Difference between revisions of "Inquiry into the Principles of Political Oeconomy"

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{{DISPLAYTITLE:''An Inquiry Into The Principles Of Political Oeconomy''}}
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{{DISPLAYTITLE:''An Inquiry into the Principles of Political Oeconomy: Being an Essay on the Science of Domestic Policy in Free Nations''}}
 
===by Sir James Steuart===
 
===by Sir James Steuart===
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{{BookPageInfoBox
<blockquote> Steuart was a supporter of mercantilism, the theory that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of trade is static. Steuart and followers of mercantilism believe that government should assume a protectionist role in the economy, by encouraging exports and discouraging imports, especially through the use of tariffs. <ref> Blaug ''Great Economists before Keynes'' pp.241-242; Einaudi 1527; Goldsmiths' 10276; Kress 6498; Palgrave III, pp.475-476; Schumpeter ''History of Economic Analysis'' p.176 </ref> </blockquote>
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|shorttitle=An Inquiry into the Principles of Political Oeconomy
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|vol=volume two
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|author=[[:Category:James Steuart|Sir James Steuart]]
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|publoc=[[:Category:London|London]]
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|publisher=Printed for A. Millar and T. Cadell, in the Strand
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|year=1767
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|edition=First
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|lang=[[:Category:English|English]]
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|desc=[[:Category:Quartos|4to (29 cm.)]]
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}}Sir [[wikipedia:James Steuart (economist)|James Steuart]] (1713 &ndash; 1780) was a noted Scottish economist who made exceptional contributions to economic theory. Steuart was considered a pioneer of early economics, and was the first author to use the term "political economy" in the title of a book.<ref>Andrew S. Skinner, "[http://www.oxforddnb.com.roxy.wm.edu/view/article/7478 Steuart, Sir James, of Coltness and Westshield, third baronet (1713–1780)]" in ''Oxford Dictionary of National Biography'', accessed September 26, 2013.</ref> In ''An Inquiry into the Principles of Political Economy'' he explains the term as:
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<blockquote>[Just as] economy in general [is] the art of providing for all the wants of a family, [so the science of political economy] seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society, and to employ the inhabitants ... in such manner as naturally to create reciprocal relations and dependencies between them, so as to supply one another with reciprocal wants.<ref>Peter Groenwegen, "'political economy' and 'economics'," in ''The New Palgrave: A Dictionary of Economics'' (New York: Stockton Press,1998), 3:905, quoting James Steuart, ''An Inquiry into the Principles of Political Oeconomy: Being An Essay on the Science of Domestic Policy in Free Nations'' (London: Printed for A. Millar and T. Cadell, in the Strand, 1767), 1:15, 17.</ref>
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<blockquote> In the Principles, Steuart made notable contributions to economic theory: the historical analysis of the origins of the exchange economy, where he (like Adam Smith) was influenced by David Hume; to the theory of economic development with its emphasis on the importance of interdependent sectors; to the theory of competitive price, and, most notably, to the treatment of money and banking, where he showed his appreciation of banks as a means of mobilizing resources in countries undergoing the process of institutional, as well as economic, change. But it should be recalled that the first two books of the Principles had been completed in Germany by the summer of 1759; that is, prior to the dissemination of the physiocratic macro-economic model of a system using capital, later supplemented by a clear distinction between factors of production and categories of return. But despite detailed changes to the 1767 edition, most of which were incorporated in his collected Works (1805), and now in the 1998 edition, Steuart did not fundamentally change his approach, perhaps because he believed that the model of ‘primitive accumulation’ continued to be relevant to the circumstances which he had encountered in Europe. <ref> Andrew S. Skinner, ‘Steuart , Sir James, of Coltness and Westshield, third baronet (1713–1780)’, Oxford Dictionary of National Biography, Oxford University Press, 2004; online edn, May 2006 [http://www.oxforddnb.com/view/article/7478, accessed 11 June 2013] </ref> </blockquote>
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Steuart wrote from the point of view of a moderate [[wikipedia:Mercantilism mercantilist|mercantilist]]. At the time it was published, ''An Inquiry into the Principles of Political Economy'' was considered to be the most complete and systematic survey of political economy ever written in England. Some even considered it to be one of the first full-fledged economics treatises to appear anywhere.<ref>Skinner, "Steuart, Sir James."</ref>
  
