Thephysiocraticsystem，afterguidinginsomedegreethepolicyoftheConstituentAssembly，andawakeningafewechoes
hereandthereinforeigncountries，soonceasedtoexistasalivingpower;butthegoodelementsitcomprisedwerenotlost
tomankind，beingincorporatedintothesounderandmorecompleteconstructionofAdamSmith。
ITALY
InItaly，asintheotherEuropeannations，therewaslittleactivityintheeconomicfieldduringthefirsthalfoftheeighteenth
century。Itwasthen，however，thatareallyremarkablemanappeared，thearchdeaconSalustioAntonioBandini
（1677—1760），authoroftheDiscorsosullaMaremmaSienese，writtenin1737，butnotpublishedtill1775。Theobjectofthe
workwastoraisetheMaremmafromthewretchedconditionintowhichithadfallenthroughthedecayofagriculture。This
decayheshowedtobe，atleastinpart，theresultofthewretchedfiscalsystemwhichwasinforce;andhisbookledto
importantreformsinTuscany，wherehisnameisheldinhighhonour。NotonlybyPecchioandotherItalianwriters，butby
Roscheralso，heisallegedtohaveanticipatedsomeleadingdoctrinesofthephysiocrats，butthisclaimisdisputed。There
wasaremarkablerenascenceofeconomicstudiesinItalyduringthelatterhalfofthecentury，partlyduetoFrenchinfluence，
andpartly，itwouldappear，toimprovedgovernmentinthenorthernstates。
Themovementatfirstfollowedthelinesofthemercantileschool。Thus，inAntonioBroggia’sTrattatideitributiedelle
moneteedelgovernopoliticodellasocietá（1743），andGirolamoBelloni’sDissertazionesoprailcommercio（1750），which
seemstohavehadasuccessandreputationmuchaboveitsmerits，mercantilisttendenciesdecidedlypreponderate。Butthe
mostdistinguishedwriterwhorepresentedthateconomicdoctrineinItalyinthelastcenturywasAntonioGenovesi，a
Neapolitan（1712—1769）。Hefeltdeeplythedepressedintellectualandmoralstateofhisfellow—countrymen，andaspired
afterarevivalofphilosophyandreformofeducationasthefirstconditionofprogressandwell—being。Withtheobjectof
protectinghimfromthetheologicalpersecutionswhichthreatenedhimonaccountofhisadvancedopinions，Bartolomeo
Intieri，ofwhomweshallhearagaininrelationtoGaliani，foundedin1755，expresslyforGenovesi，achairofcommerceand
mechanics，oneoftheconditionsoffoundationbeingthatitshouldneverbefilledbyamonk。Thiswasthefirst
professorshipofeconomicsestablishedinEurope;thesecondwasfoundedatStockholmin1758，andthethirdinLombardy
tenyearslater，forBeccaria。ThefruitofthelaboursofGenovesiinthischairwashisLezionidicommercio，ossiadi
economiacivile（1769），whichcontainedthefirstsystematictreatmentofthewholesubjectwhichhadappearedinItaly。As
themodelforItalianimitationheheldupEngland，acountryforwhich，saysPecchio，hehadapredilectionalmost
amountingtofanaticism。HedoesnotriseabovethefalseeconomicsystemwhichEnglandthenpursued;butherejectssome
ofthegrossererrorsoftheschooltowhichhebelonged;headvocatesthefreedomofthecorntrade，anddeprecates
regulationoftheinterestonloans。Inthespiritofhisage，hedenouncestherelicsofmedievalinstitutions，suchasentails
andtenuresinmortmain，asimpedimentstothenationalprosperity。FerdinandoGalianiwasanotherdistinguisheddiscipleof
themercantileschool。Beforehehadcompletedhistwenty—firstyearhepublishedaworkonmoney（Dettamonetalibri
cinque，1750），theprinciplesofwhicharesupposedtohavebeendictatedbytwoexperiencedpracticalmen，theMarquis
RinucciniandBartolomeoIntieri，whosenamewehavealreadymet。Buthisreputationwasmadebyabookwrittenin
FrenchandpublishedinParis，wherehewassecretaryofembassy，in1770，namely，hisDialoguessurlecommercedesblés。
