The Tercentenary of Henry Martyn's Considerations upon the East-India Trade

2002 ◽  
Vol 24 (2) ◽  
pp. 233-249 ◽  
Author(s):  
Andrea Maneschi
Keyword(s):  
Political Economy ◽  
Eighteenth Century ◽  
Free Trade ◽  
Adam Smith ◽  
Economic Welfare ◽  
Real Cost ◽  
Classical Political Economy ◽  
Wealth Of Nations ◽  
The Impact

Henry Martyn's Considerations Upon the East-India Trade, published anonymously in 1701, stands out as a major contribution to the field of political economy that took root in Britain in the eighteenth century, and to the demonstration of the gains from free trade (Martyn 1701). Martyn provided one of the earliest formulations (and by far the clearest) of what Jacob Viner termed the “eighteenth-century rule” for the gains from trade, that “it pays to import commodities from abroad whenever they can be obtained in exchange for exports at a smaller real cost than their production at home would entail” (Viner 1937, p. 440). The numerical examples that Martyn used to illustrate it went even beyond the case for free trade advanced seventy-five years later by Adam Smith in The Wealth of Nations. Martyn's tract contains other remarkable insights that became important features of classical political economy, such as the nature and advantages of the division of labor, the dependence of the latter on the extent of the market, the workings of a market economy, the role of money, and the impact of international trade on resource allocation, on productivity, and on economic welfare.

The New World of Adam Smith

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
Public Policy ◽  
Political Economy ◽  
Eighteenth Century ◽  
Free Trade ◽  
New World ◽  
Industrial Revolution ◽  
Adam Smith ◽  
Standard Of Living ◽  
Wealth Of Nations ◽  
Trade Competition

This chapter examines Adam Smith's theories during the Industrial Revolution, which came to England and southern Scotland in the last third of the eighteenth century. During the Industrial Revolution, the workers who previously had been producing goods in their cottages or food and wool on their farms moved to the factories and the factory towns. Merchants began to invest their capital in factories and machinery or in the far from munificent wages that kept alive the workers. This change was made possible by the industrialist, whose orientation was to the production of goods, rather than their purchase or sale. The chapter discusses Smith's views on a variety of subjects, which he articulated in the Wealth of Nations, including borrowing, capitalism, free trade, competition, credit, distribution, innovation, justice, labor, manufacturing, merchants, monopolies, political economy, prices, production and productivity, profit, public policy, rent, standard of living, and value.

scholarly journals Piketty’s Capital. The Revival of Political Philosophy, Political Economy and Social Sciences in the Light of the Declaration of Human and Citizens’ Rights in the French Revolution of 1789

2016 ◽  
Vol 10 (3) ◽  
Author(s):  
Øjvind Larsen
Keyword(s):  
Political Economy ◽  
French Revolution ◽  
Adam Smith ◽  
First Century ◽  
World Population ◽  
Classical Political Economy ◽  
The World ◽  
Wealth Of Nations ◽  
The French Revolution

Piketty’s Capital in Twenty-First Century has posed a totally new platform for the discussion of the economy and capitalism. Piketty has reinvented the classical political economy founded by Adam Smith in his 1776 Wealth of Nations. Piketty has shown via massive historical research how growth and inequality have developed since 1793. Piketty’s conclusion is that the French Revolution did not change the existing inequality either in the medium or in the long term. Piketty’s prediction is that a new form of global capitalism will arise, patrimonial capitalism, in which inequality will develop further and the 1% of the World population will control 95% of all wealth in the World.

System and Subject in Adam Smith’s Political Economy: Nature, Vitalism, and Bioeconomic Life

2018 ◽  
pp. 93-113
Author(s):  
Catherine Packham
Keyword(s):  
Political Economy ◽  
Eighteenth Century ◽  
Economic System ◽  
Human Subject ◽  
Human Sciences ◽  
Wealth Of Nations ◽  
The Relationship ◽  
The Way

This paper discusses the role of “systems” in Adam Smith’s Wealth of Nations, reading this foundational text of political economy as elaborating a system that linked national prosperity to the lives, bodies, and even health, of its subjects. Specifically, it explores the role of vitalism in eighteenth-century human sciences and addresses how a vitalist conception of life informs Smith’s economic system, with consequences for the way Smith theorizes labor, the human subject, and the relationship between subject and economic system. Political economy is thus demonstrated to be, at its inception, a bioeconomic practice. It concludes by considering the relations among nature, political economy, and imagination in Smith’s thought, and suggests that “nature” in Smithian political economy offers both the possibility of system and the potential for its own critique.

