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)

Pour justifier leur activité, les premiers mercantilistes anglais présentent le commerce comme une activité naturelle, qui favorise la paix entre les nations et contribue au progrès de la civilisation. Ils ont en particulier recours à la lex mercatoria, notion héritée du Moyen Âge. L’idée d’un commerce mutuel de l’humanité, mise en avant dans les écrits de marchands, mais également chez un auteur comme Grotius, contraste ainsi avec les théories de la souveraineté liée à un territoire national chez des penseurs politiques (...) comme Francis Bacon, Thomas Hobbes et William Petty, ou à certains égards chez un juriste comme John Selden. Paradoxalement, alors que la constitution des empires coloniaux coïncide avec l’essor du grand négoce international, la liberté du commerce (free trade) est présentée par ses défenseurs comme une alternative à l’antagonisme entre les États et à la logique de domination induite par les théories modernes de l’imperium. Cette apparente contradiction entre la logique étatique et l’humanisme marchand – ou ce qui se présente comme tel – semble subsister dans les résurgences modernes de la lex mercatoria au XXe siècle. Pourtant, l’idée d’une source du droit indépendante de l’État et s’enracinant dans l’ancienneté des coutumes, l’uniformité des pratiques marchandes ou encore le jus gentium, relève en grande partie de la fable, et d’une construction idéologique visant à dissimuler la réalité des pratiques commerciales. De ce point de vue, la fable de la lex mercatoria joue très certainement un rôle important dans la constitution du topos du doux commerce et la promotion de la liberté des échanges par ceux qui en sont, directement ou indirectement, les principaux bénéficiaires. (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)

Book IV of Adam Smith's Wealth of Nations concerns two rival economic theories, Mercantilism and Physiocracy. The latter, François Quesnay's system, occupies only the ninth and final chapter, and it begins with a stunning dismissal. Yet, fifteen pages later, Smith praises this theory to the skies. That cries out for explanation. Like Mercantilism, Smith's system emphasizes commerce, whereas Quesnay's is confined to agriculture. But like Physiocracy, Smith's system is built on individual liberty, whereas Mercantilism is one of (...) government control. Despite his initial put-down, Smith is naturally inclined more toward Quesnay's philosophy. And the main thesis of my paper is to suggest one reason for this that has not previously been brought to light, and that can explain Smith's extravagant praise for it. Quesnay employs a Newtonian scientific method different from the one emphasized in Smith's early ‘Astronomy’ treatise, a method Smith first prominently introduced a decade after his meetings with Quesnay, in Wealth of Nations and Smith's eulogy for Hume, and in the sixth edition of his Theory of Moral Sentiments. (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)

It is the metaphoric doubling of past into present that gave Renaissance ekphrastic representations its techniques of self-understanding. In effect, in the ekphrastic doubling of the past in the present, we notice that historicity becomes an inalienable part of its contemporary credibility. The reduction of distance between life and art, as evident in contemporary obsession with selfies and photographs, thus begins to become the central project of early modern ekphrasis, enhanced in the Renaissance. In sum, art becomes equivalent to legal (...) tender, and ekphrasis, a principle of exchange and substitution, through which objects and artefacts seem to be in danger of losing their particularities and gaining new generic human values. When Shakespeare wrote The Rape of Lucrece, it was ekphrasis that allowed Shakespeare to speak about the ills of his own times through a Greco-Roman subject. The metaphorical implications that his story has for the issues of good government and private and public securit... (shrink)

Economic activity and reflection should be Holotropic, that is aiming at unity, instead of overspecialized approaches. A cosmic awareness is needed, along a radical revision and reformulation of human nature and of reality. In the modern era, the Hylotropic, matter oriented movement prevailed, imposing a coarser materiality and a marked spiritual devolution. This is how it reached this form of economy, based on selfishness, mercantilism and highly pecuniary greedy interest, a highly financialized economy and its dominance over the other (...) social disciplines, over the behaviour and human life in general. It seems we are at the end of such a period and a new holotropic era is to come. (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)

