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)

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)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:David Hume and Adam Smith: A Japanese Perspective by Tatsuya SakamotoEstrella TrincadoTatsuya Sakamoto. David Hume and Adam Smith: A Japanese Perspective. London and New York: Routledge, 2021. Pp. 297. ISBN 9780367683023. Hardback. £130.This book is a collection of essays and articles by the Japanese scholar Tatsuya Sakamoto. In the foreword, Ryu Susato, professor of the Faculty of Economics at Keio University, Tokyo, notes that in Japanese society Marxism (...) has been the dogma of the history of social and economic thought. As a consequence, Japanese society has been labelled as “collectivist.” In this context, only a privileged intellectual background allowed Sakamoto to find his own way, as he graduated from Keio University and was part of its faculty. The Faculty of Economics of Keio University has spread the academic culture of liberalism that descended from Yukichi Fukuzawa (1834–1901), a reformer and founder of Keio and one of the most influential liberal thinkers in Meiji Japan (1868–1930). In addition, the family background of Sakamoto and the interest of his mother in the English language left a mark on him. Sakamoto was one of the rare Japanese scholars to study abroad in the 1980s, in particular at the University of Glasgow for two years (1984–1986) under the academic guidance of Andrew Skinner. There, he took interest in biographical and bibliographical studies. During his initial research, he found on a note by George Chalmers some evidence for David Hume’s authorship of an anonymous review of Smith’s Theory of Moral Sentiments, published in the Critical Review of May 1759.1 Then, along with David D. Raphael, Sakamoto transcribed the material with a commentary in the Journal of the History of Philosophy2 (Chapter 6 of the reviewed book) and he published “Hume’s Early Memoranda and the Making of His Political Economy” in Hume Studies3 (Chapter 4). There, Sakamoto gives interesting insights on Hume’s Early [End Page 163] Memoranda of manuscripts published by Mossner.4 This manuscript compilation shows the desire of Hume to pursue a systematic discourse on political economy. These efforts resulted in a large number of works published by Hume from 1748 to 1757 and even after his death, in Essays, Moral and Political, in The Natural History of Religion, and in Political Discourses.Later, Sakamoto published various articles on Hume’s economic thought in English (Chapters 1 and 5). In addition, he published his first monograph in Japanese.5 He argued that the “civilized society”—an idealization of Western societies—which was thought to be a prerequisite in Japan for the socialist revolution, concealed the different eighteenth-century historical realities of European countries in which Hume and Smith lived. Sakamoto received for this monograph the Suntory Academic Prize for Social Sciences and Humanities in 1996 and the Japan Academy Prize in 2001. In his Japanese monographs, Sakamoto interprets Hume as a firm defender of modernity and civilization, using his empiricist theory to inspire the spirit of serving the public good of a civilized society. Hume is a main character of the historiographical odyssey of the conflict between order and liberty.6 Hume tried to bridge the gap between the practical empiricism of mercantilist literature7 and the normative rationalism of natural jurisprudence,8 developing the science of economics on a philosophical foundation.After a brief leave spent at Boston University under the care of Knud Haakonssen, Sakamoto coedited a collection of essays written by Japanese scholars9 (Sakamoto’s contribution is included in Chapter 3). Another of Sakamoto’s important contributions is Chapter 9 of this book, originally published in The Adam Smith Review in 2017.10 There, we learn of Yoshihiko Uchida (1913–1983), a Japanese historian of social thought who specialized in Smith and Marx, and paid much early attention to the Smith-Rousseau connection in his The Birth of Economic Science (never published in English). As Sakamoto says, Uchida’s original view of this great Scottish philosopher, Adam Smith, proves that scholars infuse new life into classical texts, no matter how distant they may be from the object of their study in space and time. Besides, by discussing in English previous Japanese scholars’ contributions, Sakamoto is... (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)

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)

