Page images
PDF
EPUB

principles of the subject for purposes of practice, owing to which the “Wealth of Nations," alone among treatises on Political Economy, has not only been popular with general readers, but has impressed itself strongly on the minds of men of the world and of legislators.

It appears to the present writer, that a work similar in its object and general conception to that of Adam Smith, but adapted to the more extended knowledge and improved ideas of the present age, is the kind of contribution which Political Economy at present requires. The “ Wealth of Nations” is in many parts obsolete, and in all, imperfect. Political Economy, properly so called, has grown up almost from infancy since the time of Adam Smith: and the philosophıy of society, froin which practically that eminent thinker never separated his more peculiar theme, though still in a very early stage of its progress, has advanced many steps beyond the point at which he left it. No attempt, however, has yet been made to combine his practical mode of treating his subject with the increased knowledge since acquired of its theory, or to exhibit the economical phenomena of society in the rela tion in which they stand to the best social ideas of the present time, as he did, with such admirable success, in reference to the philosophy of bis century.

Such is the idea which the writer of the present work has kept before him. To succeed even partially in realizing it, would be a sufficiently useful achievement, to induce him to incur willingly all the chances of failure. It is requisite, however, to add, that although his object is practical, and, as far as the nature of the subject admits, popular, he has not attempted to purchase either of those advantages by the sacrifice of strict scientific reasoning. Though he desires that his treatise should be more than a mere exposition of the abstract doctrines of Political Economy, he is also desirous that such an exposition should be found in it.

The present edition is an exact transcript from the sixth, except that all extracts and most phrases in foreign languages have been translated into English, and a very small number of quotations, or parts of quotations, which appeared superfluous, have been struck out. A reprint of an old controversy with the “Quarterly Review” on the condition of landed property in France, which had been subjoined as an Appendix has been dispensed with.

[merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

19

27
22

23

BOOK I.

PRODUCTION.

Chapter I. Of the Requisites of Production.

$1. Requisites of production, what.......

2. The function of labour defined ..

3. Does nature contribute more to the efficacy of labour in some occia

pations than in others ? .

4. Some natural agents limited, others practically unlimited, in

quantity . . . . . . . · · · · · · · · · · · ·

CHAPTER II. Of Labour as an Agent of Production.

8 1. Labour employed either directly about the thing produced, or in

operations preparatory to its production .

2. Labour employed in producing subsistence for subsequent labour .

3. — in producing materials . . . . . . . . . . . .

4. — or implements . . . . . . . . . . . . . . .

5. - in the protection of labour . . . . . . . . . .
6. -- in the transport and distribution of the produce ...
7. Labour which relates to human beings . . . . . . . . .
8. Labour of invention and discovery . . . . . . . . .
9. Labour agricultural, manufacturing, and commercial .....

CHAPTER III. Of Unproductive Labour.

8 1. Labour does not produce objects, but utilities ... .

2. – which are of three kinds.

3. Productive labour is that which produces utilities fixed and em-

bodied in material objects . . . . . . . . . . . . .

4. All other labour, however useful, is classed as unproductive ..

5. Productive and Unproductive Consumption . . . . . . . .

6. Labour for the supply of Productive Consumption, and labour for

the supply of Unproductive Consumption . . . . . . . .

CHAPTER IV. Of Capital.

8 1. Capital is wealth appropriated to reproductive employment . . .

2. More capital devoted to production than actually employed in it.

3. Examination of some cases illustrative of the idea of capital ..

[merged small][merged small][merged small][ocr errors]

PAGE

[ocr errors]

CHAPTER V. Fundamental Propositions respecting Capital.

§ 1. Industry is limited by Capital

..... ... 39

2. -- but does not always come up to that limit..
3. Increase of capital gives increased employment to labour, without

assignable bounds . . . . . . . . . . . . . .
1. Capital is the result of saving . .. .. .. ..

5. All capital is consumed ......

6. Capital is kept up, not by preservation, but by perpetual repro-

duction . . . . . . . .