Thiswork，byitslightandpleasingstyle，andthevivaciouswitwithwhichitabounded，delightedVoltaire，whospokeofit
asabookintheproductionofwhichPlatoandMolièremighthavebeencombined！（14）Theauthor，saysPecchio，treatedhis
aridsubjectasFontenelledidthevorticesofDescartes，orAlgarottitheNewtoniansystemoftheworld。Thequestionat
issuewasthatofthefreedomofthecorntrade，thenmuchagitated，and，inparticular，thepolicyoftheroyaledictof1764，
whichpermittedtheexportationofgrainsolongasthepricehadnotarrivedatacertainheight。Thegeneralprinciplehe
maintainsisthatthebestsysteminregardtothistradeistohavenosystem——countriesdifferentlycircumstancedrequiring，
accordingtohim，differentmodesoftreatment。Thisseemsalameandimpotentconclusionfromthesideofscience;yet
doubtlessthephysiocrats，withwhomhiscontroversylay，prescribedonthis，asonothersubjects，rulestoorigidforthesafe
guidanceofstatesmen，andGalianimayhaverenderedarealservicebyprotestingagainsttheirabsolutesolutionsof
practicalproblems。Hefell，however，intosomeofthemostseriouserrorsofthemercantilists——holding，asindeeddidalso
VoltareandevenVerri，thatonecountrycannotgainwithoutanotherlosing，andinhisearliertreatisegoingsofarasto
defendtheactionofGovernmentsindebasingthecurrency。
AmongsttheItalianeconomistswhoweremostundertheinfluenceofthemodernspirit，andinclosestharmonywiththe
generalmovementwhichwasimpellingtheWesternnationstowardsanewsocialorder，CesareBeccaria（1738—1794）holds
aforemostplace。HeisbestknownbyhiscelebratedtreatiseDeidelittiedellepene，bywhichVoltairesaidhehadmade
himselfabenefactorofallEurope，andwhich，wearetold，hasbeentranslatedintotwenty—twolanguages。TheEmpress
CatherinehavinginvitedhimtofixhisresidenceatSt。PetersburgtheAustrianGovernmentofLombardy，inordertokeep
himathome，establishedexpresslyforhimachairofpoliticaleconomy;andinhisElementidieconomiapubblica（1769—1771;notpublished，however，till1804）areembodiedhisteachingsasprofessor。Theworkisunfinished:hehad
dividedthewholesubjectundertheheadsofagriculture，manufactures，commerce，taxation，government;buthehastreated
adequatelyonlythefirsttwoheads，andthelasttwonotatall，havingbeencalledtotakepartinthecouncilsofthestate。He
wasinsomedegreeundertheinfluenceofphysiocraticideas，andholdsthatagricultureistheonlystrictlyproductiveform
ofindustry，whilstmanufacturersandartisansareasterileclass。Hewasstronglyopposedtomonopoliesandprivileges，and
tocorporationsinartsandtrades;ingeneralhewarmlyadvocatedinternalindustrialfreedom，thoughinregardtoforeign
commerceaprotectionist。Inthespecialcaseofthecorntradehewasnot，anymorethanGaliani，apartisanofabsolute
liberty。Hisexpositionofeconomicprinciplesisconciseandsententious，andheoftenstatescorrectlythemostimportant
considerationsrelatingtohissubjectwithoutaddingthedevelopmentswhichwouldbedesirabletoassistcomprehension
andstrengthenconviction。Thusonfixedcapital（capitalifondatori），asdistinctfromcirculating（annui），initsapplicationto
agriculture，hepresentsinacondensedformessentiallythesameexplanationsasTurgotaboutthesametimegave;andon
thedivisionoflabourandthecircumstanceswhichcausedifferentratesofwagesindifferentemployments，heinsubstance
comesneartoSmith，butwithoutthefulnessofillustrationwhichissoattractiveafeatureoftheWealthofNations。Pietro
Verri（1728—1797），anintimateandlifelongfriendofBeccaria，wasfortwenty—fiveyearsoneoftheprincipaldirectorsofthe