In lieu of an abstract, here is a brief excerpt of the content:154, DAVID HUME'S PRACTICAL ECONOMICS As Professor Eugene Rotwein emphasized in his introduction to David Hume: Writings on Economics (Madison, 1955), the philosopher made his observations on the eve of the industrial revolution in a period of accelerating change. Very often — as in the latter half of the seventeenth century — times of flux and turmoil call forth Utopian thinkers, who propose the creation of hierarchical, communal, authoritarian (...) societies, often patterned after a supposed golden 2 age. Hume emphatically rejected Utopian schemes of this kind. "All plans of government which suppose great reformation in the manners of mankind," he said, 3 "are plainly imaginary." He repeatedly warned as well that "projectors" and visionaries would disrupt the balance in government between liberty and authority. Thus he could speak of or make reference to "the visionary system or ravings of Plato" (in The Republic), the ultimate impracticality of More's Utopia and James Harrington's The Commonwealth of Oceana, and the absurdity of Robert Wallace's theories on 4 population and the paper money schemes of John Law. Even the Utopian republics of Andrew Fletcher of Saltoun, the Scottish patriot whom Hume admired as "a man of undaunted courage and inflexible principles," were dismissed with the others on practical grounds. The key word we have extracted from Hume's economics is practicality. Much as Hume would have liked to have designed an empirical "science of man" — which, incidentally, would have permitted him to propose his own infallible scheme of political economy — he realized that his own attempts had fallen far short of his goal. Thus his nine essays devoted especially to economics: "Of Commerce," "Of Refinement 155. in the Arts," "Of Money," "Of Interest," "Of the Balance of Trade," "Of the Jealousy of Trade," "Of Taxes," "Of Public Credit," and "Of the Populousness of Ancient Nations," are cautious in approach and pragmatic in spirit. Most of these essays were specifically designed to challenge prevailing assumptions and Utopian grand schemes of one sort or another. In "Of Commerce," for example, Hume rejects the idea that a nation can achieve greatness as an agricultural utopia. In "Of Refinement in the Arts" he takes issue with certain religious thinkers who 7 denote luxury as evil. In "Of Money" he is critical of those who believe that an injection of money into O the economy will work long-term wonders, and in "Of Interest" he argues with those who reason that the 9 plenty of money leads to low interest rates. "Of the Balance of Trade" and "Of the Jealousy of Trade" are directed against the protectionist policies of the mercantilists, "Of Taxes" rejects the French physiocratic single tax on land, and "Of Public Credit" deplores the expedients of Lord Oxford's partisans to draw bills on posterity and imprudently 12 use public credit to create paper riches. Finally, he addressed his essay, "Of the Populousness of Ancient Nations" to a refutation of the doomsday thinking of 13 the Reverend Robert Wallace of Edinburgh. This is not to imply, however, that Hume's economic thought was merely negative, or that he believed governments could safely entrust their powers over the economy to an "invisible hand." Even Hume's advocacy of free trade (which his friend and pupil Adam Smith, of course, applied with less caution) left the government with room to maneuver. Hume was willing to employ both the market and authority in designs for human progress. In seeking his mix of "action, 156. consumption, liveliness and indolence," a contradictory, counter-poised economic actor, the individual, was not a simple pleasure maximizer, nor did the acquisition of wealth and luxury make him a villain. He was a person in whom the complex springs of action, the causes of labour, needed first one, now another counter-weight. Society benefited from both 14 free trade and from tariff. Hume believed that industrial development and the advancement of commerce were the springboards to progress and happiness. Less is less and more is more; Hume never got these simple verities mixed up. "The same age," he said, "which produces great philosophers and politicians, renowned generals and poets, usually abounds with skillful weavers, and ship-carpenters.... The spirit of the age... (shrink)