==Bibliographic Information==
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==Evidence for Inclusion in Wythe's Library==
'''Author:''' Sir James Steuart, (1713-1780)
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Ordered by Wythe from John Norton & Sons in a letter dated May 15, 1768, "a treatise concerning money-matters, (I think the title is "''Of civil oeconomy''" written by sir James Stewart ...." Records indicate the order was fulfilled.<ref>Frances Norton Mason, ed., ''John Norton & Sons, Merchants of London and Virginia: Being the Papers from their Counting House for the Years 1750 to 1795'' (Richmond, Virginia: Dietz Press, 1937), 51-52. The letter is endorsed "Virginia 15<sup>th</sup> May 1768 / George Wythe / Rec'd  ye 8th July / Goods entd. pa: 452 / Ansd. the August 1768 /pr. Woodford."</ref> All four of the Wythe Collection sources (Goodwin's pamphlet<ref>Mary R. M. Goodwin, [http://research.history.org/DigitalLibrary/View/index.cfm?doc=ResearchReports\RR0216.xml ''The George Wythe House: Its Furniture and Furnishings''] (Williamsburg, Virginia: Colonial Williamsburg Foundation Library, 1958), LIII.</ref>, [[Dean Bibliography|Dean's Memo]]<ref>[[Dean Bibliography|Memorandum from Barbara C. Dean]], Colonial Williamsburg Found., to Mrs. Stiverson, Colonial Williamsburg Found. (June 16, 1975), 8 (on file at Wolf Law Library, College of William & Mary).</ref>, Brown's Bibliography<ref>Bennie Brown, "The Library of George Wythe of Williamsburg and Richmond," (unpublished manuscript, May, 2012) Microsoft Word file. Earlier edition available at: https://digitalarchive.wm.edu/handle/10288/13433.</ref> and [http://www.librarything.com/profile/GeorgeWythe George Wythe's Library]<ref>''LibraryThing'', s.v. "[http://www.librarything.com/profile/GeorgeWythe Member: George Wythe]," accessed on March 4, 2014.</ref> on LibraryThing) list the first (1767) edition as the one owned by Wythe. The title is not listed in Jefferson's [[Jefferson Inventory|inventory]] of [[Wythe's Library]]. The Wolf Law Library purchased a copy of the first edition.
  
'''Title:''' An Inquiry Into The Principles Of Political Oeconomy: Being An Essay On The Science Of Domestic Policy In Free Nations, In Which Are Particularly Considered Population, Agriculture, Trade, Industry, Money, Coin, Interest, Circulation, Banks, Exchange, Public Credit, And Taxes
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==Description of the Wolf Law Library's copy==
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Bound in contemporary tree calf, rebacked, preserving original gilt spines. Front pastedown includes the armorial bookplate of Folkestone with the Latin motto "Patria cara, carior Libertas" (My country is dear, but liberty is dearer.) Purchased from Donald A. Heald Rare Books.
  
'''Published:''' London: Printed for A. Millar and T. Cadell, in the Strand, 1767.  
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Images of the library's copy of this book are [https://www.flickr.com/photos/wolflawlibrary/albums/72157637448709496 available on Flickr.] View the record for this book in [https://wm.primo.exlibrisgroup.com/permalink/01COWM_INST/g9pr7p/alma991017618189703196 William & Mary's online catalog.]
  
'''Edition:'''
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===Full text===
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*[http://lawlibrary.wm.edu/wythepedia/library/SteuartInquiryIntoThePrinciplesOfPoliticalOeconomy1767Vol1.pdf Volume I] (36MB PDF)
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*[http://lawlibrary.wm.edu/wythepedia/library/SteuartInquiryIntoThePrinciplesOfPoliticalOeconomy1767Vol2.pdf Volume II] (37MB PDF)
  
==Evidence for Inclusion in Wythe's Library==
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==See also==
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*[[George Wythe Room]]
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*[[Wythe's Library]]
  
==Description of the Wolf Law Library's copy==
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==References==
Bound in contemporary tree calf, rebacked, preserving original gilt spines. Purchased from Donald A. Heald Rare Books.
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<references/>
  
==External Links=
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==External Links==
[http://books.google.com/books?id=d-tCAAAAcAAJ&printsec=frontcover&dq=An+Inquiry+Into+The+Principles+Of+Political+Oeconomy&hl=en&sa=X&ei=f8jeUbOVMNj94APHwYHYBw&ved=0CC8Q6AEwAA Google Books]
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Read volume one of this book in [http://books.google.com/books?id=FD9PAAAAcAAJ&printsec=frontcover Google Books.]<br />
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Read volume two of this book in [http://books.google.com/books?id=d-tCAAAAcAAJ&printsec=frontcover Google Books.]
===References===
 
<references/>
 
  
[[Category:Books]]
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__NOTOC__
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[[Category:Economics and Finance]]
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[[Category:George Wythe Collection at William & Mary's Wolf Law Library]]
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[[Category:James Steuart]]
 
[[Category:Titles in Wythe's Library]]
 
[[Category:Titles in Wythe's Library]]
[[Category:Economics and Finance]]
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[[Category:English]]
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[[Category:London]]
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[[Category:Quartos]]

Revision as of 09:47, 12 October 2021

by Sir James Steuart

An Inquiry into the Principles of Political Oeconomy
SteuartAnInquiry1767v2.jpg

Title page from An Inquiry into the Principles of Political Oeconomy, volume two, George Wythe Collection, Wolf Law Library, College of William & Mary.