administrationofLombardy，inwhichcapacityheoriginatedmanyeconomicandotherreforms。InhisRiflessionisulleleggi
vincolanti，principalmentenelcommerciode’grani（writtenin1769，printedin1796），heconsidersthequestionofthe
regulationofthecorntradebothhistoricallyandinthelightoftheoreticprinciples，andarrivesattheconclusionthatliberty
isthebestremedyagainstfamineandagainstexcessivefluctuationsofprice。HeisgenerallyopposedtoGovernmental
interferencewithinternalcommerce，aswellastotradecorporations，andtheattemptstolimitpricesorfixtherateof
interest，butisinfavouroftheprotectionofnationalindustrybyajudiciouslyframedtariff。TheseviewsareexplainedinhisMeditazionisull’economiapolitica（1771），anelementarytreatiseonthescience，whichwasreceivedwithfavour，and
translatedintoseveralforeignlanguages。Aprimaryprinciplewithhimiswhathecallstheaugmentationofreproduction——
thatis，inSmith’slanguage，of"theannualproduceofthelandandlabour"ofanation;andbyitstendencytopromoteorto
restrictthisaugmentation，hetestseveryenactmentandinstitution。Accordingly，unlikeBeccaria，heprefersthepetitethegrandeculture，asgivingalargertotalproduce。Indealingwithtaxation，herejectsthephysiocraticproposalofasingleimpôtterritorial。（15）GiovanniR。Carli（1720—1796），alsoanofficialpromoterofthereformsinthegovernmentofAustrian
Lombardy，besideslearnedandsoundtreatisesonmoney，wasauthorofRagionamentisopraibilancieconomicidellenazioni，inwhichheshowsthefalsityofthenotionthatastategainsorlosesinforeigncommerceaccordingtotheso—called
balanceoftrade。InhislettertoPompeoNeriSulliberocommerciode’grani（1771），hetakesupapositionsimilartothat
ofGaliani，regardingthequestionofthefreedomofthecorntradeasnotsomuchascientificasanadministrativeone，tobe
dealtwithdifferentlyunderdifferentlocalorotherconditions。Rejectingthephysiocraticdoctrineoftheexclusive
productivenessofagriculture，heillustratesinaninterestingwaythenecessityofvariouseconomicclassesinasociety，and
thereflexagencyofmanufacturesinstimulatingthecultivationofthesoil。GiambattistaVasco（1733—1796）wrote
discoursesonseveralquestionsproposedbyacademiesandsovereigns。Inthesehecondemnstradecorporationsandthe
attemptsbyGovernmentstofixthepriceofbreadandtolimittheinterestonloans。Inadvocatingthesystemofapeasant
proprietary，hesuggeststhatthelawshoulddeterminetheminimumandmaximumportionsotlandwhichacitizenshouldbe
permittedtopossess。Healso，withaviewtopreventtheundueaccumulationofproperty，proposestheabolitionoftheright
ofbequest，andtheequaldivisionoftheinheritanceamongstthechildrenofthedeceased，GaetanoFilangieri（1762—1788），
oneoftheItalianwritersofthelastcenturywhosenamesaremostwidelyknownthroughoutEurope，devotedtoeconomic
questionsthesecondbookofhisScienzadellalegislazion（5vols。，1780—1786）。Filledwithreformingardouranda
passionatepatriotism，heemployedhisvehementeloquenceindenouncingalltheabusesofhistime。Apparentlywithoutany
knowledgeofAdamSmith，heinsistsonunlimitedfreedomoftrade，callsfortheabolitionofthemedievalinstitutionswhich
impededproductionandnationalwell—being，andcondemnsthecolonialsystemthenfollowedbyEngland，Spain，and
Holland。Heprophesies，asRaynal，Turgot，andGenovesihaddonebeforehim，thatallAmericawouldonedaybe
independent，apredictionwhichprobablyhelpedtoelicitBenjaminFranklin’stributeofadmirationforhiswork。Rathera