In lieu of an abstract, here is a brief excerpt of the content:184 THE ECONOMIC THOUGHT OF DAVID HUME David Hume's views on economics are expressed in his Essays, Moral, Political and Literary, Part II (1752). He was a contemporary of Adam Smith and read Smith's The Wealth of Nations shortly before his death. Some commentators have suggested that Hume exercised some influence over Smith's views on economics; others are not so sure. Hume's commentators over the last 200 years have (...) emphasized his theory of knowledge, doctrine of causality and belief, theory of morals and historical writing. His views on economics have been relatively neglected. The purpose of this essay is to summarize and clarify Hume's views on economics. Commerce and Trade Hume's essay "Of Commerce" is an extension of his view of property rights. Just as government should not impair property rights, it should not impair commerce, which is the freedom to contract between consenting parties. But Hume was not a 'pure' advocate of laissez-faire. He supported the infant industry argument: A tax on German linen encourages home manufacturers, and thereby multiplies our people and industry. A tax on brandy encreases the sale of rum, and supports our southern colonies. The bulk of workers are employed either in argiculture or manufacturing. In the more primitive societies, almost everyone is employed in agriculture (husbandry), and as agricultural techniques are improved, the land becomes able to support more nonagricultural workers, including artisans and providers of luxuries as well as manufacturers. Some of these 185 surplus (i.e., nonagricultural or manufacturing) workers are sometimes appropriated by the sovereign for use in the army or navy (OC 256), which prevents them from producing luxury goods and services, and leads to a different kind of state than would exist if their labor were not so appropriated. Increases in industry, the arts and trade generally increase both the power of the sovereign and the happiness of the people (OC 260). Trade is something that is mutually beneficial -- both parties gain. Hume spends a great deal of time refuting the idea that one nation's gain is another's trade loss. Thus, trade is a win-win rather than a win-lose situation, as some modern-day mercantilists (such as Thurow fThe Zero Sum Gamel and Batra G The Great Crash of 1989l)would have us believe. Hume views everything in the world as purchased by labor, and sees labor as being caused by people's passions (OC 261). In modern language, one could say that wealth is produced either from physical or mental labor, and that it is individual incentive that causes the human action to begin in the first place. Of course, this view overlooks the fact that labor does not exist in a vacuum, but is mixed with land and perhaps capital (which can be seen as the result of accumulated labor). Exchange occurs when producers of a commodity produce more than they can consume. At that point, they trade their surplus for other goods and services (OC 261). In peacetime, the farmers' surplus goes toward the acquisition of manufactures or the cultivation of the liberal arts. In war, the surplus can go toward the support of an army or navy. The state becomes more powerful as it can produce increasingly beyond subsistence, what Hume refers to as employment beyond mere necessities (OC 186 262). But rather than encouraging the increase in state power by force, such increase is best accomplished by allowing individuals to produce as much as they want, which they will do automatically in the absence of coercion, and then appropriate part of the surplus: It is a violent method, and in most cases impracticable, to oblige the labourer to toil, in order to raise from the land more than what subsists himself and family. Furnish him with manufactures and commodities, and he will do it himself. Afterwards you will find it easy to seize some part of his superfluous labour, and employ it in the public service, without giving him his wonted return. Being accustomed to industry, he will think this less grievous, than if, at once, you obliged him to an argumentation of labour without any reward. (OC 262) Countries that engage in... (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)

A review of economic thought since the sixteenth century reveals two streams of economic discourse, dirigisme and laissez-faire. Starting with the mercantilists, dirigiste approaches to economics embrace the real-world complexity of commodities that often differ greatly in attributes that are growth- and rent- augmenting. Most importantly, this means that free trade is likely to be polarising: it concentrates growth- and rent-augmenting commodities in countries that already enjoy a head start in these commodities. Advanced countries, therefore, support laissez-faire, while lagging countries (...) tend to support dirigisme. In order to rationalise their laissez-faire stance, advanced countries began developing a new economic discourse that strips commodities of their complexity. The foundations for this ideological reconstruction of economics were first laid by Adam Smith; this process eventually reached its climax with the neoclassical economists who stripped commodities down to one attribute: their capital intensity. In opposition to this laissez-faire economics, other writers, supportive of the interests of lagging countries, brought complexity back into their economic discourse; they argued that lagging countries had a fighting chance of catching up to advanced economies only by indigenising a growing array of growth- and rent-augmenting commodities. (shrink)

