Principles of Political Economy with Some of Their Applications to Social Philosophy

. The preceding theory not complete,

7. International values depend not solely on the quantities de-

manded, but also on the means of production available in

each country for the supply of foreign markets,

. - 149

153

. 155

8. The practical result little affected by this additional element, 160

9. The cost to a country of its imports, on what circumstances
dependent,

CHAPTER XIX. Of Money, considered as an Imported

Commodity.

1. Money imported in two modes; as a commodity, and as a

medium of exchange,

2. As a commodity, it obeys the same laws of value as other

imported commodities,

3. Its value does not depend exclusively on its cost of produc

tion at the mines,

CHAPTER XX. Of the Foreign Exchanges.

§ 1. Purposes for which money passes from country to country

as a medium of exchange,

2. Mode of adjusting international payments through the ex-
changes,

3. Distinction between variations in the exchanges which are
self-adjusting, and those which can only be rectified
through prices,.

163

166

167

170

172

.

173

178

CHAPTER XXI. Of the Distribution of the Precious Metals

through the Commercial World.

1. The substitution of money for barter makes no difference in

exports and imports, nor in the law of international

3. The precious metals, as money, are of the same value, and

distribute themselves according to the same law, with the

precious metals as a commodity,

4. International payments of a non-commercial character,

PAGE

189

191

CHAPTER XXII. Influence of Currency on the Exchanges

and on Foreign Trade.

§ 1. Variations in the exchange, which originate in the currency, 193

2. Effect of a sudden increase of a metallic currency, or of the

sudden creation of bank notes or other substitutes for

money,

3. Effect of the increase of an inconvertible paper currency.

Real and nominal exchange,

194

199

CHAPTER XXIII. Of the Rate of Interest.

§ 1. The rate of interest depends on the demand and supply of

loans,

2. Circumstances which determine the permanent demand and

supply of loans,

3. Circumstances which determine the fluctuations, .

203

213

4. The rate of interest not really connected with the value of

money, but often confounded with it,

.

5. The rate of interest determines the price of land and of

securities, .

CHAPTER XXIV. Of the Regulation of a Convertible

Paper Currency.

1. Two contrary theories respecting the influence of bank

issues,

2. Examination of each,

3. Reasons for thinking that the Currency Act of 1844 pro-
duces a part of the beneficial effect intended by it, .

4. but produces mischiefs more than equivalent,

5. Should the issue of bank notes be confined to a single estab-

lishment? .

6. Should the holders of notes be protected in any peculiar

manner against failure of payment? .

245

CHAPTER XXV. Of the Competition of different Countries

in the same Market.

§ 1. Causes which enable one country to undersell another,

2. Low wages one of those causes,

3.

---

- when peculiar to certain branches of industry,
4. but not when common to all,

-

5. Some anomalous cases of trading communities examined,

CHAPTER XXVI. Of Distribution, as affected by

Exchange.

1. Exchange and money make no difference in the law of

INFLUENCE OF THE PROGRESS OF SOCIETY ON PRODUCTION

AND DISTRIBUTION.

CHAPTER I. General Characteristics of a Progressive

Stute of Wealth.

§ 1. Introductory Remarks, .

2. Tendency of the progress of society towards increased com-
mand over the powers of nature; increased security; and
increased capacity of co-operation,

271

272

CHAPTER II. Influence of the Progress of Industry and

Population on Values and Prices.

§ 1. Tendency to a decline of the value and cost of production of

all commodities,

4. Effect of the progress of society in moderating fluctuations of

that tendency from time to time counteracted by improve-

ments in production,

except the products of agriculture and mining, which

have a tendency to rise,

5. Examination of the influence of speculators, and in particu-

CHAPTER III. Influence of the Progress of Industry and

Population on Rents, Profits, and Wages.

1. First case; population increasing, capital stationary,

2. Second case; capital increasing, population stationary,

3. Third case; population and capital increasing equally, the

arts of production stationary,

4. Fourth case; the arts of production progressive, capital and

population stationary,

296

5. Fifth case; all the three elements progressive,

303

CHAPTER IV. Of the Tendency of Profits to a Minimum.

1. Doctrine of Adam Smith on the competition of capital,

2. Doctrine of Mr. Wakefield respecting the field of employ-

ment,

3. What determines the minimum rate of profit,

.

308

310

312

4. In opulent countries, profits habitually near to the minimum, 315

5. prevented from reaching it by commercial revulsions,

--

-

7. by the importation of cheap necessaries and instruments,

8. by the emigration of capital,

CHAPTER V. Consequences of the Tendency of Profits to a

Minimum.

§ 1. Abstraction of capital not necessarily a national loss,
2. In opulent countries, the extension of machinery not detri-
mental but beneficial to labourers,

327

330

CHAPTER VI. Of the Stationary State.

1. Stationary state of wealth and population, dreaded and
deprecated by writers,

2.

but not in itself undesirable,

334

336

~

CHAPTER VII. On the probable Futurity of the Labouring

Classes.

1. The theory of dependence and protection no longer appli-