de la représentation, qui met en jeu la distinction entre substance, mode mixte et relation établie dans l’Essai philosophique concernant l’entendement humain. Enfin, la monnaie assure la liaison entre l’activité privée et l’ensemble de la vie sociale : Locke examine son rôle du point de vue de la propriété, du travail et des finalités collectives qu’ils doivent réaliser. Au total, la monnaie apparaît bien comme un problème crucial de la pensée lockienne, et non comme un thème annexe et conjoncturel. (shrink)

If Hume is considered cosmopolitan in his ethics at all, he is said to be so through his anti-mercantilist approach to commerce. Prevailing commercial interpretations attribute to Hume a cosmopolitanism that is best described as instrumental and supervenient. I argue that Hume’s principles lead to a cosmopolitan ethic that is more demanding than commercial interpretations recognize. Hume’s cosmopolitanism is more than merely supervenient and its instrumentality is such that cosmopolitan regard becomes inseparable from healthy patriotic concern. I show sympathy and (...) duty, not merely justice, central to Hume’s cosmopolitanism and address how Hume’s moderate cosmopolitanism might be enacted in society. I suggest Hume’s view can contribute to contemporary cosmopolitan discourse, aiding both those forms with which it is consonant and the practical ends of otherwise opposed, Kantian forms. (shrink)

I draw attention to a group of thinkers in Ireland in the first half of the eighteenth century that made significant contributions to the philosophy of political economy. Loosely organized around the Dublin Philosophical Society founded in 1731, these individuals employed a similar set of assumptions and shared a common interest in the well-being of the Irish people. I focus on Samuel Madden (1686-1765), Arthur Dobbs (1689-1765), and Thomas Prior (1680–1751) and argue for two main theses. First, these Irish thinkers (...) shared a number of commonalities with the English mercantilist thinkers of the eighteenth century, and to the degree that they did, their proposals to aid Ireland and reduce poverty were largely doomed to failure. Second, these Irish thinkers also importantlydivergedfrom typical eighteenth-century mercantilist thinking in several ways. These modifications to mercantilism resulted in large part from the unusual political situation of Ireland (as a nation politically dependent on England) and helped orient their economic thinking along more institutional lines. In particular, the emphasis of the Irish on full employment and on the modification of social as well as political institutions is an early step forward in making political economy more sophisticated. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Journal of the History of Ideas 62.1 (2001) 59-79 [Access article in PDF] Money and Sovereignty in Early Modern France Jotham Parsons [The mint official] must above all seek integrity in the moneys, on which our features are imprinted and on which the general good depends. For what would be safe if our image were offended, and if that which a subject ought to venerate in his heart were (...) immediately violated by a sacrilegious hand? 1Early modern French commentators on money and monetary policy were fond of quoting this very late antique chancery formula; 2 it even appears in the epigraph to one unpublished commonplace book on the subject from the early seventeenth century. 3 Its popularity was no doubt due partly to the fact that classical literature contained few other theoretical statements on the practicalities of issuing money. 4 It also showed how deeply classical humanism had shaped economic thought, as it had done to all of French political culture. This was apparent as early as 1514 in Guillaume Budé's scholarly classic, De Asse et partibus ejus. 5 By 1600 these influences had ensconced themselves so firmly that economic writers found it nearly impossible to talk about money without a [End Page 59] full panoply of classical erudition. 6 In France the second half of the sixteenth century saw the rise of a specialized, expert, and increasingly systematic tradition of monetary thought. Despite its classical vocabulary, this economic literature was in many ways "modern" in its methods, ambitions, and subject. While developing an account which aspired to a scientific explanation of commercial society and of how government and money interacted, the French commentators came to a partial realization of how radically their own society differed from those which had gone before. In this respect the prevailing climate of thought about money influenced even a writer as non-technical as Michel de Montaigne.Traditionally, scholarly treatment of early modern French economic texts has focused on a relatively small range of issues and authors. One such issue, the origins of the "quantity theory of money" (with Jean Bodin as its hero), is notable for its sterility, since that concept was not and could not have been meaningful to contemporaries. 7 The origin and development of "mercantilism" or, more broadly, of "political economy" in general, has proven a more fruitful subject of inquiry. 8 Undeniably, the changing relationships among governments, merchants, and the economy were a major public issue and, in the seventeenth century, a major site of theoretical reflection on the nature of political power generally. Even so, an excessive concentration on mercantilism is dangerous, for however one defines it, it was not the first, and for a long time not the most significant, economic discourse in France. Rather, from the 1560s well into the seventeenth century, French discussions of economic issues centered on very concrete problems brought about by the government's obligation to issue and maintain a stable currency. 9 While one would search this literature in vain for the specific doctrines of modern economics, I argue that it did represent a real achievement in the early modern understanding of commerce and the state. Though they have not received their due from scholars, the writers who took part in these debates formed a large and influential school with close ties to the actual institutions of government. 10 The French monetary theorists did an enormous amount [End Page 60] to set the stage for the mercantilist era. They developed a detailed notion of monetary economics as a specialized discipline, and above all they placed money and economic policy in the context of a multi-national system of commercial states. In so doing, they sought to comprehend and control not just money but the modern state itself.Early modern money was perched uncomfortably between commodity and fiat. Bewildering varieties of coins circulated, composed of all sorts of alloys. The government assigned a face value for each coin which it authorized to circulate in the abstract accounting unit called the "money of account." 11 This value was almost always greater than... (shrink)