David Hume is best known for his work on political philosophy. However, he wrote a series of essays on money, population and international trade which must rank among the major economic writings of the 18th century. Certainly they influenced Adam Smith and have a sparkling quality that still makes them worth reading today. His statement of the so-called 'specie-flow mechanism' constituted his answer to the mercantilist concern with the maintenance of a chronic surplus in the balance of payments. He also (...) put forward what is now known as the 'theory of creeping inflation' and advocated the notion that political freedom flows from economic freedom. James Steuart was a British mercantilist, the last in a long line stretching back to the 16th century. He advocated the entire armoury of mercantilist policies: the regulation of foreign trade to induce an inflow of gold, the promotion of industry by inducing cheap raw material imports, protective duties on imported manufactured goods, encouragement of exports, particularly finished goods because they are labour-intensive, control of the size of population by emigration and immigration to keep wages low, all capped by a denial of Hume's argument that an inflow of gold will only raise prices and thus drive gold abroad. (shrink)

Si l’on s’accorde à voir dans l’ouvrage du clergyman mélancolique Robert Burton paru en 1621 une sorte d’aboutissement et de consécration de la mode mélancolique, l’on a toutefois tendance à négliger le fait que l’anatomiste utilise le discours médical et la tradition mélancolique pour attirer l’attention de ses contemporains sur l’existence d’un désordre qui se manifeste, au niveau de la collectivité, par une crise religieuse, politique, sociale et économique. C’est sous le patronage de l’un des premiers représentants du courant mercantiliste (...) que Burton se place pour justifier l’emploi de la notion de « mélancolie politique » : celui de Giovanni Botero. La lecture de la « Préface » de L’Anatomie de la Mélancolie permet de constater l’existence d’une forte convergence entre les méthodes et les analyses des premiers mercantilistes anglais et le diagnostic de Robert Burton sur la crise économique que traverse l’Angleterre de Jacques Ier. Comment expliquer alors la coexistence dans le même texte de ce discours économique qui propose des réformes concrètes pour remédier à une situation de crise et d’un discours utopique qui préconise une forme autoritaire et disciplinaire de pouvoir comme remède à la mélancolie politique tout en affirmant le caractère chimérique et irréalisable de tout changement radical? (shrink)

Hobbes intéresse l’économiste de deux manières. La première consiste en une lecture de Hobbes avec les lunettes de l’économiste d’aujourd’hui. Il fonde, avant Locke, le lien social sur l’échange et le contrat ou la convention. Mais, à la différence de la voie qu’Adam Smith empruntera ultérieurement, le programme hobbésien place le pouvoir au cœur de sa réflexion. Il faut également retenir l’analyse des coalitions menée par Hobbes, particulièrement celle des coalitions autoritaires (l’Union se distinguant de la simple association ou Consent) (...) et de la république comme une grande coalition autoritaire, et être impressionné par la proximité de ses analyses de la formation du contrat social et de l’autorité avec les théories contemporaines de l’agence. En second lieu, Hobbes est un mercantiliste qui livre certaines observations économiques non dépourvues d’intérêt. Il s’agit principalement de ses analyses de la valeur et des prix et du chapitre XXIV du Léviathan intitulé « Of the Nutrition and Procreation of a Commonwealth ». Hobbes y traite successivement de la production (plenty), étudie ensuite sa répartition (distribution) et ce qu’il nomme la digestion (concoction) ou transformation des richesses réelles en argent. Enfin vient l’acheminement (Conveyance) ou circulation monétaire du flux nourricier dans le corps de la république. (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)

Patents and free trade make strange bedfellows. For most of their history, patents have been instruments deployed to resist trade with other countries, not to enhance it. Whether one looks at Venetian laws that punished citizens who practiced local crafts outside the city, the Mercantilist uses to which patents were put in Elizabethan England, or the cartels of the 19th and 20th centuries created on a foundation of interlocking patent rights, patents have had a distinctly protectionist function. It is thus (...) ironic that it is intellectual property rights in general, and patents in particular, that have been held up in recent years as the poster child of much that is wrong with globalization and free trade. Nowhere is this more so than in debates concerning international human rights law and patents, in particular the position that patents violate an international right to health. (shrink)