Parmi les nombreuses controverses qui affectent l’étude de la pensée économique naissante, la moindre n’est sans doute pas celle qui porte sur l’opportunité même du concept de « mercantilisme ». Les auteurs regroupés sous ce terme par les inventeurs de cette dénomination ne l’ont-ils pas été par leurs adversaires (Quesnay, Smith, E. F. Heckscher) ou par leurs défenseurs (G. Schmoller, W. Cunningham) qui, de surcroît, ne leur sont pas contemporains? Cette contribution se propose par conséquent de restituer la genèse du (...) concept polémique de « mercantilisme » et de présenter une synthèse des critiques qui lui ont été opposées (D. C. Coleman, J. Viner...). La question délicate de l’articulation entre théorie et pratique incitera à prendre la mesure des enjeux philosophiques soulevés par l’élaboration conceptuelle : ce sont alors les liens théoriques complexes entre machiavélisme et mercantilisme qui seront mis en lumière, afin de comprendre par quelles médiations la théorie politique de la raison d’État a pu trouver un champ d’application privilégié chez les auteurs et les acteurs dits mercantilistes. (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)

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)

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)

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)

This article shows how attention to a third political discourse -- mercantilist thought -- provides a direct understanding of the issues of commerce and market relations in the framing and ratification of the constitution drafted at the Philadelphia convention in 1787. Mercantilist political discourse was readily employable alongside the republican, liberal and other political languages already studied at greater length. In contrast to the vagueness of classical republican references to �commerce�, which made it a metaphor for entire social and political (...) orders, mercantilist thought enabled Anglo-Americans to be precise and elaborate in discussing economic relations in political contexts. Mercantilist thought provided a positive analysis of market activities, but it simultaneously forestalled a complete identification of liberty with economic self-interest. By assuming that economic regulation might serve a public interest, mercantilist thought allowed the hypothetical possibility that regulation of the market need not be a compromise of freedom in a republic. (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)

Les travaux de Locke sur la monnaie ne sont pas une esquisse maladroite des théories économiques libérales ultérieures mais une partie intégrante de sa philosophie. Il s’agit alors de montrer que l’étude lockienne de la monnaie se situe à l’intersection de trois axes de recherche distincts. D’une part, s’inspirant de l’analyse mercantiliste de la richesse et de sa circulation, Locke s’efforce de définir les catégories propres de l’analyse monétaire. D’autre part, la monnaie métallique se définissant à la fois comme marchandise (...) et comme signe, le problème se situe alors sur le terrain d’une analyse philosophique de la représentation, qui met en jeu la distinction entre substance, mode mixte et relation établie dans l’Essai philosophique concernant l’entendement humain. Enfin, la monnaie assure la liaison entre l’activité privée et l’ensemble de la vie sociale : Locke examine son rôle du point de vue de la propriété, du travail et des finalités collectives qu’ils doivent réaliser. Au total, la monnaie apparaît bien comme un problème crucial de la pensée lockienne, et non comme un thème annexe et conjoncturel. (shrink)

Hume's economic arguments, While grounded in the thought of his mercantilist contemporaries, Were none the less novel. They helped change the conception of work and the worker during the eighteenth century. Hume's psychological egalitarianism and his assumption of an 'achievement motive' amongst the laboring classes attacked the traditional view of the poor as unmoved by economic incentives to work. His arguments opened the way for a reconsideration of public policy when they were incorporated by adam smith into a highly articulated (...) vision of social life in an achieving community of psychic equals. (shrink)

In his main work, The Science of Legislation , the Neapolitan Gaetano Filangieri proposed a set of extensive political and cultural reforms. These reforms were necessary to free eighteenth-century societies from the remnants of feudal institutions that obstructed international peace and economic growth. Filangieri's ideas were shaped by the international political climate between the seven Years’ War and the eve of the French Revolution. Reinterpreting Montesquieu and Genovesi through the influences of French radical and Enlightenment thought , as well as (...) the economics of Hume, Verri and the Physiocrats, he concluded that European modernity was inherently contradictory.From this perspective Filangieri set out to force a clean break between the technical horizons of mercantilism and enlightened absolutism and a society based on civil rights, a fair distribution of wealth and resources, and free trade. Proper ‘scientific’ knowledge of the rules and principles of legislation would allow governments to balance out the natural and cultural factors that characterise individual states, and to identify the appropriate model for social and economic development. If all states acted on their proper interest, international free trade and peaceful competition between states would emerge and the potential for general economic growth be materialised. Thus, the natural equilibrium and ‘universal consensus’ among nations could be restored. (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)

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)