7. Why countries recover rapidly from a state of devastation ...
8. Effects of defraying government expenditure by loans . .. .
9. Demand for commodities is not demand for labour .....
10. Fallacy respecting Taxation ..............

CHAPTER VI. Of Circulating and Fixed Capital.

$ 1. Fixed and Circulating Capital, what ...

2. Increase of fixed capital, when at the expense of circulating, might

be detrimental to the labourers . . . . . . . . . . . 58

3. — but this seldom if ever occurs ........... 61

CHAPTER VII. On what depends the degree of Productiveness

of Productive Agents.

§ 1. Land, labour, and capital, are of different productiveness at diffe-

rent times and places . .

. . . . . . . . .

2. Causes of superior productiveness. Natural advantages ...

3. — greater energy of labour.

4. - superior skill and knowledge . . . . . .

............

5. --- superiority of intelligence and trustworthiness in the commu-

nity generally . . .
6. – superior security . . . . . . . . . . . . . . .

CHAPTER VIII. Of Co-operation, or the Combination of Labour.

§ 1. Combination of Labour a principal cause of superior productiveness 71

2. Effects of separation of employments analysed . ... .. 73

3. Combination of labour between town and country, ..... 74

4. The higher degrees of the division of labour . .. . .. .

5. Analysis of its advantages

advantages

.

. . . . . . . . . . . . . 77

6. Limitations of the division of labour ..... ..

80

CHAPTER IX. Of Production on a Large, and Production on

a Small, Scale.

$ 1. Advantages of the large system of production in manufactures. 81

2. Advantages and disadvantages of the joint-stock principle ...

3. Conditions necessary for the large system of production . . . .

4. Large and small farming compared ... .. ..

CHAPTER X. Of the Law of the Increase of Labour.

§ 1. The law of the increase of production depends on those of three

elements, Labour, Capital, and Land · · · · · · · · ·

2. The Law of Population : .....

3. By what checks the increase of population is practically limited. 98

[ocr errors]
[ocr errors]

.

CHAPTER XI. Of the Law of the Increase of Capital.

1. Means and motives to saving, on what dependent. ...
2. Causes of diversity in the effective strength of the desire of accu.
mulation . . . . . . . ., ,:

.

3. Examples of deficiency in the strength of this desire . . . .

4. Exemplification of its excess . ..

..

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][ocr errors][ocr errors]

CHAPTER II. The same subject continued.

§ 1. The institution of property implies freedom of acquisition by con-
tract . .

cription: ..........
2. — the validity of prescription ..
3. — the power of bequest, but not the right of inheritance. Ques-

tion of inheritance examined . . . . . . . . . . . .
4. Should the right of bequest be limited, and how? . . . . . .
5. Grounds of property in land, different from those of property in

moveables ..::
6. — only valid on certain conditions, which are not always real

ens which are not always realized.

The limitations considered . . . . . . . . . . . . .

7. Rights of property in abuses . ..

..

CHAPTER III. Of the Classes among whom the Produce

is distributed.

§ 1. The produce sometimes shared among three classes . . . . . 145 km

2. — sometimes belongs undividedly to one .........]
3. — sometimes divided between two . . . . . . . . . . . 1466

PAGE

con

[ocr errors]

164
167
168

CHAPTER VII. Continuation of the same subject.
§ 1. Influence of peasant properties in stimulating industry. ...
2. --- in training intelligence . .
3. — in promoting forethought and self-control .......

ehiaini :is: · · · · · · ·

4. Their effect on population. . .

. · · · · ·.. . .

5. — cn the subdivision of land''..
5. — cn the subdivision of land . . . . . . . . . . . . .

CHAPTER VIII. Of Metayers.

§ 1. Nature of the metayer system, and its varieties

2. Its advantages and inconveniences . . . . . . . . . . .
3. Evidence concerning its effects in different countries . . . . .
4. Is its abolition desirable ? . . . . . .

180

« PreviousContinue »