propagatorthanadiscoverer，hesometimesadoptedfromotherserroneousopinions，as，forexample，whenheapprovestheimpôtuniqueofthephysiocrats。Onthewhole，however，herepresentsthemostadvancedpoliticalandsocialtendenciesof
hisage;whilststronglycontrastedwithBeccariaintemperamentandstyle，hewasaworthylabourerinthesamecauseof
nationalanduniversalprogress。LudovicoRicci（1742—1799）wasauthorofanablereportSullariformadegliistitutipii
dellacittàdiModena（1787）。Hetreatedthesubjectofpoorreliefandcharitableinstitutionsinsogeneralawaythatthe
workpossessesauniversalandpermanentinterest。Hedwellsontheevilsofindiscriminatereliefastendingtoincreasethe
miseryitseekstoremove，andasloweringthemoralcharacterofapopulation。Heexposesespeciallytheabusesconnected
withlying—inandfoundlinghospitals。ThereismuchinhimwhichisakintotheviewsofMalthus;likehimheisopposedto
anystateprovisionforthedestitute。whoought，hethinks，tobelefttovoluntaryprivatebeneficence。FerdinandoPaoletti
（1717—1801）wasanexcellentandpublic—spiritedpriest，whodidmuchforthediffusionofintelligenceamongstthe
agriculturalpopulationofTuscany，andforthelighteningofthetaxeswhichpresseduponthemhecorrespondedwith
Mirabeau（"FriendofMen"），andappearstohaveacceptedthephysiocraticdoctrines，atleastintheirgeneralsubstance。he
wasauthorofPensierisopral’agricoltura（1769），andofIverrimezzidirenderfelicilesocietà（1772）;inthelatterhe
advocatesthefreedomofthecorntrade。ThetractIlColbertismo（1791）byCountFrancescoMengottiisavigorousprotest
againsttheextremepolicyofprohibitionandprotection，whichmaystillbereadwithinterest。Mengottialsowrote（1791）a
treatiseDelcommerciode’Romani，directedmainlyagainsttheexaggerationsofHuetinhisHistoireducommerceetdela
navigationdesanciens（1716），andusefulasmarkingthebroaddifferencebetweentheancientandmoderncivilizations。
HerelastlymaybementionedanotherItalianthinkerwho，eminentlyoriginalandeveneccentric，cannoteasilybeclassed
amonghiscontemporaries，thoughsomeContinentalwritersofourowncenturyhaveexhibitedsimilarmodesofthought。
ThiswasGiammariaOrtes（1713—1790）。Heisopposedtotheliberalisttendenciesofhistime，butdoesnotespousethe
doctrinesofthemercantilesystem，rejectingthetheoryofthebalanceoftrade，anddemandingcommercialfreedom。Itisin
theMiddleAgesthathefindshissocialandeconomictype。Headvocatesthemaintenanceofchurchproperty，isaverseto
theascendencyofthemoneypower，andhasthemedievaldislikeforinterestonloans。Heentertainsthesingularideathat
thewealthofcommunitiesisalwaysandeverywhereinafixedratiototheirpopulation，thelatterbeingdeterminedbythe
former。Poverty，therefore，necessarilywaitsonwealth，andtherich，inbecomingso，onlygainwhatthepoorlose。Those
whoareinterestedintheimprovementoftheconditionofthepeoplelabourinvain，solongastheydirecttheireffortstothe
increaseofthesumofthenationalwealth，whichitisbeyondtheirpowertoalter，insteadoftothedistributionofthat
wealth，whichitispossibletomodify。Thetrueremedyforpovertyliesinmitigatingthegain—pursuingpropensitiesinthe
richandinmenofbusiness。Ortesstudiedinaseparateworkthesubjectofpopulation;heformulatesitsincreaseas
"geometrical，"butrecognizesthat，asalimitissettosuchincreaseamongsttheloweranimalsbymutualdestruction，soisit
inthehumanspeciesby"reason"——the"prudentialrestraint"ofwhichMalthusafterwardsmadesomuch。Heregardsthe
institutionofcelibacyasnolessnecessaryandadvantageousthanthatofmarriage。Heenunciateswhathassincebeen
