ChapterI
IntroductoryInthepresentconditionofPoliticalEconomy，theproductionofnewdogmatictreatisesonthesubjectdoesnotappeartobe
opportune。Therearemanyworks，accessibletoeveryone，inwhich，withmoreorlessofvariationindetails，whatisknown
asthe\"orthodox\"or\"classical\"systemisexpounded。ButthereexistsinEnglandandothercountrieswidespread
dissatisfactionwiththatsystem，andmuchdifferenceofopinionwithrespectbothtothemethodandthedoctrinesof
EconomicScience。Thereis，infact，goodreasontobelievethatthisdepartmentofsocialtheoryhasenteredonatransition
stage，andisdestinederelongtoundergoaconsiderabletransformation。Butthenewbodyofthoughtwhichwillreplace，or
atleastprofoundlymodify，theold，hasnotyetbeenfullyelaborated。Theattitudeofmindwhichthesecircumstancesseem
toprescribeisthatofpauseandretrospection。Itisthoughtthatourpositionwillberenderedclearerandourfurther
progressfacilitatedbytracinghistorically，andfromageneralpointofview，thecourseofspeculationregardingeconomic
phenomena，andcontemplatingthesuccessiveformsofopinionconcedingtheminrelationtotheperiodsatwhichtheywere
respectivelyevolved。Andthisisthetaskundertakeninthefollowingpages。
Suchastudyisinharmonywiththebestintellectualtendenciesofourage，whichis，morethananythingelse，characterised
bytheuniversalsupremacyofthehistoricalspirit。Tosuchadegreehasthisspiritpermeatedallourmodesofthinking，that
withrespecttoeverybranchofknowledge，nolessthanwithrespecttoeveryinstitutionandeveryformofhumanactivity，
wealmostinstinctivelyask，notmerelywhatisitsexistingcondition，butwhatwereitsearliestdiscoverablegerms，andwhat
hasbeenthecourseofitsdevelopment？TheassertionofJ。B。Say（1）thatthehistoryofPoliticalEconomyisoflittlevalue，
beingforthemostpartarecordofabsurdandjustlyexplodedopinions，belongstoasystemofideasalreadyobsolete，and
requiresatthepresenttimenoformalrefutation。（2）Itdeservesnoticeonlyasremindingusthatwemustdiscriminate
betweenhistoryandantiquarianism:whatfromthefirsthadnosignificanceitismerepedantrytostudynow。Weneed
concernourselvesonlywiththosemodesofthinkingwhichhaveprevailedlargelyandseriouslyinfluencedpracticeinthe
past，orinwhichwecandiscovertherootsofthepresentandthefuture。
Whenwethusplaceourselvesatthepointofviewofhistory，itbecomesunnecessarytodiscussthedefinitionofPolitical
Economy，ortoenlargeonitsmethod，attheoutset。Itwillsufficetoconceiveitasthetheoryofsocialwealth，ortoaccept
provisionallySay’sdefinition，whichmakesitthescienceoftheproduction，distribution，andconsumptionofwealth。Any
supplementaryideaswhichrequiretobetakenintoaccountwillbesuggestedintheprogressofoursurvey，andthe
determinationofthepropermethodofeconomicresearchwillbetreatedasoneoftheprincipalresultsofthehistorical
evolutionofthescience。
ThehistoryofPoliticalEconomymustofcoursebedistinguishedfromtheeconomichistoryofmankind，orofanyseparate
portionofourrace。Thestudyofthesuccessionofeconomicfactsthemselvesisonething;thestudyofthesuccessionof
theoreticideasconcerningthefactsisanother。Anditiswiththelatteralonethatweareheredirectlyconcerned。Butthese
twobranchesofresearch，thoughdistinct，yetstandintheclosestrelationtoeachother。Theriseandtheformofeconomic
doctrineshavebeenlargelyconditionedbythepracticalsituation，needs，andtendenciesofthecorrespondingepochs。With
eachimportantsocialchangeneweconomicquestionshavepresentedthemselves;andthetheoriesprevailingineachperiod
haveowedmuchoftheirinfluencetothefactthattheyseemedtooffersolutionsoftheurgentproblemsoftheage。Again，
everythinker，howeverinsomerespectshemaystandaboveorbeforehiscontemporaries，isyetachildofhistime，and
cannotbeisolatedfromthesocialmediuminwhichhelivesandmoves。Hewillnecessarilybeaffectedbythecircumstances
