it is taken from private income, and almost entirely consumed without leaving any equivalent after its consumption, it must be proportioned to the surplus of produce left to individuals after their necessary and indispensable consumption ; otherwise it would exhaust private savings, arrest the progressive increase of capitals, render wealth stationary, and perhaps occasion its decline and ruin.

As long as the consumption of public and private revenue does not absorb the totality of the produce of general labour, wealth is progressive, nations prosper, and empires are advancing to the highest degree of power and splendour. 2. Consumption is more

is more or less useful to the progress of wealth, according as it is directed to solid and lasting enjoyments, or to caprices and fancies, which leave no value behind. When, in seeking for the pleasures of life, men have a taste for conveniencies and comforts, consumption conveys even to the abodes of mediocrity the advantages and enjoyments of opulence; the garments and household furniture which have served the richi, scrve again the less fortunate classes ; and the enjoyments of wealth are, as it were, communicated to the whole nation. How far it is possible to inspire a nation with that desirable disposition, is not easily ascertained : but nothing can more powerfully contribute to it, than the encouragement given to manufactures inore useful than elegant, more within the reach of the multitude than reserved for the opulent classes, more calculated for the wants of all than for the fancy of a few. As wealth is created through the labour of the multitude, it also derives its greatest means of increase from the conveniencies, from the pleasures, and even from the enjoyments of the niultitude.

In the economical system of modern nations, general labour is the spring of wealth, and general economy the only way of increasing the funds and the resources of labour, of developing its power, its faculties, and its genius, and of giving it a constant and unlimited progression. The general interchange of the produce of labour, hy affording to the labouring classes new, varied, and inexhaustible enjoyments, stimulates their activity, excites their industry, encourages their efforts, and raises their efforts to the highest degree of energy and intensity; and the extent of a more or less beneficial consumption of the totality of productions extends or narrows the bounds of wealth and opulence.

Wealth, in the modern system of political economy, is the work of all men, of all nations, and, as it were, of the whole human race; the reward of all individual efforts, and the end of private and general ambition. When all are rushing to the same end, the rights of all are respected, the interests of all attended to, and the conveniencies of all consulted. All advance by the side of each other without elbowing, without injuring, without crushing each other. All are benefited by their reciprocal efforts, and all owe their successes to their general co-operation. To this admirable system civilization is indebted for its progress; and when better understood, it will prove its most vigilant safeguard and its firmest support.





Various dėliuitions of Wealth, 2 ; Sources of Wealth, 4; Means

of contributing to the increase of Wealth, 5. The variety of Systems has produced Incredulity and Superstition, 6. Affinity of Political Economy with the science of Government and Legis. lation, 8. Civilization connected with the study of Political Economy, 12. Division of the Work, 13. Introduction: on the nature of Wealth, 15; the passion for Wealth is universal, 18; it is the promoter of Industry, 19; it originally caused Domestic Servitude and Civil and Foreign Wars, 21; among the Per. sians, 23; Spartans, 24; Athenians, 25 ; Carthaginians, 26; Romans, 27; nations of the Middle Age, 30; Arabs, 32. Among the Moderns the passion for Wealth has been directed to. wards Labour, Industry, and Commerce, 31; at Venice, Genoa, Pisa, Florence, in the Hanseatic Towns, the Cities of Spain, France, and Germany, 35; among the Portuguese and Spaniards in Hindostan and America, 36. Different influence of modern and ancient Wealth, 38. Conclusion of the Introductiov, 50.




The Mercantile System, 52; the Monetary System, 58; the System

of lowering the rate of Interest, 60; the Agricultural System, 63; the System of Labour that fixes and realizes itself in a per. manent object, 67 ; the System of the permanent and necessary equilibrium of Wealth and Poverty, 68: these various System: reconciled, 70.



Introduction, 73.


The productiveness of Wealth is not exclusively reserved to one sort
of Labour, 74;

Nor peculiar to some Labours, but common to all, 87.

Agricultural Labour is not the most productive of labours, 92;

it limits Accumulation, 91; the distribution of its produce holds
out few encouragements to Industry, Sciences, Arts, and Com-
merce, 95; its produce is insufficient to supply the wants of a
great political power, 96. The Labours of Industry and Commerce
are preferable, because they are susceptible of great subdivision,
give a considerable impulse to general Labour, and fasour Accu.
mulation, 103. The resources of Agriculture compared to those
of Manufactures and Commerce, 108: the superiority of the
latter proved by Ilistory, 109; by the authority of Adam Smith,
110; by their mutual advantages and inconveniences, 119.
Manufacturing and trading nations have nothing to frar from the
progress of Industry and Commerce among agricultural nations,
117: their Manufactures and Trade are rather extended by it,
120. Manufactures and trade can alone confer great politica!

power, 126.

The causes which invigorate Labour, are: 1, the division of Labour

in Manufactures, 130; 2, its concentration in Agriculture, or
large farms, 137 ; 3, and the introduction of Machines, 139.

Obstacles to the progress of Labour, are: 1, the slavery of the
Labourer, 145-6.

2. Apprenticeships and Corporations, 154.

3. And Combinations, which lower the wages of Labour below

their natural rate, 158. Conclusion of the Second Book, 161.



Wherein do Capitals consist ? 162; in Metallic Currency, in the

advancement of Agriculture, or in the first materials of all Labour,
Improvements of the soil, &c. ibid ; in the lostruments and Ma-
chines proper to shorten and facilitate Labour, or in the accu.
mulation of the produce of Labour ? 163.

How are Capitals formed? 165 ; by economy in the costs of Agri-

cultural Labour, and by the increased price of commodities
through Foreign Trade, ibid; or by the proportion of produc-
tive to unproductive Labour, 167; or by economy in Consump-
tion? 168.

How are Capitals employed ? 182: to what kind of Capital does

the Metallic Currency belong ? 186 : is Paper Credit a part of
Capital ? 194. Of the hoarding of Money, 196. Of Capital lent
out at interest, 199. Does the rate of Interest depend upon the
plenty or scarcity of Mctallic Currency ? 202: is it to be fixed
by Law? 203 : is the lending of Capital at Interest profitavle or
detrimental to National Wealth ? 208. Of Public Loans, or
National Debts, ibid: of a Sinking Fund, 211.

Of the influence of Capitals on the progress of Public Health,

230; it is greater or smaller according as Capitals are employed,
231. Which mode of employing of Capital is most favourable to
the progress of Wealth? 233.

of the Profit of Stock, 244: of the causes which regulate that
Prosit, 245.

Conclusion of the Thiri Book, 2 17.

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