The article investigates the astonishing volte-face that Timon performs in Shakespeare and Middleton's Timon of Athens. The main character is not, as is often claimed, unaware of what is going on around him, he is not simply the naïve victim of his avaricious guests, but rather complicit in his own delusions. My reading is informed by two different theoretical concepts: Thorstein Veblen’s concept of “conspicuous consumption” on the one hand, and Octave Mannoni’s concept of “croyance” on the other. By combining (...) these two distinct theories, I want to account for the characteristics of both Timon’s individual and public behaviour, and its radical change between Acts 1–2 and Acts 3–5 of the play. I argue that in Timon of Athens, Shakespeare and Middleton explore the different forms of capital and its limited convertibility in the early modern mercantilist society. (shrink)

Locke on Money presents for the first time the entire body of the philosopher's writings on this important subject. Accurate texts, together with an apparatus listing variant readings and significant manuscript changes, record the evolution of Locke's ideas from the original 1668-74 paper on interest to the three pamphlets on interest and coinage published in the 1690s. The introduction by Patrick Hyde Kelly establishes the wider context of Locke's writings in terms of contemporary debates on these subjects, the economic conditions (...) of the time, and the circumstances of writing and publication. It shows, notably, that Locke's supposed responsibility for the 1696 recoinage is a myth. The account of what Locke derived from Mercantilist writings and of how he reformulated these in accordance with his philosophy illuminates his contribution to the evolution of economics, and will aid reappraisal of Two Treatises. The picture that emerges confirms Locke's status as major economic thinker, contrary to the prevalent view of recent decades. There are two volumes in the present edition. The first contains the introductory matter, and the texts of the Early Writings on Interest, 1688-74, and Some Considerations. The second comprises Short Observations, Further Considerations, and the Appendices, Bibliography, and Index. (shrink)

E.M. Forster’s A Passage to India presents Brahman Hindu jurisprudence as an alternative to British rule of law, a utilitarian jurisprudence that hinges on mercantilism, central planning, and imperialism. Building on John Hasnas’s critiques of rule of law and Murray Rothbard’s critiques of Benthamite utilitarianism, this essay argues that Forster’s depictions of Brahman Hindu in the novel endorse polycentric legal systems. Mr. Turton is the local district collector whose job is to pander to both British and Indian interests; positioned (...) as such, Turton is a site for critique and comparison. Forster uses Turton to show that Brahman Hindu jurisprudence is fair and more effective than British bureaucratic administration. Forster’s depictions of Brahman Hindu are not verisimilar, and Brahman Hindu does not recommend a particular jurisprudence. But Forster appropriates Brahman Hindu for aesthetic and political purposes and in so doing advocates a jurisprudence that does not reduce all experience to mathematical calculation. Forster writes against the Benthamite utilitarianism adopted by most colonial administrators in India. A tough figure to pin down politically, Forster celebrates the individual and personal relations: things that British rule of law seeks to suppress. (shrink)

