CHAPTER XXV. Of the Competition of different Countries

in the same Market.

§ 1. Causes which enable one country to undersell another,

2. Low wages one of those causes,

3.

-

when peculiar to certain branches of industry,

4. - but not when common to all,

5. Some anomalous cases of trading communities examined,

CHAPTER XXVI. Of Distribution, as affected by

Exchange.

§ 1. Exchange and money make no difference in the law of

INFLUENCE OF THE PROGRESS OF SOCIETY ON PRODUCTION

AND DISTRIBUTION.

CHAPTER I. General Characteristics of a Progressive

State of Wealth.

1. Introductory Remarks,.

2. Tendency of the progress of society towards increased com-
mand over the powers of nature; increased security; and
increased capacity of co-operation,

272

CHAPTER II. Influence of the Progress of Industry and

Population on Values and Prices.

§ 1. Tendency to a decline of the value and cost of production of

all commodities,

278

2.

-

- except the products of agriculture and mining, which

have a tendency to rise,

280

that tendency from time to time counteracted by improve-

ments in production,

4. Effect of the progress of society in moderating fluctuations of

value,

283

1. Examination of the influence of speculators, and in particu-

lar of corn dealers,

PAGE

285

CHAPTER III. Influence of the Progress of Industry and

Population on Rents, Profits, and Wages.

1. First case; population increasing, capital stationary, .

2. Second case; capital increasing, population stationary,

3. Third case; population and capital increasing equally, the

arts of production stationary,

4. Fourth case; the arts of production progressive, capital and

population stationary,

290

294

295

296

5. Fifth case; all the three elements progressive,

CHAPTER IV. Of the Tendency of Profits to a Minimum.

§ 1. Doctrine of Adam Smith on the competition of capital,
2. Doctrine of Mr. Wakefield respecting the field of employ-
ment,

3. What determines the minimum rate of profit,

4. In opulent countries, profits habitually near to the minimum,
5.- prevented from reaching it by commercial revulsions,

6.

7.

8.

by the importation of cheap necessaries and instruments,
- by the emigration of capital,

-

322

324

CHAPTER V. Consequences of the Tendency of Profits to a

§ 1. Abstraction of capital not necessarily a national loss,
2. In opulent countries, the extension of machinery not detri-
mental but beneficial to labourers,

327

330

CHAPTER VI. Of the Stationary State.

§ 1. Stationary state of wealth and population, dreaded and

CHAPTER VII. On the probable Futurity of the Labouring

Classes.

§ 1. The theory of dependence and protection no longer appli-

cable to the condition of modern society,.

PAGE

341

346

2. The future well-being of the labouring classes principally

dependent on their own mental cultivation,

3. Probable effects of improved intelligence in causing a better

adjustment of population-Would be promoted by the

social independence of women,

4. Tendency of society towards the disuse of the relation of

hiring and service,

5. Examples of the association of labourers with capitalists,
6. of the association of labourers among themselves,
7. Competition not pernicious, but useful and indispensable,

-

BOOK V.

OF THE INFLUENCE OF GOVERNMENT.

CHAPTER I. Of the Functions of Government in general.

§ 1. Necessary and optional functions of government distin-

CHAPTER II. Of the General Principles of Taxation.

§ 1. Four fundamental rules of taxation,

385

386

392

394

2. Grounds of the principle of Equality of Taxation,

396

3. Should the same percentage be levied on all amounts of in-

4. Should the same percentage be levied on perpetual and on

terminable incomes?

5. The increase of the rent of land from natural causes a fit
subject of peculiar taxation,

6. A land tax, in some cases, not taxation, but a rent-charge in

favour of the public,.

7. Taxes falling on capital, not necessarily objectionable, .

CHAPTER III. Of Direct Taxes.

§ 1. Direct taxes either on income or on expenditure, .

2. Taxes on rent,

CHAPTER IV. Of Taxes on Commodities.

1. A Tax on all Commodities would fall on profits,
2. Taxes on particular commodities fall on the consumer,.
3. Peculiar effects of taxes on necessaries,

-

4. how modified by the tendency of profits to a minimum,

5. Effects of discriminating duties,

6. Effects produced on international exchange by duties on ex-

ports and on imports,

CHAPTER V. Of some other Taxes.

§ 1. Taxes on contracts,

2. Taxes on communication,

3. Law Taxes, .

4. Modes of taxation for local purposes,

441

447

451

§ 1. Arguments for and against direct taxation,
2. What forms of indirect taxation most eligible,
3. Practical rules for indirect taxation,

CHAPTER VII. Of a National Debt.

§ 1. Is it desirable to defray extraordinary public expenses by

2. Not desirable to redeem a national debt by a general con-

tribution, .

483

3. In what cases desirable to maintain a surplus revenue for the

redemption of debt, .

485

CHAPTER VIII. Of the Ordinary Functions of Govern-

ment considered as to their Economical Effects.

§ 1. Effects of imperfect security of person and property,

2. Effects of over-taxation,

3. Effects of imperfection in the system of the laws, and in the

administration of justice, .

PAGE

. 489

491

493

.

6. Partnerships with limited liability. Chartered Companies,. 512

CHAPTER X. Of Interferences of Government grounded on

Erroneous Theories.

§ 1. Doctrine of Production to Native Industry,

2. Usury Laws,.

3. Attempts to regulate the prices of commodities,

4. Monopolies, .

5. Laws against Combination of Workmen,

6. Restraints on opinion or on its publication, .

CHAPTER XI. Of the Grounds and Limits of the Laisser

faire or Non-Interference Principle.

§ 1. Governmental intervention distinguished into authoritative
and unauthoritative,

2. Objections to government intervention—the compulsory
character of the intervention itself, or of the levy of
funds to support it, .

-

increase of the power and influence of government,

increase of the occupations and responsibilities of gov-

ernment,.

558

560

562