The title of this article refers to one of the best-known essays written by David Hume, That Politics may be reduced to a Science. Hume assumed that politics was a science because it admitted of some general truths, which could not be varied by human beings. He adopted a similar stance, albeit indirectly, in the case of economics, discovering several general truths concerning the origins of wealth, money and international trade. At times, however, he was far from being consistent and (...) this undermined these truths. Consequently, it can be argued that, from his perspective, economics was a science on a theoretical level, but it lost this character at a more practical level. Similar doubts can be raised when it comes to Hume’s role in the history of economic thought. In some respects he was an original thinker, but several of his key concepts resembled to some extent ideas that had been put forward by ‘mercantilists’, especially those ‘mercantilists’ who were active in his native Scotland in the first decade of the 18 th century. (shrink)

The integrity of the human being made in the image and likeness of God (Genesis 1:26) has been a challenge confronting not just the theologian, but great rulers, politicians, reformers, scientists, poets, artists, composers and novelists over centuries. The Orthodox Tradition might note that our human condition in time and space is shaped and challenged by this journey from likeness to image. Biblically we journey to see the face of God. Less theologically, the human condition is shaped by the tensions (...) and contradictions as we journey to seek 'freedom'. Paradigms of Freedom explores, in the context of the unfolding of modern history, how this challenge has been compounded and enriched by the people and institutions who have sought to find and promote the concept of freedom (and issues of personal liberty) in the face of contrary or oppressive circumstances and systems. Importantly, it will examine the contribution of the artist to various models of freedom, some of which may be identified as vectors of transcendence; when image becomes likeness. The nature of human society, the sense of social harmony and paternalistic control that characterized society for centuries, and especially the emergence of Western culture, began to crumble in the fourteenth century with the cataclysmic onslaught of the Black Death; the challenge to the monolithic power of the Church and the nature of feudalism; the growth of new philosophical and political theories; and overall crumbling of authority. In the fifteenth century new developments like the invention of printing; the standardization of modern languages; and the global expansion of exploration, mercantilism and colonization presented unprecedented horizons of growth and challenges to the place and meaning of humanity in the world. These challenges are embodied in the Renaissance and Reformation, where the very foundations of belief and knowledge were questioned in new processes of discovery in both the world and the cosmos. The nature of freedom to search, to question and to discover new things brought about political and intellectual developments in an ever-expanding series of movements and interrogations. Moved by the annals of the times, individuals have sought to understand and perpetuate the heroic struggles through their own creative power. This in turn can draw us to share in those lost or sorrowful times, and reflect on the sacrifice and vision of those who have been prepared to witness fearlessly to the indomitable spirit of mankind, and his slow but inexorable movement or journey into the light. This exposition will examine various types/paradigms that have proposed and embodied concepts of freedom. These have tried, and often succeeded, in serving as vectors of transcendence, meditating on and mediating human aspiration. Such reflective movements of mind and heart are embodied both contemporaneously and retrospectively in various historical movements, political gestures and artistic creativity that have provoked thoughts on human liberty: political actions, decrees, philosophy, books, pictorial art, novels, poetry, theatre, opera and film. Representatives and examples (in words and imagery) of all these modes are exemplified in the chapters that explore certain iconic movements and personalities in some of the key historical and social events of the past six centuries. The process is of necessity selective. Religious conflict, freedom of thought and denomination, the wars fought over faith and control of the land, the desire for liberty of choice, challenging new discoveries in science and geography, cosmology, colonialism and slavery, Enlightenment, revolution and the search for national identity and independence-these are all areas that have absorbed human thought, knowledge and aspiration, and resulted in inevitable artistic reflection. This is not a history but a consideration of mankind's search to be free, and how this striving is embodied in the poetry of liberation. (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 his original 1668-74 paper on interest to the three pamphlets on interest and coinage published in the 1960s. The introduction 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 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 Treaties'. The picture that emerges confirms Locke's status as a 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)

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)

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)

The Reverend Dr John Beale, FRS, DD, and chaplain to Charles II, carried out a vigorous campaign in the early Royal Society for the reform of agriculture, trade, and public education-reforms which signalled his continuing commitment to the ideas not only of Bacon, but of Hartlib and Comenius as well. In addition to promoting orchard plantations and expanded commercial horticulture, he collaborated with Evelyn, Oldenburg, and Houghton to publish or publicize items on the improvement of agriculture and the national economy. (...) His later writings, including the unfinished manifesto ‘From Utopia’, also identify the ‘mercantilist’ thought of Thomas Mun as a crucial link in Beale's alignment of technology, socioeconomic reform, and the religious and ethical values of Christian humanism. (shrink)

