Imperial union with Federal Govern- ment- Customs union for, advantages of, ix, Difficulties in connection with, 214-15 Advantages of, 81, 246-53, 256 264 Important functions of, other than Representation proportionate to taxa- Revenue of Amount of, A. Smith's estimate Contributions to, assessment of, Expenditure of, control of, 224 Taxation scheme for, 219-22, 224 "Balance of trade" theory as to, see Displacement of home industry by, Duties on, see Customs and Protection value of exports as affected by Free, see Free Trade Gladstone's policy regarding (1860- 1863), 156 and n.1 Linen yarn, A. Smith's crucial in- Prices of, as affecting value of exports, Raw materials, of, A. Smith's views East India Company, history and Mercantilist policy in, condemned by Erroneous charge of, against A. National interests in relation to- Individualism, contd.- National interests, contd.- Opposed, xii, 41-2, 62, 71-2, 176, Industrial relations, complexities of, Industrial revolution in England, 180, 229 Industries- Infant, protection of, 89, 173-4; Augmentation of, advantageous, 78, 82 Interest (see also Profit)- Capital lent at, 32 Rate of, difference between home and Investments, home and foreign, com- Ireland- Emigration from, to U.S.A., 233 Johnson, Dr., cited, 2; quoted, 139 Agricultural, advantages of, natural "Annual produce of the land and Broad significance of term, as used Capital required by, auxiliary and Prohibition of, by law, 38 Conditions of- Misinterpretation of A. Smith's Regulation of, in 19th century, 128 Magnitude of, in aggregate, 126-7 falling off in aggregate annual Cost of, as affected by taxation of Labour, contd.- Dominant conception in Wealth of Colonies, British, to, colonial de- Conditions necessitating, 112 Free trade within the empire as Markets for, organisation of, 128 Monopoly of, desired by mercan- Nature, of, 47 Philosophy and speculation included Employment of (see also Employ- Profit on capital a requisite Test of economic advantage, 85,92 Maintenance of, source of- Produce, annual, of land and Nature of, 24-5 Distinction of, from absence of Importance and necessity of, 25-6 Produce, annual, of land and Value added by, to national divi- Waste of, in "making work," Laissez-faire dogma a perversion of A. Smith's system, 60; his approval M'Culloch's Introduction to Wealth of Madox's Exchequer quoted, 243 n.2 Colonial policy regarding, 196 Hamilton's Report on Manufac- Underselling in, in near markets, Markets- Home, see Home trade Labour, for, organisation of, 128 May, Erskine, Constitutional History "Balance of trade" theory held by, Monopoly the centre of system of, 90, 93, 118-21, 129, 140, 141, 210, Interference of, in proper functions Monopoly chiefly of benefit to manu- Militarism, A. Smith's views on, 15-17 Money- Capital, money attribute of, 31-2 Agriculturists not actuated by spirit Evils of, 89, 139, 141; reduction of Merchants and manufacturers chiefly Smith's attack on, 72, 130, 131, 140, 141-4, 263, 266 State intervention in regard to, 134, Taxation of gains of monopolists, Trusts no modern growth, 151 "National dividend," A. Smith's term Individual interests in relation to- Opposed, xii, 41-2, 62, 71-2, 176, Newton, Isaac, A. Smith's attitude Old age, A. Smith's views on, 4 Oriental nations, A. Smith's forecast Paish, G., cited, 105 n.2 Pareto, Cours d'économie politique by, Parsimony, Smith's views regarding, Patriotism, Smith's views on, 9-12 Peel, Sir R., economic policy of, Pitt, William, free trade with U.S.A. Poetry, A. Smith's views on, 2 Political economy- Cours d'économie politique (Pareto) cited, 40 n2. Produce, annual, contd.- Surplus of, advantageously exported, Taxes all paid from, 55 "Producer," misinterpretation of A. Identity of, in the mass, 126, 132, Wealth of Nations on, misconceptions Production (see also Labour)— Coincident with, 73-4, 75-6 Agriculture, from, 74-5 Capital, investment of, determined 'Equal or nearly equal," A. Smith's Protection, contd.- Medieval towns' individualism as Monopoly, the result of, 93 Objects of, primary and ultimate, Particular industries' benefit under, Political power exercised by pro- tected interests, 258 Free Trade-Negative argument) Prices necessarily raised by, 92-5 as affected by, 107-11 Smith alleged to be founder of, xi; United States, in, see under United Public school education, A. Smith's Rent, 34, 70; monopoly as affecting, 200 Countervailing duties the principle Dangers of, 152, 167 Imperial customs union as weapon List quoted on, 171 Object of, 79-80, 99, 168-70, 267 Vested interests arising out of, 171 Ad valorem duty on imports con- Four principal branches of, in A. Gross and net, relations between, 91 |