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Free Trade February This article was originally published in the May 29, issue of Executive Intelligence Review and is reprinted with permission. In his speeches and writings, Carey advocated a national policy commitment to foster domestic industry in the United States.
Political Economy shall be the subject of these essays. In its broad and liberal sense, it may be fairly styled the science of promoting human happiness As a preliminary step, we propose to establish the utter fallacy of some. The main proposition which we at present combat, and to which we here confine ourselves is, that, "If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy of them with some part of the produce of our own industry, employed in a way in which we have some advantage.
Great Britain affords a felicitous instance for our purpose There are above a million peopie of both sexes and of all ages, employed in that country, in the woollen and cotton manufactures.
By their industry in these branches, they make for themselves and families a comfortable subsistence. They afford a large and steady market for the productions of the earth, giving support to, probably, at least a million of persons engaged in agriculture; and moreover, enrich the nation by bringing into it a wealth fromnearly aII parts of the earth.
The immense sums of money they thus introduced into their native country afford means of employment and ensure happiness to millions of other subjects From this cheering prospect, let us turn the startled eye to the masses of misery which Dr. Smith's system would produce; and we shall.
The East Indies could at all times, until the recent improvements in machinery, have furnished cotton goods at a lower rate than they could be manufactured in England, which had no other means of protecting her dome. Let us suppose that France, where labour and expenses are much lower than in England, has possessed herself of machinery, and is thus enabled to sell woollen goods at half, three-fourths, or seveneights of the price of the English rival commodities.
Suppose, further, that articles manufactured of leather are procurable in South America, and iron wares in Sweden, below the rates in England. Then, if the statesmen of the last nation were disciples of Adam Smith, as "foreign countries can supply them with those commodities cheaper than they themselves can make them," they must, according to the doctor, "buy from them with some part of the produce Qf their own country," and accordingly open their ports freely to those various articles, from these four particular nations.
Who can contemplate the result without horror?Carey's outside interests included political economy, and he had begun the three-year processing of publishing his three-volume Principles of Political Economy in He went on to write Past, Present and Future in , Principles of Social Science, published between and , and The Unity of Seller Rating: % positive.
Catalog start Author/Contributor "Carey, Mathew, "Remove constraint Author/Contributor: "Carey Extract from Cursory views of the liberal and restrictive systems of political economy [electronic resource]: examination of the Thirteen essays on the policy of manufacturing in this country [electronic resource].
Mathew Carey was one of the most popular and influential economic writers of his day, but his work has been largely overlooked by modern writers, who tend to focus on more scholarly writers or on precursors to contemporary classical economics.
Henry Charles Carey was a Pennsylvania publisher and author, best known for his commentaries on political economy. Born in Philadelphia, Carey was largely educated by his Irish immigrant father, publisher Mathew Carey, and gradually joined the family publishing firm. Essays on political economy Political economy Most certain means of promoting the wealth: Responsibility: by Matthew [sic] Carey.
Essays On Political Economy: Or, The Most Certain Means Of Promoting The Wealth, Power, Resources, And Happiness Of Nations, Applied Particularly To The United States Paperback – September 21, by Mathew Carey (Author)Author: Mathew Carey.