whichsurroundhim，andinparticularbythepracticalexigenciesofwhichhisfellowsfeelthestrain。Thisconnectionof
theorywithpracticehaSitsadvantagesanditsdangers。Ittendstogivearealandpositivecharactertotheoreticinquiry;but
itmayalsobeexpectedtoproduceexaggerationsin’doctrine，tolendundueprominencetoparticularsidesofthetruth，and
tocausetransitorysituationsortemporaryexpedientstoberegardedasuniversallynormalconditions。
Thereareotherrelationswhichwemustnotoverlookintracingtheprogressofeconomicopinion。Theseveralbranchesof
thescienceofsocietyaresocloselyconnectedthatthehistoryofnooneofthemcanwithperfectrationalitybetreated
apart，thoughsuchatreatmentisrecommended——indeednecessitated——bypracticalutility。Themovementofeconomic
thoughtisconstantlyandpowerfullyaffectedbytheprevalentmodeofthinking，andeventhehabitualtoneofsentiment，on
socialsubjectsgenerally。Alltheintellectualmanifestationsofaperiodinrelationtohumanquestionshaveakindred
character，andbearacertainstampofhomogeneity，whichisvaguelypresenttoourmindswhenwespeakofthespiritofthe
age，Socialspeculationagain，andeconomicresearchasonebranchofit，isboththroughitsphilosophicmethodandthrough
itsdoctrineundertheinfluenceofthescienceswhichintheorderofdevelopmentprecedethesocial，especiallyofthe
scienceoforganicnature。
Itisofthehighestimportancetobearinmindtheseseveralrelationsofeconomicresearchbothtoexternalcircumstanceand
tootherspheresofcontemporarythought，becausebykeepingtheminviewweshallbeledtoformlessabsoluteand
thereforejusterestimatesofthesuccessivephasesofopinion。Insteadofmerelypraisingorblamingtheseaccordingtothe
degreesoftheiraccordancewithapredeterminedstandardofdoctrine，weshallviewthemaselementsinanorderedseries，
tobestudiedmainlywithrespecttotheirfiliation，theiropportuneness，andtheirinfluences。Weshallnotregardeachnew
stepinthistheoreticdevelopmentasimplyinganunconditionalnegationofearlierviews，whichoftenhadarelative
justification，resting，astheydid，onareal，thoughnarrower，basisofexperience，orassumingtheexistenceofadifferent
socialorder。Norshallweconsiderallthetheoreticpositionsnowoccupiedasdefinitive;forthepracticalsystemoflife
whichtheytacitlyassumeisitselfsusceptibleofchange，anddestined，withoutdoubt，moreorlesstoundergoit。Withinthe
limitsofasketchlikethepresenttheseconsiderationscannotbefullyworkedout;butaneffortwillbemadetokeepthemin
view，andtomarktherelationshereindicatedwherevertheirinfluenceisspeciallyimportantorinteresting。
Theparticularsituationandtendenciesoftheseveralthinkerswhosenamesareassociatedwitheconomicdoctrineshave，of
course，modifiedinagreaterorlessdegreethespiritorformofthosedoctrines。Theirrelationtospecialpredecessors，their
nativetemperament，theirearlytraining，theirreligiousprepossessionsandpoliticalpartialities，haveallhadtheireffects。To
theseweshallinsomeremarkableinstancesdirectattention;but，inthemain，theyare，forourpresentpurpose，secondary
andsubordinate。Theensemblemustpreponderateovertheindividual;andtheconstructorsoftheoriesmustberegardedas
organsofacommonintellectualandsocialmovement。
Thehistoryofeconomicinquiryismostnaturallydividedintothethreegreatperiodsof（1）theancient，（2）themediaeval，
and（3）themodernworlds。Inthetwoformer，thisbranchofstudycouldexistonlyinarudimentarystate。Itisevidentthat
foranyconsiderabledevelopmentofsocialtheorytwoconditionsmustbefulfilled。First，thephenomenamusthaveexhibited
themselvesonasufficientlyextendedscaletosupplyadequatematterforobservation，andaffordasatisfactorybasisfor
scientificgeneralisations;andsecondly，whilstthespectacleisthusprovided，thespectatormusthavebeentrainedforhis