Political oeconomy in the 18th century operated in the absence of the conception of an autonomous social order articulated in the later concepts of `the economy' and `society'. Without a self-sustaining mechanism oriented to stability and endogenous economic growth, national prosperity and social order were assumed to depend upon the detailed interventions in economic life that are characteristic of mercantilism and the police of the poor. Smith's theory that autonomous economic growth underpinned a stable order of social interdependencies based (...) upon the division of labour allowed him to move beyond or modify these assumptions. It freed him from the ideas that constant interference in the relationship between agriculture and manufacturing was necessary in order to guarantee food security and that social order and national prosperity depended upon enforcing constraints upon the interests of wage earners. (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)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 17-29 [Access article in PDF] A Christian Critique of Economics Carol Johnston Christian Theological Seminary Introduction: A Word About History Contrary to the assertions of many contemporary economists, no economic model is "value-free." Both of the major models in the world today, capitalism (or neoclassical economic theory) and Marxism (or Marxian economics), have a long history in which basic assumptions and value choices were made (...) that govern the models. Those assumptions and value choices have deep roots in Western culture, and were certainly shaped by Christianity as it has been practiced in the West (as opposed, often, to how it should have been practiced!). But in both cases, alternative choices were possible, and, as we shall see, some opportunities were missed. However, it is not my purpose to attempt to determine to what extent Christianity can be blamed or credited with the economics we must live with today. Rather, I hope to examine economics from the perspective of my Christian faith to ask how the economic models so powerful today have missed (or worked against) crucial elements of Jewish and Christian standards of justice, and how they might be transformed to create economies that are healthier for human and natural communities, and ecologically sustainable.When Adam Smith published his Inquiry into the Nature and Causes of the Wealth of Nations in 1776, he was asking if there could be a better way to run economies than the entrenched mercantilism of his day, which operated through state monopolies to benefit an elite. He and many others in his time were frustrated with mercantilism and searching for alternatives. They never imagined that the ideas they wrote about would some day coalesce into what we now call "capitalism," and succeed beyond their wildest dreams. They were just trying to make the system more open to more participation by a wider range of people. I believe that today we are in a similar situation. Capitalism has been wildly successful in its single goal: constant growth in the production of "goods." From a Christian perspective, this is an ambiguous goal and in and of itself cannot be supported. In addition, capitalism also has serious negative effects on both communities and the natural environment that must be dealt with, and it has a built-in tendency to leave many people marginalized—not only unemployed and often unemployable within the capitalist market system, but even worse, [End Page 17] stripped of traditional access to subsistence living. Consequently, many of us are searching for solutions—for ways to go beyond cosmetic reforms and really transform capitalism to make it a more equitable and environmentally sustainable system. Surely if Adam Smith and others of his day could think their way through to better ideas about economics than those offered in mercantilism, we can do the same with the economic models available to us today. If they could do it, we can do it. Thinking Theologically About Economics and Acting Responsibly As a Christian, I already approach economics with a number of assumptions, value choices, and perspectives that come from my tradition. I hope to be clear about what those are and compare them with those that are embedded in economics.First of all, the world (which is both material and spiritual) is created by God, who recognizes it as "good" (Gen. 1). This world then is not something to be escaped (contrary to the beliefs of some Christians), but is to be lived in as fully as possible as the gracious gift of a generous and loving God. From a Christian perspective, science has for the most part focused solely on the material aspect of creation and ignored the spiritual. Insofar as economics has tried to be "scientific," it has also worked within a narrow framework of "facts" that focuses solely on "natural laws" and how things work at a material level. This is very inadequate from a Christian perspective, but as far as it goes, it is true enough. If economics would carefully stay within its own realm of "facts," Christians could have little to quarrel with. However... (shrink)

