principles of the subject for purposes of practice, owing to which the "Wealth of Nations," alone among treatises on Political Economy, has not only been popular with general readers, but has impressed itself strongly on the minds of men of the world and of legislators. The It appears to the present writer, that a work similar in its object and general conception to that of Adam Sinità, but adapted to the more extended knowledge and improved ideas of the present age, is the kind of contribution which Political Economy at present requires. "Wealth of Nations" is in many parts obsolete, and in all, imperfect. Political Economy, properly so called, has grown up almost from infancy since the time of Adam Smith: and the philosophy of society, from which practically that eminent thinker never separated his more peculiar theme, though still in a very early stage of its progress, has advanced many steps beyond the point at which he left it. No attempt, however, has yet been made to combine his practical mode of treating his subject with the increased knowledge since acquired of its theory, or to exhibit the economical phenomena of society in the relation in which they stand to the best social ideas of the present time, as he did, with such admirable success, in reference to the philosophy of his century. Such is the idea which the writer of the present work has kept before him. To succeed even partially in realizing it, would be a sufficiently useful achievement, to induce him to incur willingly all the chances of failure. It is requisite, however, to add, that although his object is practical, and, as far as the nature of the subject admits, popular, he has not attempted to purchase either of those advantages by the sacrifice of strict scientific reasoning. Though he desires that his treatise should be more than a mere exposition of the abstract doctrines of Political Economy, he is also desirous that such an exposition should be found in it. The present edition is an exact transcript from the sixth, except that all extracts and most phrases in foreign languages have been translated into English, and a very small number of quotations, or parts of quotations, which appeared superfluous, have been struck out. A reprint of an old controversy with the "Quarterly Review" on the condition of landed property in France, which had been subjoined as an Appendix, has been dispensed with. CHAPTER II. Of Labour as an Agent of Production. 1. Labour employed either directly about the thing produced, or in operations preparatory to its production 2. Labour employed in producing subsistence for subsequent labour in the transport and distribution of the produce 7. Labour which relates to human beings 3. Productive labour is that which produces utilities fixed and em- 4. All other labour, however useful, is classed as unproductive 5. Productive and Unproductive Consumption 6. Labour for the supply of Productive Consumption, and labour for § 1. Capital is wealth appropriated to reproductive employment 2. More capital devoted to production than actually employed in it 3. Examination of some cases illustrative of the idea of capital 37 CHAPTER V. rundamental Propositions respecting Capital. 2. but does not always come up to that limit 3. Increase of capital gives increased employment to labour, without 6. Capital is kept up, not by preservation, but by perpetual repro- 7. Why countries recover rapidly from a state of devastation CHAPTER VI. Of Circulating and Fixed Capital. § 1. Fixed and Circulating Capital, what 2. Increase of fixed capital, when at the expense of circulating, might CHAPTER VII. On what depends the degree of Productiveness § 1. Land, labour, and capital, are of different productiveness at diffe- 4. The higher degrees of the division of labour 6. Limitations of the division of labour 1. Combination of Labour a principal cause of superior productiveness § 1. Advantages of the large system of production in manufactures 2. Advantages and disadvantages of the joint-stock principle CHAPTER X. Of the Law of the Increase of Labour. § 1. The aw of the increase of production depends on those of three 3. By what checks the increase of population is practically limited 96 98 CHAPTER XI. Of the Law of the Increase of Capital. 1. Means and motives to saving, on what dependent 2. Causes of diversity in the effective strength of the desire of accu- 2. The law of production from the soil, a law of diminishing return in proportion to the increased application of labour and capital. 109 3. Antagonist principle to the law of diminishing return; the pro- CHAPTER XIII. Consequences of the foregoing Laws. 1. Remedies when the limit to production is the weakness of the 3. nor superseded by free trade in food 4. nor in general by emigration 111 CHAPTER II. The same subject continued. §1. The institution of property implies freedom of acquisition by con- 7. Rights of property in abuses 114 CHAPTER III. Of the Classes among whom the Produce § 1. Competition not the sole regulator of the division of the produce. 147 CHAPTER VI. Of Peasant Proprietors. § 1. Difference between English and Continental opinions respecting CHAPTER VII. Continuation of the same subject. § 1. Influence of peasant properties in stimulating industry § 1. Nature of the metayer system, and its varieties 2. Its advantages and inconveniences § 1. Nature and operation of cottier tenure 2. In an overpeopled country its necessary consequence is nominal |