task，andarmedwiththeappropriateaidsandinstrumentsofresearch，thatistosay，theremusthavebeensuchaprevious
cultivationofthesimplersciencesaswillhavebothfurnishedthenecessarydataofdoctrineandpreparedtheproper
methodsofinvestigation。Sociologyrequirestouseforitspurposestheoremswhichbelongtothedomainsofphysicsand
biology，andwhichitmustborrowfromtheirprofessors;and，onthelogicalside，themethodswhichithastoemploy——
deductive，observational，comparative——musthavebeenpreviouslyshapedinthecultivationofmathematicsandthestudy
oftheinorganicworldoroforganismslesscomplexthanthesocial。Henceitisplainthat，thoughsomelawsortendencies
ofsocietymusthavebeenforcedonmen’sattentionineveryagebypracticalexigencieswhichcouldnotbepostponed，and
thoughthequestionsthusraisedmusthavereceivedsomeempiricalsolution，areallyscientificsociologymustbethe
productofaveryadvancedstageofintellectualdevelopment。Andthisistrueoftheeconomic，asofotherbranchesofsocial
theory。Weshallthereforecontentourselveswithageneraloutlineofthecharacterofeconomicthoughtinantiquityandthe
MiddleAges，andoftheconditionswhichdeterminedthatcharacter。
NOTES:
1。\"Quepourrions—nousgagneràrecueillirdesopinionsabsurdes，desdoctrinesdécriéesetquimeritentdel’être？Ilseraità
lafoisinutileetfastidieux。\"Écon。Pol。Pratique，IXmePartie。The\"cependant\"whichfollowsdoesnotreallymodifythis
judgment。
2。SeeRoscher’sGeschichtederNational—oekoomikinDeutschland，Vorrede。
Chapter2
AncientTimesTheearliestsurvivingexpressionsofthoughtoneconomicsubjectshavecomedowntousfromtheOrientaltheocracies。
Thegeneralspiritofthecorrespondingtypeofsociallifeconsistedintakingimitationforthefundamentalprincipleof
education，andconsolidatingnascentcivilisationbyheredityofthedifferentfunctionsandprofessions，orevenbyasystem
ofcastes，hierarchicallysubordinatedtoeachotheraccordingtothenatureoftheirrespectiveoffices，underthecommon
supremedirectionofthesacerdotalcaste。Thislastwaschargedwiththetraditionalstockofconceptions，andtheir
applicationforpurposesofdiscipline。Itsoughttorealiseacompleteregulationofhumanlifeinallitsdepartmentsonthe
basisofthistransmittedbodyofpracticalideas。Conservationistheprincipaltaskofthissocialorder，anditsmost
remarkablequalityisstability，whichtendstodegenerateintostagnation。Buttherecanbenodoubtthattheusefulartswere
long，thoughslowly，progressiveunderthisregime，fromwhichtheywereinheritedbythelatercivilisations——thesystemof
classesorcastesmaintainingthedegreeofdivisionoflabourwhichhadbeenreachedinthoseearlyperiods。Theleading
membersofthecorporationswhichpresidedoverthetheocracieswithoutdoubtgavemuchearnestthoughttotheconduct
ofindustry，which，unlikewar，didnotimperiltheirpoliticalpre—eminencebydevelopingarivalclass。But，conceivinglifeas
awhole，andmakingitsregulationtheirprimaryaim，theynaturallyconsideredmostthesocialreactionswhichindustryis
fittedtoexercise。Themoralsideofeconomicsistheonetheyhabituallycontemplate，or（whatisnotthesame）the
economicsideofmorals。Theyaboundinthosewarningsagainstgreedandthehastetoberichwhichreligionand
philosophyhaveinallagesseentobenecessary。Theyinsistonhonestyinmutualdealings，onjustweightsandmeasures，on
thefaithfulobservanceofcontracts。Theyadmonishagainsttheprideandarroganceapttobegeneratedbyriches，against
undueprodigalityandself—indulgence，andenforcethedutiesofjusticeandbeneficencetowardsservantsandinferiors。
Whilst，inaccordancewiththetheologicalspirit，thepersonalacquisitionofwealthisingeneralthesisrepresentedas
determinedbydivinewills，itsdependenceonindividualdiligenceandthriftisemphaticallytaught。Thereisindeedinthe
fullydevelopedtheocraticsystemsatendencytocarryprecept，whichtheredifferslittlefromcommand，toanexcessive