Adam Smith studied under Francis Hutcheson at the University of Glasgow, befriended David Hume while lecturing on rhetoric and jurisprudence in Edinburgh, was elected Professor of Logic, Professor of Moral Philosophy, Vice-rector, and eventually Lord Rector of the University of Glasgow, and, along with Hutcheson, Hume, and a few others, went on to become one of the chief figures of the astonishing period of learning known as the Scottish Enlightenment.He is the author of two books: The Theory of Moral Sentiments (...) and An Inquiry into the Nature and Causes of the Wealth of Nations. TMS brought Smith considerable acclaim during his lifetime and was quickly considered one of the great works of moral theory. It deeply impressed Immanuel Kant, for example, who called Smith his ‘ Liebling ' or ‘favourite', and Charles Darwin, who in his Descent of Man endorsed and accepted several of Smith's ‘striking' conclusions. TMS went through fully six revised editions during Smith's lifetime.Since the nineteenth century, Smith's fame has largely rested on his Wealth of Nations, which must be considered one of the most important works of the millennium: its argument for free trade, its explanation of the price mechanism and the division of labor, its qualified defense of market economies, and its powerful criticisms of mercantilist economic theories are now standard fare in economics courses, not to mention the basis of a large portion of today's worldwide economic policy. And its account of human nature is now classic.Both The Theory of Moral Sentiments and the Wealth of Nations reveal Smith's impressively broad learning, but he wrote and lectured on a number of other subjects as well. This anthology collects, for the first time in one volume, not only generous selections from each of Smith's books but also substantial selections from his other work, including his lectures on jurisprudence, his history and philosophy of science, his criticism and belles lettres, and his philosophy of language. It also includes two important letters from Hume, as well as Smith's account of Hume's death.James R. Otteson is associate professor of philosophy at the University of Alabama. He has published on Adam Smith and the Scottish Enlightenment, political philosophy, and the history of early modern philosophy. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:154, DAVID HUME'S PRACTICAL ECONOMICS As Professor Eugene Rotwein emphasized in his introduction to David Hume: Writings on Economics (Madison, 1955), the philosopher made his observations on the eve of the industrial revolution in a period of accelerating change. Very often — as in the latter half of the seventeenth century — times of flux and turmoil call forth Utopian thinkers, who propose the creation of hierarchical, communal, authoritarian (...) societies, often patterned after a supposed golden 2 age. Hume emphatically rejected Utopian schemes of this kind. "All plans of government which suppose great reformation in the manners of mankind," he said, 3 "are plainly imaginary." He repeatedly warned as well that "projectors" and visionaries would disrupt the balance in government between liberty and authority. Thus he could speak of or make reference to "the visionary system or ravings of Plato" (in The Republic), the ultimate impracticality of More's Utopia and James Harrington's The Commonwealth of Oceana, and the absurdity of Robert Wallace's theories on 4 population and the paper money schemes of John Law. Even the Utopian republics of Andrew Fletcher of Saltoun, the Scottish patriot whom Hume admired as "a man of undaunted courage and inflexible principles," were dismissed with the others on practical grounds. The key word we have extracted from Hume's economics is practicality. Much as Hume would have liked to have designed an empirical "science of man" — which, incidentally, would have permitted him to propose his own infallible scheme of political economy — he realized that his own attempts had fallen far short of his goal. Thus his nine essays devoted especially to economics: "Of Commerce," "Of Refinement 155. in the Arts," "Of Money," "Of Interest," "Of the Balance of Trade," "Of the Jealousy of Trade," "Of Taxes," "Of Public Credit," and "Of the Populousness of Ancient Nations," are cautious in approach and pragmatic in spirit. Most of these essays were specifically designed to challenge prevailing assumptions and Utopian grand schemes of one sort or another. In "Of Commerce," for example, Hume rejects the idea that a nation can achieve greatness as an agricultural utopia. In "Of Refinement in the Arts" he takes issue with certain religious thinkers who 7 denote luxury as evil. In "Of Money" he is critical of those who believe that an injection of money into O the economy will work long-term wonders, and in "Of Interest" he argues with those who reason that the 9 plenty of money leads to low interest rates. "Of the Balance of Trade" and "Of the Jealousy of Trade" are directed against the protectionist policies of the mercantilists, "Of Taxes" rejects the French physiocratic single tax on land, and "Of Public Credit" deplores the expedients of Lord Oxford's partisans to draw bills on posterity and imprudently 12 use public credit to create paper riches. Finally, he addressed his essay, "Of the Populousness of Ancient Nations" to a refutation of the doomsday thinking of 13 the Reverend Robert Wallace of Edinburgh. This is not to imply, however, that Hume's economic thought was merely negative, or that he believed governments could safely entrust their powers over the economy to an "invisible hand." Even Hume's advocacy of free trade (which his friend and pupil Adam Smith, of course, applied with less caution) left the government with room to maneuver. Hume was willing to employ both the market and authority in designs for human progress. In seeking his mix of "action, 156. consumption, liveliness and indolence," a contradictory, counter-poised economic actor, the individual, was not a simple pleasure maximizer, nor did the acquisition of wealth and luxury make him a villain. He was a person in whom the complex springs of action, the causes of labour, needed first one, now another counter-weight. Society benefited from both 14 free trade and from tariff. Hume believed that industrial development and the advancement of commerce were the springboards to progress and happiness. Less is less and more is more; Hume never got these simple verities mixed up. "The same age," he said, "which produces great philosophers and politicians, renowned generals and poets, usually abounds with skillful weavers, and ship-carpenters.... The spirit of the age... (shrink)

