The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

A.D. 1689 1776. and costly. By his analysis of sxehange nd x the henefit of rade PARLIAMENTARY COLBERTISM all Englishmen were treated alike; Adam Smith’s objection was a purely economic one, as to the expense of attempts bo encourage industry, and the loss incurred through the misdirection of capital. He attacks all systems for the development of a nation’s resources, not on the ground of political unfairness, but simply as a matter of economic expediency. His reasoning went to show, not only that Parliamentary Colbertism had been bad, but that no attempt ko reconstruct some better scheme in its place could be advisable. His new view of the subject matter of the study was all important in its bearing on the internal economy of the sountry; but still more striking results followed, in regard to international affairs, from his analysis of the nature of the gain which accrues from exchange. From time immemorial men had believed that when a fair exchange took place and sach party really gave an equivalent for what he received, there could be no gain to either; each was as well off as he had been, and if either gained it must be because he had not really given an equivalent, but had won something at the expense of his neighbour. By bringing out the sub- jective aspect of value, Adam Smith showed that in every exchange that occurs, both parties gain, more or less; each obtains something that is more useful to him than the com- modity he has disposed of When this principle is applied bo international relations, it appears that there is no need 50 watch the course of trade with a possible enemy very jealously, in order to ensure that foreigners do not gain sb our expense; if each nation benefits by trade, there is comparatively little reason to scrutinise the balance with particular nations closely, and no reason to fear that inter- sourse with them is strengthening the sinews of their power at the expense of our own. “The wealth” he says “of aeighbouring nations, however, though dangerous in wealth and politics, is certainly advantageous in trade. In a state of hostility it may enable our enemies to maintain fleets and armies superior to our own, but in a state of peace and commerce it must likewise enable them to exchange with us to a greater value and to afford a better market either 506

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