ment at the command of every individual, however rapid the growth of numbers, than that societies should exert, in the prosecution of their collective interests, and the enlargement of their collective resources, the same prudential foresight which individuals are accustomed to employ in advancing their particular interests, and extending their individual means.

If he succeed only in obtaining the recognition of this great truth, the author's most ardent wishes will be amply fulfilled. It is pregnant with inferences which cannot but lead to results of incalculable benefit to the whole human race.

TABLE OF CONTENTS.

Page

. 1

PRELIMINARY DISCOURSE.ON the Coincidence of the

Rights, Duties, and Interests of Man in Society

CHAPTER I.-Definition of Right-some Rule of Right

necessary-Moral and Legal Rules of Right-should

coincide with Natural Right-Rights and Duties cor-

relative

CHAPTER II.-Primary Natural Rights-1. To Personal

Freedom-2. To the common Bounty of Heaven-

3. To Property 4. To good Government .

CHAPTER III.-Duty of a Government, the securing to

Individuals the full Enjoyment of their Rights-Means

for this end within its influence-1. Moral and Reli-

gious Education-2. Security from Personal Injury

-3. The abundant Production and general Distri-

bution of Physical Enjoyments-The latter alone the

object of Political Economy, and of this work

ib.

13

28

PRINCIPLES OF POLITICAL ECONOMY DEDUCED FROM

THE NATURAL LAWS OF SOCIAL WELFARE

40

CHAPTER I.—Definition of the Science-The Study of

the Happiness of Societies so far as it depends on the

Abundance and Distribution of their Wealth-Its

Principles capable only of moral, not mathematical

proof

CHAPTER II.-Definition of Wealth-and of Labour-

ib.

All Labour productive.-Labour rather a pleasure

than a sacrifice-must, however, be free-and suffi-

ciently remunerated.—Minimum of sufficient remune-

ration. Wealth no certain measure of happiness.-

Test proposed

CHAPTER III.-Conditions of the Production of Wealth

-The Institution of private Property-Labour-Land

-Capital

-

CHAPTER IV.-LABOUR-Exchanges of its Produce-

Right to Free Exchange-Division of Labour-Its

advantages-Co-operation and mutual dependence of

all Labourers-Barter-Money-Its use-Coin-

Credit-General use of

CHAPTER V.-WAGES-Ample and continually increas-

ing Wages secured to Labourers by the principles of

Free Labour and Free Exchange-Inequality of

Wages in different employments, and of different indi-

viduals-Ability, even of the lowest class, increases,

and its reward ought to rise proportionately, with the

progress of civilization

CHAPTER VI.—LAND-Its appropriation essential to Pro-

duction-History and causes of its appropriation in

different ages and countries-In the East by the

Sovereign-In Europe by the Aristocracy-In Ame-

rica by the People-Influence of these different sys-

tems on Production and National Welfare-Natural

Laws of Property in

CHAPTER VII. CAPITAL.-The result of previous Labour

-Not affixed to Land-Nor incorporated with human

ability-Nor reserved for private Consumption-But

employed, or reserved for Employment, in Production,

with a view to Profit from sale of its Produce.-Ne-

cessity of so restricting the meaning of the term.-

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60

69

85

96

CONTENTS.

6

Utility of Capital.-Profit on Capital.-Nature of

Profit, and natural right to its enjoyment.-Mistaken

Views of those who declaim against the Profits of Ca-

pital.-Fixed and Circulating Capitals.-Elements of

Profit.-Net Profit, or Interest of Money.-Inequality

of Gross Profits.-Equality of Net Profit, in the same

country

CHAPTER VIII.-VALUE-Value necessarily relative

No real Value-General Value-Means Purchasing

Power'-Elements of Value-Monopoly-Costs of

Production.-Rent, the result of Monopoly-Does not

enter into Price-Distinction between good and bad

Monopolies-Demand and Supply-Their variations

and reciprocal action-Cost of Production-Consists

in Labour, Capital, Time, Monopoly, and Taxation.-

Competition of Producers-by which Supply and De-

mand are kept nearly Level-Different Investments

of Capital and Labour-Partial Glut-General Glut

impossible, except through a Scarcity of Money

CHAPTER IX.-DISTRIBUTION OF WEALTH.-Natural and

necessary inequality of Conditions and Property.-

Adventitious advantages.-Natural Right of Succes-

sion to Property by Will or Inheritance.-Variety of

Conventional Rules.-Test of their Equity.-Natural

Distribution of new Wealth-among Labourers, Land-

owners, and Capitalists-Can be determined only by

the principle of free Exchange.-The same principle

tends to the greatest increase of distributable Produce.

-Limitation of interference of Government to the

security of Persons and Property

CHAPTER X-PRODUCTIVE INTERESTS.- Agriculture-

Manufactures-Commerce.-Progress, Subdivisions,

and utility of each. Their community of interest, and

equal importance.-Preference awarded to Agricul-

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