Summary In his novel The Adventures of Telemachus, François de la Mothe-Fénelon (1651–1715) presents a utopian society, Boetica, in which the role of luxury, war and trade is extremely limited. In unreformed Salentum, on the other hand, Fénelon shows the opposite image, one in which the three elements reinforce each other in a fatal feedback-loop. I analyse the relationship between luxury, war and trade in the Telemachus and I sketch the background to Fénelon's views, with special attention to the military (...) expansion and the mercantilism of Louis XIV, Fénelon's quietist spirituality, and the development of the concept of self-interest in seventeenth-century philosophy by mechanicist philosophers and economic thinkers. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Journal of the History of Ideas 62.1 (2001) 59-79 [Access article in PDF] Money and Sovereignty in Early Modern France Jotham Parsons [The mint official] must above all seek integrity in the moneys, on which our features are imprinted and on which the general good depends. For what would be safe if our image were offended, and if that which a subject ought to venerate in his heart were (...) immediately violated by a sacrilegious hand? 1Early modern French commentators on money and monetary policy were fond of quoting this very late antique chancery formula; 2 it even appears in the epigraph to one unpublished commonplace book on the subject from the early seventeenth century. 3 Its popularity was no doubt due partly to the fact that classical literature contained few other theoretical statements on the practicalities of issuing money. 4 It also showed how deeply classical humanism had shaped economic thought, as it had done to all of French political culture. This was apparent as early as 1514 in Guillaume Budé's scholarly classic, De Asse et partibus ejus. 5 By 1600 these influences had ensconced themselves so firmly that economic writers found it nearly impossible to talk about money without a [End Page 59] full panoply of classical erudition. 6 In France the second half of the sixteenth century saw the rise of a specialized, expert, and increasingly systematic tradition of monetary thought. Despite its classical vocabulary, this economic literature was in many ways "modern" in its methods, ambitions, and subject. While developing an account which aspired to a scientific explanation of commercial society and of how government and money interacted, the French commentators came to a partial realization of how radically their own society differed from those which had gone before. In this respect the prevailing climate of thought about money influenced even a writer as non-technical as Michel de Montaigne.Traditionally, scholarly treatment of early modern French economic texts has focused on a relatively small range of issues and authors. One such issue, the origins of the "quantity theory of money" (with Jean Bodin as its hero), is notable for its sterility, since that concept was not and could not have been meaningful to contemporaries. 7 The origin and development of "mercantilism" or, more broadly, of "political economy" in general, has proven a more fruitful subject of inquiry. 8 Undeniably, the changing relationships among governments, merchants, and the economy were a major public issue and, in the seventeenth century, a major site of theoretical reflection on the nature of political power generally. Even so, an excessive concentration on mercantilism is dangerous, for however one defines it, it was not the first, and for a long time not the most significant, economic discourse in France. Rather, from the 1560s well into the seventeenth century, French discussions of economic issues centered on very concrete problems brought about by the government's obligation to issue and maintain a stable currency. 9 While one would search this literature in vain for the specific doctrines of modern economics, I argue that it did represent a real achievement in the early modern understanding of commerce and the state. Though they have not received their due from scholars, the writers who took part in these debates formed a large and influential school with close ties to the actual institutions of government. 10 The French monetary theorists did an enormous amount [End Page 60] to set the stage for the mercantilist era. They developed a detailed notion of monetary economics as a specialized discipline, and above all they placed money and economic policy in the context of a multi-national system of commercial states. In so doing, they sought to comprehend and control not just money but the modern state itself.Early modern money was perched uncomfortably between commodity and fiat. Bewildering varieties of coins circulated, composed of all sorts of alloys. The government assigned a face value for each coin which it authorized to circulate in the abstract accounting unit called the "money of account." 11 This value was almost always greater than... (shrink)

E.M. Forster’s A Passage to India presents Brahman Hindu jurisprudence as an alternative to British rule of law, a utilitarian jurisprudence that hinges on mercantilism, central planning, and imperialism. Building on John Hasnas’s critiques of rule of law and Murray Rothbard’s critiques of Benthamite utilitarianism, this essay argues that Forster’s depictions of Brahman Hindu in the novel endorse polycentric legal systems. Mr. Turton is the local district collector whose job is to pander to both British and Indian interests; positioned (...) as such, Turton is a site for critique and comparison. Forster uses Turton to show that Brahman Hindu jurisprudence is fair and more effective than British bureaucratic administration. Forster’s depictions of Brahman Hindu are not verisimilar, and Brahman Hindu does not recommend a particular jurisprudence. But Forster appropriates Brahman Hindu for aesthetic and political purposes and in so doing advocates a jurisprudence that does not reduce all experience to mathematical calculation. Forster writes against the Benthamite utilitarianism adopted by most colonial administrators in India. A tough figure to pin down politically, Forster celebrates the individual and personal relations: things that British rule of law seeks to suppress. (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)