Author Sir James Steuart
Editor {{{editor}}}
Translator {{{trans}}}
Published London: Printed for A. Millar and T. Cadell, in the Strand
Date 1767
Edition First
Language English
Volumes 2 volume set
Pages {{{pages}}}
Desc. 4to (29 cm.)
Location Shelf C-4
  [[Shelf {{{shelf2}}}]]

Sir James Steuart (1713 – 1780) was a noted Scottish economist who made exceptional contributions to economic theory. Steuart was considered a pioneer of early economics, and was the first author to use the term "political economy" in the title of a book.[1] In An Inquiry into the Principles of Political Economy he explains the term as:

Folkestone armorial bookplate, front pastedown.
[Just as] economy in general [is] the art of providing for all the wants of a family, [so the science of political economy] seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society, and to employ the inhabitants ... in such manner as naturally to create reciprocal relations and dependencies between them, so as to supply one another with reciprocal wants.[2]

Steuart wrote from the point of view of a moderate mercantilist. At the time it was published, An Inquiry into the Principles of Political Economy was considered to be the most complete and systematic survey of political economy ever written in England. Some even considered it to be one of the first full-fledged economics treatises to appear anywhere.[3]

Evidence for Inclusion in Wythe's Library

Ordered by Wythe from John Norton & Sons in a letter dated May 15, 1768, "a treatise concerning money-matters, (I think the title is "Of civil oeconomy" written by sir James Stewart ...." Records indicate the order was fulfilled.[4] All four of the Wythe Collection sources (Goodwin's pamphlet[5], Dean's Memo[6], Brown's Bibliography[7] and George Wythe's Library[8] on LibraryThing) list the first (1767) edition as the one owned by Wythe. The title is not listed in Jefferson's inventory of Wythe's Library. The Wolf Law Library purchased a copy of the first edition.

Description of the Wolf Law Library's copy

Bound in contemporary tree calf, rebacked, preserving original gilt spines. Front pastedown includes the armorial bookplate of Folkestone with the Latin motto "Patria cara, carior Libertas" (My country is dear, but liberty is dearer.) Purchased from Donald A. Heald Rare Books.

Images of the library's copy of this book are available on Flickr. View the record for this book in William & Mary's online catalog.

Full text

See also

References

  1. Andrew S. Skinner, "Steuart, Sir James, of Coltness and Westshield, third baronet (1713–1780)" in Oxford Dictionary of National Biography, accessed September 26, 2013.
  2. Peter Groenwegen, "'political economy' and 'economics'," in The New Palgrave: A Dictionary of Economics (New York: Stockton Press,1998), 3:905, quoting James Steuart, An Inquiry into the Principles of Political Oeconomy: Being An Essay on the Science of Domestic Policy in Free Nations (London: Printed for A. Millar and T. Cadell, in the Strand, 1767), 1:15, 17.
  3. Skinner, "Steuart, Sir James."
  4. Frances Norton Mason, ed., John Norton & Sons, Merchants of London and Virginia: Being the Papers from their Counting House for the Years 1750 to 1795 (Richmond, Virginia: Dietz Press, 1937), 51-52. The letter is endorsed "Virginia 15th May 1768 / George Wythe / Rec'd ye 8th July / Goods entd. pa: 452 / Ansd. the August 1768 /pr. Woodford."
  5. Mary R. M. Goodwin, The George Wythe House: Its Furniture and Furnishings (Williamsburg, Virginia: Colonial Williamsburg Foundation Library, 1958), LIII.
  6. Memorandum from Barbara C. Dean, Colonial Williamsburg Found., to Mrs. Stiverson, Colonial Williamsburg Found. (June 16, 1975), 8 (on file at Wolf Law Library, College of William & Mary).
  7. Bennie Brown, "The Library of George Wythe of Williamsburg and Richmond," (unpublished manuscript, May, 2012) Microsoft Word file. Earlier edition available at: https://digitalarchive.wm.edu/handle/10288/13433.
  8. LibraryThing, s.v. "Member: George Wythe," accessed on March 4, 2014.

External Links

Read volume one of this book in Google Books.
Read volume two of this book in Google Books.