scholarly journals Natural and Unnatural Paths

2009 ◽  
pp. 228-232 ◽  
Author(s):  
Gary Coyne
Keyword(s):  
Political Economy ◽  
Adam Smith ◽  
First Century ◽  
American Century ◽  
The World ◽  
Current Events ◽  
Rise Of China ◽  
Wealth Of Nations ◽  
The Rise Of China

Adam Smith in Beijing is Giovanni Arrighi’s attempt to make sense of the rise of China and the fate of the neo-conservative Project for a New American Century, while at the same time speculating about the role of East Asia in the twenty-first century. In interpreting these current events Arrighi draws much from The Wealth of Nations, Adam Smith classic of political-economy which proves to be surprisingly relevant despite being over two-hundred years old. One of the book’s unifying themes is Adam Smith’s prediction that one day “the inhabitants of all the different quarters of the world may arrive at that equality of courage and force, which by inspiring mutual fear, can alone overawe the injustice of independent nations into some sort of respect for the rights of one another” (p. 3).

Adam Smith

2017 ◽  
Author(s):  
Eric Schliesser
Keyword(s):  
David Hume ◽  
Adam Smith ◽  
Mary Wollstonecraft ◽  
Invisible Hand ◽  
Scottish Enlightenment ◽  
Isaac Newton ◽  
Single Argument ◽  
Wealth Of Nations ◽  
The Impact

This book treats Adam Smith as a systematic philosopher. Smith was a giant of the Scottish Enlightenment with polymath interests. The book explores Smith’s economics and ethics in light of his other commitments on the nature of knowledge, the theory of emotions, the theory of mind, his account of language, the nature of causation, and his views on methodology. It places Smith’s ideas in the context of a host of other philosophers, especially David Hume, Rousseau, and Isaac Newton; it draws on the reception of Smith’s ideas by Sophie de Grouchy, Mary Wollstonecraft, and other philosophers and economists to sketch the elements of and the detailed connections within Smith’s system. The book traces out Smith’s system and puts it in the context of his highly developed views on the norms that govern responsible speech. In particular, the book articulates Smith’s concerns with the impact of his public policy recommendations, especially on the least powerful in society. In so doing, the book offers new interpretations of Smith’s views on the invisible hand, Wealth of Nations, his treatment of virtue, the nature of freedom, the individual’s relationship to society, his account of the passions, the moral roles of religion, and his treatment of the role of mathematics in economics. While the book offers a single argument, it is organized in modular fashion and includes a helpful index; readers with a more focused interest in Smith’s achievements can skip ahead to the section of interest.

‘Less Abused than I had Reason to Expect’: The Reception of The Wealth of Nations in Britain, 1776–90

1987 ◽  
Vol 30 (2) ◽  
pp. 337-366 ◽  
Author(s):  
Richard F. Teichgraeber
Keyword(s):  
Eighteenth Century ◽  
Great Britain ◽  
Free Trade ◽  
Adam Smith ◽  
Social Attitudes ◽  
Economic Policies ◽  
Economic Developments ◽  
Wealth Of Nations ◽  
Economic Thinking ◽  
Limited Process

When Adam Smith set out to re-shape the dominant economic policies and assumptions of his time, he knew success in pressing for ‘free trade’ would depend on his ability to imprint his views on the minds of contemporary statesmen and legislators. But he was never confident that this operation might take place during his lifetime. In the Wealth of Nations, he declared that to expect freedom of trade to be accepted entirely in Great Britain was ‘as absurd as to expect that an Oceana or Utopia should ever be established in it’, and this was by no means an offhand remark. Much of the massive book was coloured by Smith's awareness that liberal economic doctrines, whatever their considerable intellectual merits, ran far ahead of actual political and social attitudes in eighteenth-century Europe. In the first half of the nineteenth century, a variety of political and economic developments of course refuted Smith's view that ‘free trade’ was an unattainable ideal. But the historical verification of his economic thinking was a slow, difficult, and limited process.

