OUTLINE OF LECTURES UPON POLITICAL ECONOMY, PREPARED FOR THE USE OF STUDENTS AT THE JOHNS ANN ARBOR, MICH. BY HENRY CARTER ADAMS, PH. D. BALTIMORE, 1881. A22 03.15.340 Slacks imo. R.C. Farre 12 3-13-1934 NOTE. THIS Outline of Lectures has been prepared for the use of students following the course upon Political Economy. Its purpose is to save time and manual labor, which would otherwise be required in writing dictations during the lecture hour, and to serve as a guide for study. It will be found to be sufficiently extended for an advanced course of instruction, while at the same time, by a proper method of selection, it may be used with advantage in preliminary class work. For the purpose of economizing space, it has been thought best not to insert the complete title of books referred to, but to give the name of the author only; the title of the book being found in the list of authorities cited. In case several books by the same author are used, the letters (a), (b), or (c), attached, will indicate which is intended. It is recommended to those who purpose taking up this study, to provide themselves with the following reference books, given in order of their importance: (1.) John Stuart Mill, Principles of Political Economy. (2.) J. E. Cairnes, Some Leading Principles of Political Economy (3.) Chapin-Wayland, Elements of Political Economy. To obviate the expenditure of too much money on the part of any one student, it is suggested that a number of students club together, each buying one of the above books; or that the Societies, provided with conveniences for reading, procure the set as Society property. PART I. HISTORICAL. DEVELOPMENT OF ECONOMIC THOUGHT SINCE 1550. There are certain advantages in beginning the study of Political Economy with a sketch of economic thought. The true nature and spirit of the study are thereby most clearly set forth; its connection with legislation made apparent; and, by tracing the historic development of economic ideas, the continuity of the study will be discerned, even in the hands of conflicting schools. Previous to the sixteenth century, Europe shows little which may be properly termed economic thought. That which did exist is to be found in the Canonical Law, in the maxims accepted by feudal princes for the control of their estates, and in the rules and customs of the Guilds. This state of things is explained by the supremacy of the Catholic Church; the subordination of the industrial to the political organization; the condition of law respecting persons, property and class rights, and, in consequence, the slight development of the principle of division of labor. For study of this period compare: History of Political Economy, by Blanqui; Geschichte der volkswrithschaftlichen Literatur im Mittelalter, by Contzen; Geschichte der National-Oekonomie in Deutschland, by Roscher. A. THE MERCANTILE SYSTEM. § 2. With the sixteenth century, there began a literature upon industrial topics which has continued in unbroken development to the present time. It was at first composed of a series of maxims and laws concerning trade, but these, being formulated through discussion and thrown into logical connection with each other, came to be known under the name of The Mercantile System. The humanistic spirit of the Renaissance; the inventions, discoveries, and consequent extension of trade explain the rise of this literature. The writers of this school are: in Spain Serra; in France - Melon, Forbonnais; in England-Mun, Child, Petty, North, Stewart. Stewart (1767) systematized the ideas of the school. |