This paper examines the reception of Dutch commercial ideas and institutions in continental Europe during the first half of the seventeenth century. Using printed and archival sources from France, Sweden and Denmark, it argues that it is more useful to examine how statesmen and thinkers adapted Dutch material to different local circumstances and changing political conditions than to search for a mercantilist approach to political economy. Dutch arguments were particularly important, because they focused attentions upon the just and expedient relations (...) between sovereignty and commerce. Replacing Hugo Grotius's Mare liberum in the contexts of the broader debate about the governance of commerce and of the politics of the Thirty Years War allows us to recover part of its further significance, for its polemical clarity allowed statesmen and scholars to refine more sharply their notion of commerce's relation to the state. (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)

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)

SummarySeventeenth-century thinking on the relationship between trade and state power was routinely conducted using the concept of state interests, which enabled users to conceive a Europe of competing states that managed the balance of power through trade and war. Poor interest management could arise from ignorance, error, or the divergence between the private interests of rulers and a state's true interests. The stakes of pursuing or neglecting true interest were high: the survival and prosperity of the state. The dominance of (...) ‘mercantilism’ as a historiographical category has obscured the role of interest in early modern thought. This paper examines the work of one of England's most prolific interest writers, Slingsby Bethel, to demonstrate the importance of reading interest writings without recourse to mercantilism. The two focuses are, first, how the rhetoric of counsel was used to defend an ordinary subject's presumption to comment on state affairs and, second, the capacity for interest writers to construe the rise and fall of state power in terms of good laws and statesmanship. (shrink)

In Great Economists before Keynes, a chronological guide is included for readers wishing to trace the development of economic thought from early mercantilist writings to the pivotal work of John Maynard Keynes. Each article briefly discusses the life and enduring contributions of economists such as Adam Smith, Alfred Marshall, David Ricardo, and Leon Walras. Wherever possible, portraits accompany the text. Mark Blaug is Emeritus Professor of the Economics of Education at the University of London Institute of Education, and Consultant Professor (...) at the University of Buckingham. He is the author of numerous articles and books in the field of economics and economic history, including Economic Theory in Retrospect, an established classic in the field. (shrink)

Despite having been underlined as contrary to established fact, the myth that there is a causal link between Protestantism and the emergence of capitalism persists in the popuar imagination as well as the academy. This article illustrates where Max Weber’s theory contradicts all the available historical evidence concerning the emergence of free economies in the West. It shows not only where Weber’s theory is unable to account for the emergence of capitalist practices and thinking before the Reformation, but also the (...) manner in which capitalism’s development in the post-reformation era contradicts Weber’s theory. It then turns to illustrating the ways in which medieval Catholicism contributed to the emergence of the cultural and institutional prerequisites of post- Reformation capitalism, and the manner in which post-Reformation political and religious developments contribute to the emergence of merchantilist and protectionist practices that inhibited economic liberty.Bien qu’ayant été considéré comme contraire au fait établi, le mythe selon lequel il y aurait un lien causal entre le Protestantisme et l’émergence du capitalisme persiste dans l’imagination populaire aussi bien que dans le corps académique. Cet article illustre où la théorie de Max Weber est en contradiction avec toutes les évidences historiques disponibles concernant l’émergence des économies capitalistes en Occident. Il montre non seulement où la théorie de Weber est incapable de prendre en compte l’émergence de pratiques capitalistes et des pensées avant la Réforme, mais aussi la manière dont le développement du capitalisme durant la période suivant la Réforme contredit la théorie de Weber. Il illustre ensuite les manières dont le catholicisme médiéval contribua à l’émergence des pré-requis culturels et institutionnels au capitalisme de l’ère qui suivit la Réforme, et la manière à travers laquelle les développements politiques et religieux postérieurs à la Réforme contribuèrent à l’émergence de pratiques mercantilistes et protectionnistes qui inhibèrent la liberté économique. (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)