L’article procède à un cheminement en quatre étapes : la première traite de la question de la mesure économique des productions nanométriques, dans une dynamique de filière et de convergence multidisciplinaire, champ d’étude de la méso-économie ; la seconde fait référence aux origines de l’approche mercantiliste de l’économie et à ses conséquences sur l’économie politique des matériaux avancés, procédés et services du domaine des nanotechnologies et matériaux avancés manufacturés ; la troisième étape recherchera les points d’appui sur lesquels l’économie politique (...) fait porter ses efforts pour développer la production et les échanges induits par les nanosciences et techniques en s’appuyant sur deux exemples ; la quatrième et dernière étape examine les barrières réelles au développement économique induit par les nanotechnologies, telles que les conflits d’intérêts entre acteurs autour de la question de la traçabilité les ont progressivement révélées dans les dialogues entre parties prenantes. (shrink)

Resumen Las concepciones de hombre y trabajo están íntimamente interconectadas dentro del pensamiento de Miguel de Unamuno. La persona, sin reducirse a ninguna forma de instrumentalización política y económica, no es un mero medio, sino un fin en sí misma. Unamuno no escamotea su lucha en contra del capitalismo y de la transformación de lo económico y de lo político en mero valor de cambio. No nos extraña, pues, que nuestro autor, no conformándose con los efectos del materialismo mercantilista, proponga (...) unas concepciones de política y de sociedad más humanas capaces de dignificar la vida de cada hombre concreto de carne y hueso. Es en este marco teórico-conceptual en el que Unamuno conceptualiza el trabajo como vocación y como forma de realización humana, desvinculándolo de la perspectiva mercantilista vigente en su época. El propósito del presente estudio es, pues, descubrir la íntima relación que une la concepción unamuniana de hombre con su concepción del trabajo como forma de formación y libertad humanas.The conceptions of man and work are intimately related in the thought of Miguel de Unamuno. The person, not reduced to any form of political or economic exploitation, is not a mere means but rather an end in itself. Unamuno does not shirk from his struggle against capitalism and the transformation of economics and politics to mere exchange value. It is not surprising therefore that our author, not content with the effects of mercantilist materialism, should propose a more human conception of politics and society capable of dignifying the life of each specific man of flesh and blood. Within this theoretical-conceptual frame, Unamuno conceptualizes work as vocation and as a form of human fulfilment, disassociating it from the mercantilist perspective that prevailed in his time. The purpose of the present study is thus to uncover the intimate relation that joins Unamuno’s conception of man with his conception of work as a form of human education and freedom. (shrink)

In the second half of the eighteenth century, in France there was an important attempt to renew the reflection on the practices of government of society. Opposing the Colbertist mercantilism of the previous century, the physiocracy is part of this debate by introducing a new way of rationalizing the political society and its practices of government, which develops around a notion of «natural order» which prescribes full freedom for economic subjects. Thanks to the support of the “regime of truth” (...) in the economic science, Quesnay and the physiocrats would propose an innovative form of modern “governmentality”, which in their thought is called despotisme. How can the notion of “despotism” coexist with the claim of maximum liberty for economic actors? The present article intends to answer this question, investigating the relationship that Quesnay and the physiocracy entertain with the birth of liberalism. (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)

Do activist trade and industrial policies offer developing countries a viable alternative to either neoliberal or mercantilist development regimes? We hope to answer the question by, first, distinguishing the “open economy industrial policies” in vogue today from either their “closed economy” predecessors—i.e., import-substituting industrialization—or more orthodox approaches to development policy making; second, tracing the growth of nontraditional exports from Latin America and the Caribbean to the diffusion of more active approaches in the 1990s; and, third, accounting for activism’s apparent success (...) in an otherwise inauspicious spatial and temporal context by identifying three distinct limits to rent-seeking in the open economy: infant exporter maturation; the costs of government support; and the reactions of foreign rivals. (shrink)