Terminally ill in 1776, Hume was relieved from anxieties over Smith's masterwork when it finally reached him on 1 April, and he gave it unstinted praise, though not without offering cogent criticism. The two‐part structure of WN is discussed in context. Books I and II are analytical and identify the principles, chiefly division of labour, which naturally lead to economic growth where the free‐market system, or something close to it, is adopted. Books III to V are historical and evaluative, focused (...) on what legislators, to whom the book is addressed, have done and should do to promote growth. This second part of WN assesses alternatives to the free‐market system, denouncing mercantilism's injudicious restraints and incentives, and Physiocracy's blindness to the benefits of industry and trade. Smith settles for some restrictions on individual economic freedom, to provide resources for society's chief needs identified as defence, justice, public works, and education, and he manifests grave concern about the mental torpor found in workers subjected to extensive division of labour. (shrink)

A new recommendation has appeared in the Ethnic Dining Guide of Washingtoon, capital of the Unconscious States of Amurrica, put out by Tailor Coward III, Director of the Mercantilist Center and Professor of Shriekonomics at George Madison University, which is scattered across several municipalities in the northern Vagina suburbs of Washingtoon. Tailor’s father was from the clothier branch of the famous English playwright’s family, but had to flee to Amurrica when his stitch in time saved only eight. After marrying a (...) nice girl from Old Teashirt, they moved to Hoople, Southern North Dakota, where Tailor would become the regional chess champion at age 6, only to be defeated some years later by the 4-year old I.M.A. Bach, great-great-great-greatgreat-great-great grandson of P.D.Q. Bach, who had studied obscure gambits with Bobby Fischer’s dog. (shrink)

