Principles of Political Economy

379

CHAPTER XXII. Influence of Currency on the Exchanges and

on Foreign Trade.

§ 1. Variations in the exchange, which originate in the currency

2. Effect of a sudden increase of a metallic currency, or of the sudden

creation of bank notes or other substitutes for money

3. Effect of the increase of an inconvertible paper currency. Real

and nominal exchange

CHAPTER XXIII. Of the Rate of Interest.

380

381

384

§ 1. The rate of interest depends on the demand and supply of loans

2. Circumstances which determine the permanent demand and supply

of loans

385

386

3. Circumstances which determine the fluctuations

4. The rate of interest, how far, and in what sense, connected with

the value of money

388

390

5. The rate of interest determines the price of land and of securities. 393

CHAPTER XXIV. Of the Regulation of a Convertible

Paper Currency.

§ 1. Two contrary theories respecting the influence of bank issues

2. Examination of each.

3. Reasons for thinking that the Currency Act of 1844 produces a

part of the beneficial effect intended by it

394

395

5. Should the issue of bank notes be confined to a single esta-

blishment?

408

6. Should the holders of notes be protected in any peculiar manner

against failure of payment?.

409

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

CHAPTER XXVI. Of Distribution, as affected by Exchange.

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

2. in the law of rent.

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 command

over the powers of nature; increased security; and increased

capacity of co-operation

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

except the products of agriculture and mining, which have a

tendency to rise

425

3.

that tendency from time to time counteracted by improvements
in production

4. Effect of the progress of society in moderating fluctuations of value 427

5. Examination of the influence of speculators, and in particular of

corn dealers

CHAPTER III. Influence of the Progress of Industry and

Population on Rents, Profits, and Wages.

428

§ 1. First case; population increasing, capital stationary

2. Second case; capital increasing, population stationary

430

432

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

production stationary.

433

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

lation stationary

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 employment

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

7.- by the importation of cheap necessaries and instruments

8. by the emigration of capital

CHAPTER V. Consequences of the Tendency of Profits to
a Minimum.

§ 1. Abstraction of capital not necessarily a national loss

2. In opulent countries, the extension of machinery not detrimental

but beneficial to labourers

CHAPTER VI. Of the Stationary State.

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

by writers

2.- but not in itself undesirable

CHAPTER VII. On the Probable Futurity of the Labouring

Classes.

§ 1. The theory of dependence and protection no longer applicable to

the condition of modern society

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

459

6.

5. Examples of the association of labourers with capitalists.

- of the association of labourers among themselves

7. Competition not pernicious, but useful and indispensable.

BOOK V.

ON THE INFLUENCE OF GOVERNMENT.

CHAPTER I. Of the Functions of Government in general.

§ 1. Necessary and optional functions of government distinguished.

2. Multifarious character of the necessary functions of government

3. Division of the subject

CHAPTER II. Of the General Principles of Taxation.

§ 1. Four fundamental rules of taxation

2. Grounds of the principle of Equality of Taxation

3. Should the same percentage be levied on all amounts of income?

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

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

peculiar taxation

492

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

§ 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 exports

and on imports

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

2. Not desirable to redeem a national debt by a general contribution 528

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

redemption of debt

CHAPTER VIII. Of the Ordinary Functions of Government,

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 admi-

nistration of justice

CHAPTER IX. The same subject continued.

81. Laws of Inheritance

2. Law and Custom of Primogeniture

3. Entails

§ 4. Law of compulsory equal division of inheritances

6. Partnerships with limited liability. Chartered Companies

5. Laws of Partnership

7. Partnerships in commandite

8. Laws relating to insolvency

CHAPTER X. Of Interferences of Government grounded on

Erroneous Theories.

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CHAPTER XI. Of the Grounds and Limits of the Laisser-faire

or Non-Interference Principle.

§ 1. Governmental intervention distinguished into authoritative and

unauthoritative.

3.

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 government

superior efficiency of private agency, owing to stronger interest

importance of cultivating habits of collective action in the

8. - but liable to large exceptions. Cases in which the consumer is

an incompetent judge of the commodity. Education

575

9. Case of persons exercising power over others. Protection of chil-

dren and young persons; of the lower animals. Case of women

not analogous

577

579

7. Laisser faire the general rule.

10. Case of contracts in perpetuity

11. Cases of delegated management

12. Cases in which public intervention may be necessary to give effect

to the wishes of the persons interested. Examples: hours of

labour; disposal of colonial lands.

13. Case of acts done for the benefit of others than the persons con-

cerned. Poor Laws

16. Government intervention may be necessary in default of private

agency, in cases where private agency would be more suitable . 590

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Principles of Political Economy: With Some of Their Applications to Social ...