OF POLITICAL ECONOMY. UNIVER Of California. BY HENRY FAWCETT, FELLOW OF TRINITY HALL, AND PROFESSOR OF POLITICAL ECONOMY FOURTH EDITION, REVISED AND ENLARGED. London: MACMILLAN AND CO. 1874. [All Rights reserved.] PREFACE TO THE FOURTH EDITION. A LTHOUGH the general arrangement of this book remains unaltered, yet in preparing this Edition, it has been found necessary to re-write considerable portions of many of the chapters. Some of the illustrations contained in the former editions are no longer apposite; others have been substituted in the place of these, for it is always desirable as far as possible to illustrate the principles of Political Economy by applying them to the discussion of passing events. New chapters have been added on the Nationalization of the Land, and on Local Taxation. In the last chapter of the volume an attempt has been made to solve the somewhat complicated economic question of tracing the incidence of local taxation when rates are imposed upon different kinds of property, such as land, houses, shops, manufactories, railways, gas works, and water works. In the chapters on Socialism and the Nationalization of the Land, reference is made to a new economic movement, which I have designated as modern socialism. Between modern socialism and the socialism of earlier days, there is this characteristic difference, that whereas the latter sought to effect its objects. by voluntary associations, the socialists of the present time make a direct appeal for State intervention. The recent marked rise in the price of coals is referred to as affording an illustration of the laws which determine the price of mineral produce; and in the chapter on Wages, I have directed attention to the very important fact that the unprecedented increase in wealth, which has taken place in England during the last quarter of a century, has not been accompanied by a corresponding improvement in the material condition of many classes of labourers. Since the last edition was published, the cooperative movement has so rapidly developed that it has been necessary entirely to re-write the chapter on Cooperation. Great stress has been laid on the important economic advantage which would result, if the entire people were brought under the influence of a comprehensive system of national education. Among the many circumstances which tend to perpetuate poverty, particular allusion is made to the encouragement given to improvidence by our Poor Law system and by the facility with which out-door relief is granted. In preparing this edition I have derived the most valuable assistance from my wife, who in applying herself to the work has shown the greatest care and assiduity. I also have to thank her for having suggested many improvements, and she has also pointed out many defects which had previously escaped my notice. CAMBRIDGE, February, 1874. |