In the second half of the eighteenth century, in France there was an important attempt to renew the reflection on the practices of government of society. Opposing the Colbertist mercantilism of the previous century, the physiocracy is part of this debate by introducing a new way of rationalizing the political society and its practices of government, which develops around a notion of «natural order» which prescribes full freedom for economic subjects. Thanks to the support of the “regime of truth” (...) in the economic science, Quesnay and the physiocrats would propose an innovative form of modern “governmentality”, which in their thought is called despotisme. How can the notion of “despotism” coexist with the claim of maximum liberty for economic actors? The present article intends to answer this question, investigating the relationship that Quesnay and the physiocracy entertain with the birth of liberalism. (shrink)

Parmi les nombreuses controverses qui affectent l’étude de la pensée économique naissante, la moindre n’est sans doute pas celle qui porte sur l’opportunité même du concept de « mercantilisme ». Les auteurs regroupés sous ce terme par les inventeurs de cette dénomination ne l’ont-ils pas été par leurs adversaires (Quesnay, Smith, E. F. Heckscher) ou par leurs défenseurs (G. Schmoller, W. Cunningham) qui, de surcroît, ne leur sont pas contemporains? Cette contribution se propose par conséquent de restituer la genèse du (...) concept polémique de « mercantilisme » et de présenter une synthèse des critiques qui lui ont été opposées (D. C. Coleman, J. Viner...). La question délicate de l’articulation entre théorie et pratique incitera à prendre la mesure des enjeux philosophiques soulevés par l’élaboration conceptuelle : ce sont alors les liens théoriques complexes entre machiavélisme et mercantilisme qui seront mis en lumière, afin de comprendre par quelles médiations la théorie politique de la raison d’État a pu trouver un champ d’application privilégié chez les auteurs et les acteurs dits mercantilistes. (shrink)

This paper discusses the varieties of capitalism in transitional societies in Latin America and Central / Eastern Europe. The intended purpose of these transitions from semi-closed import-substituting economies in the first case and state socialist ones in the second was to institutionalize open-market economies. Twenty or thirty years later, there is a variety of types of capitalism in these countries, which I classify into three: open-market, neo-mercantilist, and anemic. The question for sociology is whether these quite different variants represent temporary (...) stages or distortions in the same process of transition or whether, on the contrary, they may institutionalize as discrete forms of peripheral capitalism. Neither standard “legacy” argu­ments nor institutionalist theories offer satisfactory answers to this question. The multiple modernities approach, on the other hand, is more appropriate as a theoretical perspective, but it has not produced yet specific propositions applicable to this question. My paper makes two claims. First, the successful transfer of institutions depends on the congruence between these institutions and the broader institutional framework of the recipient economies, a point not developed by institutionalist theories. I offer a hypothesis in this regard: Two critical nodes of congruence are the regulatory and extractive capacity of the state and the strength of civil society. Second, market capitalism (as liberal democracy as well) is a complex institution, and some of its components “travel” more easily across societies and institutional frameworks, and therefore are easier to institutionalize. This is the source of the hybrid variants. (shrink)

This book examines the concept of public interest against the background of English politics from the Civil War to the coming of the Hanoverians. These years witnessed both the rise of the modern notion of the public interest as a part of ordinary political language and the growth of a social philosophy of individualism. The new ideas challenged the _status quo_, based on order, reason of state and national power, in the name of legitimate self-interest and respect for the rights (...) of the private person. In presenting a complex set of ideas in their historical context, the author examines both abstract philosophies and the issues of the day as recorded in press, pulpit and law courts. A chapter devoted to economic thought includes a re-assessment of the social assumptions of mercantilism. (shrink)

This article explores Adam Smith's (1723-90) cosmopolitanism by examining his conception of the ideal global regime and his attitudes to classical cosmopolitanism, British imperialism, American independence, war, mercantilism, benevolence, global integration, specialization, patriotism and his own alleged nationalism. It is argued that Smith shares with the Stoics the ideal of a world community but his cosmopolitanism is based, not on the sympathetic workings of universal benevolence, but on mutual enablement and the desire for and satisfaction of exponential material enrichment. (...) Such a state precludes conflict and territorial rivalry. Patriotism will not disappear but will be moderated by a pacific desire for prosperity via free trade. Eventually fierce nationalistic sentiments and intense alliances between security allies will be subdued by a development-induced aversion to conflict and the habits of amicable strangership underlying commercial cosmopolitanism. The article outlines the efficient mechanisms by which this is to be achieved and, in so doing, shows why, for Smith, economic cosmopolitanism is at once desirable, necessary and natural. (shrink)