knownasthe"lawofdiminishingreturnstoagriculturalindustry。"Hewascarelessastothediffusionofhiswritings;and
hencetheyremainedalmostunknowntilltheywereincludedintheCustodicollectionofItalianeconomists，whenthey
attractedmuchattentionbythecombinedsagacityandwaywardnesswhichmarkedtheirauthor’sintellectualcharacter。
SPAIN
ThesamebreathofanewerawhichwasintheairelsewhereinEuropemadeitselffeltalsoinSpain。
IntheearlierpartoftheeighteenthcenturyGeronimoUstarizhadwrittenhisTeoricayPracticadelComercioyMarina（1724;published，1740;Eng。transl。byJohnKippax，1751;FrenchbyForbonnais，1753），inwhichhecarriesmercantile
principlestotheirutmostextreme。
ThereformingspiritofthelatterhalfofthecenturywasbestrepresentedinthatcountrybyPedroRodriguez，Countof
Campomanes（1723—1802）。Hepursuedwithardourthesamestudiesandinsomedegreethesamepolicyashisillustrious
contemporaryTurgot，without，however，havingarrivedatsoadvancedapointofview。HewasauthorofRespuestafiscal
sobreabolirlatasayestableceretcomerciodegranos（1764），Discursosobreelfomentodeindustriapopolar（1774），andDiscursosobrelaeducaciondelasartesanosysufomento（1775）。Bymeansofthesewritings，justlyeulogisedby
Robertson，（16）aswellasbyhispersonaleffortsasminister，hesoughttoestablishthefreedomofthecorntrade，toremove
thehindrancestoindustryarisingfrommedievalsurvivals，tohavealargedevelopmenttomanufactures，andtoliberate
agriculturefromtheodiousburdenstowhichitwassubject。Hesawthat，notwithstandingtheenlightenedadministrationof
CharlesIII，Spainstillsufferedfromtheevilresultsoftheblindconfidencereposedbyherpeopleinhergoldmines，and
enforcedthelessonthattherealsourcesofthewealthandpowerofhiscountrymustbesought，notinAmerica，butinher
ownindustry。
InbothItalyandSpain，asiswellobservedbyComte，（17）theimpulsetowardssocialchangetookprincipallythedirectionof
economicreform，becausethepressureexercisedbyGovernmentspreventedsolargeameasureoffreespeculationinthe
fieldsofphilosophyandgeneralpoliticsaswaspossibleinFrance。InItaly，itmaybeadded，thetraditionsofthegreat
industrialpastofthenortherncitiesofthatcountryalsotendedtofixattentionchieflyontheeconomicsideofpublicpolicy
andlegislation。
GERMANY
WehaveseenthatinItalyandEnglandpoliticaleconomyhaditsbeginningsinthestudyofpracticalquestionsrelating
chieflytomoneyortoforeigncommerce。InGermanyitarose（asRoscherhasshown）outoftheso—calledcameralistic
sciences。SoonafterthecloseoftheMiddleAgesthereexistedinmostGermancountriesacouncil，knownastheKammer
（Lat。camera），whichwasoccupiedwiththemanagementofthepublicdomainandtheguardianshipofregalrights。The
EmperorMaximilianfoundthisinstitutionexistinginBurgundy，andestablished，inimitationofit，auliccouncilsat
InnspruckandViennain1498and1501。Notonlyfinanceandtaxation，butquestionsalsoofeconomicpolice，cametobe
entrustedtothesebodies。Aspecialpreparationbecamenecessaryfortheirmembers，andchairsofcameralisticsciencewere
foundedinuniversitiesfortheteachingoftheappropriatebodyofdoctrine。Onesideoftheinstructionthusgivenborrowed
itsmaterialsfromthesciencesofexternalnature，dealing，asitdid，withforestry，mining，generaltechnology，andthelike;
theotherrelatedtotheconditionsofnationalprosperityasdependingonhumanrelationsandinstitutions;andoutofthe
latter，Germanpoliticaleconomywasatfirstdeveloped。
InnocountryhadmercantilistviewsastrongerholdthaninGermany，thoughinnone，intheperiodwearenowconsidering，
