Introduction

Political economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects; first, to provide a plentiful revenue or subsistence for the people, or, more properly, to enable them to provide such a revenue or subsistence for themselves; and, secondly, to supply the state or commonwealth with a revenue sufficient for the public services. It proposes to enrich both the people and the sovereign.

Political economy, as a branch of the knowledge needed by a statesman or legislator, has two distinct aims. The first is to provide the people with ample income or means of support. More properly, it is to enable them to provide these for themselves. The second is to provide the state or commonwealth with enough income to pay for public services. Political economy aims to enrich both the people and the sovereign.

The different progress of opulence in different ages and nations, has given occasion to two different systems of political economy, with regard to enriching the people. The one may be called the system of commerce, the other that of agriculture. I shall endeavour to explain both as fully and distinctly as I can, and shall begin with the system of commerce. It is the modern system, and is best understood in our own country and in our own times.

Wealth has grown at different rates in different ages and nations. This has given rise to two systems of political economy for enriching people. One may be called the system of commerce, the other the system of agriculture. I will try to explain both as fully and clearly as I can. I will begin with the system of commerce. It is the modern system, and it is best understood in our own country and in our own times.