Book IV of Adam Smith's Wealth of Nations concerns two rival economic theories, Mercantilism and Physiocracy. The latter, François Quesnay's system, occupies only the ninth and final chapter, and it begins with a stunning dismissal. Yet, fifteen pages later, Smith praises this theory to the skies. That cries out for explanation. Like Mercantilism, Smith's system emphasizes commerce, whereas Quesnay's is confined to agriculture. But like Physiocracy, Smith's system is built on individual liberty, whereas Mercantilism is one of (...) government control. Despite his initial put-down, Smith is naturally inclined more toward Quesnay's philosophy. And the main thesis of my paper is to suggest one reason for this that has not previously been brought to light, and that can explain Smith's extravagant praise for it. Quesnay employs a Newtonian scientific method different from the one emphasized in Smith's early ‘Astronomy’ treatise, a method Smith first prominently introduced a decade after his meetings with Quesnay, in Wealth of Nations and Smith's eulogy for Hume, and in the sixth edition of his Theory of Moral Sentiments. (shrink)

This paper examines the French erudite scholar Théodore Godefroy's (1580-1649) service to Cardinal Richelieu as a commercial expert. Using manuscripts that reveal his reading, connections and intellectual methods, it shows how Godefroy used his connections in the Parisian lettered circles and a politicized group within the Republic of Letters to gather commercial information, and used the techniques of juridical scholarship to organize his collection. His papers suggest that historians must look beyond a narrow canon of "mercantilist" works to understand seventeenth (...) century debates about the governance of commerce, to a broader context of debates about law, history, and sovereignty. (shrink)

While Thomas Hobbes is not typically cited as a philosopher concerned with economic inequality, there is a great deal of evidence in his writings to suggest that he was aware of inequality and worried about its effects on the commonwealth. This essay first contextualizes Hobbes in the development of the 17th-century English political economy to understand the mercantilist milieu that might have shaped Hobbes’s thoughts. Second, it then explores Hobbes’s thoughts on wealth, poverty, and inequality, as outlined in his major (...) political works – revealing distinctively Hobbesian grounds for understanding these phenomena. Third and finally, it explores Hobbes’s constructive political philosophy for means by which he might offer prescriptions for addressing them. (shrink)

This work argues that the usurpation of the Haitian Revolution by the Affranchis, petit-bourgeois black (creole) landowners and mulatto elites, from the Africans on the island seeking total freedom from the mercantilism and liberalism of the capitalist world-system under European hegemony, rendered it (The Haitian Revolution) an insignificant black bourgeois revolution focused on racial vindicationism and equality of opportunity, recognition, and distribution with whites within the denouement of the aforementioned systemicity. The latter move placed the Revolution on par with (...) the American one, which was a counterrevolution to the abolition of slavery and the slave trade under mercantilism and liberalism. The work concludes, had the Revolution remained under either the directorship of the African leadership seeking to implement their (communal) lakou system throughout the island, or the Kojèveian synthesis of Dessalines, it would become a significant revolution offering a counter systemicity to the Protestant/Catholic Ethic and the spirit of capitalism under European and American hegemony. (shrink)

In this chapter, Michael Quinn argues that although Bentham’s only works on international trade were discussions on “the balance of trade” and “colonial trade,” these works reveal several new aspects of Bentham’s broader political economy. Like Smith, Bentham considered international trade to be mutually beneficial and strongly criticized mercantilist fallacies concerning balance of trade and the fetishization of precious metals. However, Bentham’s views differ from Smith’s on the issues of paper money and inflation. The chapter explains Bentham’s struggles to combine (...) elements of both commodity and credit theories of money in a coherent package. (shrink)