Comparative Political Economy

2017 ◽  
Author(s):  
Georg Menz
Keyword(s):  
Political Economy ◽  
Political Institutions ◽  
International Political Economy ◽  
Adam Smith ◽  
Industrial Relations ◽  
Welfare States ◽  
Comparative Political Economy ◽  
Technological Parameters ◽  
Private Debt

This new and comprehensive volume invites the reader on a tour of the exciting subfield of comparative political economy. The book provides an in-depth account of the theoretical debates surrounding different models of capitalism. Tracing the origins of the field back to Adam Smith and the French Physiocrats, the development of the study of models of political-economic governance is laid out and reviewed. Comparative Political Economy (CPE) sets itself apart from International Political Economy (IPE), focusing on domestic economic and political institutions that compose in combination diverse models of political economy. Drawing on evidence from the US, the UK, France, Germany, Sweden, and Japan, the volume affords detailed coverage of the systems of industrial relations, finance, welfare states, and the economic role of the state. There is also a chapter that charts the politics of public and private debt. Much of the focus in CPE has rested on ideas, interests, and institutions, but the subfield ought to take the role of culture more seriously. This book offers suggestions for doing so. It is intended as an introduction to the field for postgraduate students, yet it also offers new insights and fresh inspiration for established scholars. The Varieties of Capitalism approach seems to have reached an impasse, but it could be rejuvenated by exploring the composite elements of different models and what makes them hang together. Rapidly changing technological parameters, new and more recent environmental challenges, demographic change, and immigration will all affect the governance of the various political economy models throughout the OECD. The final section of the book analyses how these impending challenges will reconfigure and threaten to destabilize established national systems of capitalism.

scholarly journals HOW SHOULD WE RECONCILE SELF-REGARDING AND PRO-SOCIAL MOTIVATIONS? A RENAISSANCE OF “DAS ADAM SMITH PROBLEM”

2020 ◽  
Vol 37 (1) ◽  
pp. 80-102
Author(s):  
Natalie Gold
Keyword(s):  
Adam Smith ◽  
Crowding Out ◽  
Private Interests ◽  
Self Interest ◽  
Intrinsic Motivations ◽  
Social Motivations ◽  
Motivation Crowding ◽  
Wealth Of Nations ◽  
Selfish Agents

Abstract“Das Adam Smith Problem” is the name given by eighteenth-century German scholars to the question of how to reconcile the role of self-interest in the Wealth of Nations with Smith’s advocacy of sympathy in Theory of Moral Sentiments. As the discipline of economics developed, it focused on the interaction of selfish agents, pursuing their private interests. However, behavioral economists have rediscovered the existence and importance of multiple motivations, and a new Das Adam Smith Problem has arisen, of how to accommodate self-regarding and pro-social motivations in a single system. This question is particularly important because of evidence of motivation crowding, where paying people can backfire, with payments achieving the opposite effects of those intended. Psychologists have proposed a mechanism for the crowding out of “intrinsic motivations” for doing a task, when payment is used to incentivize effort. However, they argue that pro-social motivations are different from these intrinsic motivations, implying that crowding out of pro-social motivations requires a different mechanism. In this essay I present an answer to the new Das Adam Smith problem, proposing a mechanism that can underpin the crowding out of both pro-social and intrinsic motivations, whereby motivations are prompted by frames and motivation crowding is underpinned by the crowding out of frames. I explore some of the implications of this mechanism for research and policy.

African Slavery and Spanish Empire

2015 ◽  
Vol 5 (1) ◽  
pp. 3-29 ◽  
Author(s):  
Elena Schneider
Keyword(s):  
Political Economy ◽  
Eighteenth Century ◽  
Slave Trade ◽  
African Descent ◽  
Central Place ◽  
Spanish Empire ◽  
Demographic Situation ◽  
Transatlantic Slave Trade ◽  
Wealth Of Nations ◽  
Racial Slavery

This article traces a philosophical shift that opened the door to a new departure in eighteenth-century Spanish empire: a newly emerging sense that the slave trade and African slavery were essential to the wealth of nations. Contextualizing this ideological reconfiguration within mid-eighteenth century debates, this article draws upon the works of political economists and royal councilors in Madrid and puts them in conversation with the words and actions of individuals in and from Cuba, including people of African descent themselves. Because of the central place of the island in eighteenth-century imperial rivalry and reform, as well as its particular demographic situation, Cuba served as a catalyst for these debates about the place of African slavery and the transatlantic slave trade in Spanish empire. Ultimately, between the mid-eighteenth century and the turn of the nineteenth, this new mode of thought would lead to dramatic transformations in the institution of racial slavery and Spanish imperial political economy.

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