didthesystemofthebalanceoftradereceivealessextensivepracticalapplication。AlltheleadingGermaneconomistsofthe
seventeenthcentury——Bornitz，Besold，Klock，Becher，Horneck，Seckendorf，andSchröder——standonthecommonbasisof
themercantiledoctrine。Andthesamemaybesaidofthewritersofthefirsthalfoftheeighteenthcenturyingeneral，and
notablyofJusti（d。1771），whowastheauthorofthefirstsystematicGermantreatiseonpoliticaleconomy，aworkwhich，
fromitscurrencyasatext—book，hadmucheffectontheformationofopinion。OnlyinZincke（1692—1769）dowefind
occasionalexpressionsofacircleofideasatvariancewiththedominantsystem，andpointinginthedirectionofindustrial
freedom。Butthesewriters，exceptfromthenationalpointofview，areunimportant，nothavingexercisedanyinfluenceon
thegeneralmovementofEuropeanthought。
TheprinciplesofthephysiocraticsystemmetwithacertainamountoffavourinGermany。KarlFriedrich，Margraveof
Baden，wrotefortheuseofhissonsanAbrégédesprincipesd’ÉconomiePolitique，1772，whichisinharmonywiththe
doctrinesofthatsystem。Itpossesses，however，littlescientificvalue。Schlettwein（1731—1802）andMauvillon（1743—1794）
werefollowersofthesameschool。TheodorSchmalz（1764—183a），whoiscommonlynamedas"thelastofthephysiocrats，"
maybeherementioned，thoughsomewhatoutofthehistoricorder。HecomparesColbertismwiththePtolemaicsystem，
physiocratismwiththeCopernican。AdamSmithherepresentsastheTychoBraheofpoliticaleconomy——amanofeminent
powers，whocouldnotresisttheforceoftruthinthephysiocrats，butpartlycouldnotdivesthimselfofrootedprejudices，
andpartlywasambitiousofthefameofadiscovererandareconcilerofdivergentsystems。ThoughSmithwasnow"the
fashion，"SchmalzcouldnotdoubtthatQuesnay’sdoctrinewasalonetrue，andwoulderelongbetriumphanteverywhere。（18）
JustbeforetheappearanceofSmith，asinEnglandSteuartandinItalyGenovesi，soinAustriaSonnenfels（1733—1817），the
firstdistinguishedeconomistofthatcountry，soughttopresentthemercantilesysteminamodifiedandmoreenlightened
form;andhiswork（GrundsätzederPolizei，Handlung，undFinanz，1765;8thed。，1822）exercisedevenduringa
considerablepartofthepresentcenturymuchinfluenceonopinionandonpolicyinAustria。
ButthegreatestGermaneconomistoftheeighteenthcenturywas，inRoscher’sopinion，JustusMöser（1720—1794），the
authorofPatriotischePhantasieen（1774），aseriesoffragments，which，Goetheneverthelessdeclares，form"einwahrhaites
Ganzes。"ThepoetwasmuchinfluencedbyMöserinhisyouth，andhaseulogisedintheDichtungundWahrheit（Bk。xiii）
hisspirit，intellect，andcharacter，andhisthoroughinsightintoallthatgoesoninthesocialworld。Whilstothersoccupied
themselveswithlargerandmoreprominentpublicaffairsandtransactions，Möserobservedandreproducedthecommon
dailylifeofhisnation，andthethousand"littlethings"whichcomposethetextureofpopularexistence。Hehasbeen
comparedtoFranklinforthehomeliness，verve，andfreshnessofhiswritings。InopinionsheisakintotheItalianOrtes。He
isopposedtothewholespiritofthe"Aufkärung"，andtotheliberalandrationalisticdirectionofwhichSmith’sworkbecame
afterwardstheexpression。Heisnotmerelyconservativebutreactionary，manifestingapreferenceformedievalinstitutions
suchasthetradeguilds，and，likeCarlyleinourowntime，seeingadvantageseveninserfdom，whencomparedwiththesort
offreedomenjoyedbythemoderndrudge。Hehasamarkedantipathyforthegrowthofthemoneypowerandof
manufacturesonthelargescale，andforthehighlydevelopeddivisionoflabour。Heisopposedtoabsoluteprivateproperty