In lieu of an abstract, here is a brief excerpt of the content:DAVID HUME AND EIGHTEENTH CENTURY MONETARY THOUGHT: A CRITICAL COMMENT ON RECENT VIEWS To the argument that it makes little difference what precise roles were played by various actors in a great movement, and that the busy modern reader cannot be bothered to go behind the scenes of popular successes, the answer is simple: it is on the whole better to call men and events by their right names; (...) it is on the whole wiser not to make false diagrams of the way things happen. What, after all, are we so busy about? Jacques Barzun, Darwin, Marx, Wagner The praise that has been bestowed upon David Hume's monetary thought in recent years would suggest that however little attention is paid to the history of economic thought otherwise, no one is averse to a long and respectable lineage.1 However, it is just when an individual is singled out and focused upon that the most misleading ideas can arise; furthermore, when the scholars who provide this attention are renowned authorities in specialized fields, their views receive very widespread circulation. It would not be easy to find a contemporary student of the eighteenth century who would assert that the mercantilists believed real wealth to consist of gold and silver, yet the late Harry Johnson made just such an assertion not very long ago, and the number of economists who read Harry Johnson must far outnumber those who read eighteenthcentury scholars.2 By the same token, the liberal praise bestowed upon those credited with having "demolished" mercantilism, such as David Hume, requires careful scrutiny. A recent article by Dietrich Fausten3 has shown how different Hume's analysis 157 actually was from modern monetarism, despite the many attempts to designate Hume the father of monetarist doctrines, and this critical approach can be taken farther. Before turning to an examination of Hume's position, it may be worthwhile to make a methodological point. There are those who consider delving into indebtedness and priorities "antiquarian" (but not if their own contributions are in question!). After all, they claim, Hume's views are there in black and white, he wrote elegantly and his philosophical merits are widely admired; does it really matter if Hume did not acknowledge his sources, that he was somewhat inconsistent, or that he caricatured his opponents? Surely some compassion is appropriate for someone who wrote at the very dawn of "economic science." This is to miss the point of such historical scrutiny altogether. If compassion were required, why should it be bestowed upon Hume, rather than on such predecessors as Gervaise, Cantillon or Vanderlint? Scholars employ certain critical standards in judging published work; let us employ these standards to Hume and if sympathy be required, let it follow and not precede the analysis. II The following passage is certainly one of the most frequently quoted in the history of economics but its importance for our argument makes repetition necessary. Suppose, that all the money of Great Britain were multiplied fivefold in a night, must not the contrary effect follow? Must not all labour and commodities rise to such an exorbitant height, that no neighbouring nations could afford to buy from us; while 158 their commodities, on the other hand, became comparatively so cheap, that, in spite of all the laws which could be formed, they would be run in upon us, and our money flow out; till we fall to a level with foreigners, and lose that great superiority of riches, which had laid us under such disadvantages?4 Two points should be noted about the above. First, Hume assumes a sudden, large inflow of money to make his point. This is a very different thing from the small [relative to the money stock] and steady inflow advocated by the so-called mercantilists. Secondly, Hume assumes that this sudden inflow is met by instantaneous adjustment in prices. Otherwise, if the change in, say, wages attracts more labour, there is no reason why the increased money supply could not lead to a greater output and thus avoid inflation. International labour mobility was a standard feature of mercantilist thought and so it will be seen that Hume's "new" result is obtained by his... (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)

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)

ABSTRACT Since World War II, American presidents have consistently advanced a world free‐trade agenda, despite the fierce opposition of domestic interests threatened by free trade, and despite these interests’ ability to mobilize local pressure and nationalist sentiment against free trade in Congress. A theoretical resolution of these paradoxes would consider both the countervailing pressure of domestic interests that benefit from free trade and an international factor: namely, America’s dominance of world trade. This global dominance gives the United States “superpower” status (...) not only economically, but politically, enabling American presidents to get most of what they want in international trade negotiations. Consequently, they can afford to make tactical concessions to American mercantilist interests—defanging congressional opposition to free trade—because in international negotiations, these concessions can be turned into powerful levers against the barriers to free trade that are erected by countries desiring access to the immense American market. (shrink)