inland，andwouldgladlyseerevivedsuchasystemofrestrictionsasintheinterestofthestate，thecommune，andthefamily
wereimposedonmedievalownership。Inhiswaywardandcausticstyle，heoftencriticiseseffectivelythedoctrinaire
narrownessofhiscontemporaries，throwsoutmanystrikingideas，andinparticularshedsreallightontheeconomic
phenomenaandgeneralsocialconditionsoftheMiddleAges。
THENETHERLANDS
IntheNetherlands，tendenciestowardstheneweconomicideasshowedthemselvesaboutthemiddleoftheseventeenth
century。DirckGraswinckel（1600—1668）advocatedfreetradeincorn，andwasingeneralopposedtorestrictionson
industry。PieterdelaCourt（1618—1685）dealtinasimilarspiritwithmostofthepracticalquestionsofhiscountryandage。
Heisinfavouroftheperfectlibertyofcitizenstobuyandsell，produceandconsume，aswellastolearnandteach;andhe
sharplycriticisedthesystemoftradecorporations。HewasinliteraryalliancewiththeGrandPensionary，JohndeWitt。His
principalwork（AanwysingdefheilsamepolitikegrondenenMaximanvandeRepublikevanHollandenWestfriesland，
1669）（19）wascommonlyattributedtothatstatesman，itisbetterknownintheFrenchtranslation（1709）whichappeared
underthetitleofMemoirsdeJeandeWitt。JandelaCourt（1622—1660），thebrotherofPieter，followedthesamedirection，
TheworksofSalmasius（1633，1640）wereofgreatimportanceinthecontroversyonthenecessityandlawfulnessof
interestonmoneyloans。
ADAMSMITH，WITHHISIMMEDIATEPREDECESSORS
ANDHISFOLLOWERS。
England。
ThestagnationineconomicinquirywhichshoweditselfinEnglandintheearlypartoftheeighteenthcenturywasnot
brokenbyanynotablemanifestationbefore1735，whenBishopBerkeleyputforwardinhisQuerist，withmuchforceand
point，viewsopposedtothoseofthemercantileschoolonthenatureofnationalwealthandthefunctionsofmoney，though
notwithoutanadmixtureofgraveerror。Butsoonamoredecisiveadvancewasmade。WhilstinFrancethephysiocratswere
workingaftertheirownfashiontowardstheconstructionofadefinitivesystemofpoliticaleconomy，aScottishthinkerof
thefirstorderwaselucidating，inaseriesofshortbutpregnantessays，someofthefundamentalconceptionsofthescience。
WhathadbeenwrittenonthesequestionsintheEnglishlanguagebeforehistimehadremainedalmostaltogetherwithinthe
limitsofthedirectlypracticalsphere。WithLocke，indeed，thegeneralsystemofthemoderncriticalphilosophyhadcome
intorelationwitheconomicinquiry，butonlyinapartialandindeterminateway。ButinHumethemostadvancedformofthis
philosophywasrepresented，andhisappearanceinthefieldofeconomicsdecisively，marksthetendencyofthelatterorder
ofspeculationtoplaceitselfinconnectionwiththelargestanddeepestthoughtonhumannatureandgeneralhumanhistory。
Mostoftheessaysherereferredtofirstappearedin1752，inavolumeentitledPoliticalDiscourses，andthenumberwas
completedinthecollectionofEssaysandTreatisesonSeveralSubjects，publishedinthefollowingyear。Themost
importantofthemarethoseonCommerce，onMoney，onInterest，andontheBalanceofTrade。Yettheseshouldnotbe
separatedfromtherest，for，notwithstandingtheunconnectedformoftheselittletreatises，thererunsthroughthema
profoundunityofthought，sothattheyindeedcomposeinacertainsenseaneconomicsystem。Theyexhibitinfullmeasure
Hume’swonderfulacutenessandsubtlety，whichindeedsometimesdisposehimtoparadox，incombinationwiththebreadth，
theabsenceofprejudice，andthesocialsympathieswhichsoeminentlydistinguishhim;andtheyoffer，besides，thecharmof
hiseasyandnaturalstyleandhisrarepoweroflucidexposition。