degreeofminuteness——toprescribeindetailthetime，themode，andtheaccompanimentsofalmosteveryactofevery
memberofthecommunity。Thissystemofexaggeratedsurveillanceisconnectedwiththeunion，orratherconfusion，ofthe
spiritualandtemporalpowers，whenceitresultsthatmanypartsofthegovernmentofsocietyareconductedbydirect
injunctionorrestraint，whichatalaterstageareintrustedtogeneralintellectualandmoralinfluences。
ThepracticaleconomicenterprisesofGreekandRomanantiquitycouldnot，evenindependentlyofanyspecialadverse
influences，havecompetedinmagnitudeofscaleorvarietyofresourcewiththoseofmoderntimes。Theunadvanced
conditionofphysicalsciencepreventedalargeapplicationofthelessobviousnaturalpowerstoproduction，ortheextensive
useofmachinery，whichhasacquiredsuchanimmensedevelopmentasafactorinmodernindustry。Theimperfectionof
geographicalknowledgeandofthemeansofcommunicationandtransportwereimpedimentstothegrowthofforeign
commerce。Theseobstaclesarosenecessarilyoutofthemereimmaturityoftheindustriallifeoftheperiodsinquestion。But
moredeeplyrootedimpedimentstoavigorousandexpansiveeconomicpracticalsystemexistedinthecharacteristic
principlesofthecivilisationofantiquity。Somewritershaveattemptedtosetasidethedistinctionbetweentheancientand
modernworldsasimaginaryorunimportant，and，whilstadmittingthebroadseparationbetweenourselvesandthetheocratic
peoplesoftheEast，torepresenttheGreeksandRomansasstandingonasubstantiallysimilargroundofthought，feeling，
andactionwiththeWesternpopulationsofourowntime。Butthisisaseriouserror，arisingfromthesametooexclusive
pre—occupationwiththecultivatedclassesandwiththemerespeculativeintellectwhichhasoftenledtoanundue
disparagementoftheMiddleAges。Thereisthisessentialdifferencebetweenthespiritandlifeofancientandofmodern
communities，thattheformerwereorganisedforwar，thelatterduringtheirwholehistoryhaveincreasinglytendedtobe
organisedforindustry，astheirpracticalendandaim。Theprofoundinfluenceofthesedifferingconditionsoneveryformof
humanactivitymustneverbeoverlookedorforgotten。Withthemilitaryconstitutionofancientsocietiestheinstitutionof
slaverywasessentiallyconnected。Farfrombeinganexcrescenceonthecontemporarysystemoflife，asitwasinthemodern
WestIndiesortheUnitedStatesofAmerica，itwassoentirelyinharmonywiththatlifethatthemosteminentthinkers
regardeditasnolessindispensablethaninevitable。Itdoes，indeed，seemtohavebeenatemporarynecessity，andonthe
whole，regardbeinghadtowhatmighthavetakenitsplace，arelativegood。Butitwasattendedwithmanifoldevils。Itledto
theprevalenceamongstthecitizenclassofacontemptforindustrialoccupations;everyformofproduction，withapartial
exceptioninfavourofagriculture，wasbrandedasunworthyofafreeman——theonlynobleformsofactivitybeingthose
directlyconnectedwithpubliclife，whethermilitaryoradministrative。Labourwasdegradedbytherelegationofmost
departmentsofittotheservileclass，abovewhomthefreeartisanswerebutlittleelevatedingeneralesteem。Theproducers
beingthusforthemostpartdestituteofintellectualcultivationandexcludedfromanyshareincivicideas，interests，or
efforts，wereunfittedincharacteraswellasbypositionforthehabitsofskilfulcombinationandvigorousinitiationwhich
theprogressofindustrydemands。Tothismustbeaddedthatthecomparativeinsecurityoflifeandpropertyarisingoutof
militaryhabits，andtheconsequentriskswhichattendedaccumulation，weregraveobstructionstotheformationoflarge
capitals，andtotheestablishmentofaneffectivesystemofcredit。Thesecausesconspiredwiththeundevelopedstateof
knowledgeandofsocialrelationsingivingtotheeconomiclifeoftheancientsthelimitationandmonotonywhichcontrast
sostronglywiththeinexhaustibleresource，theceaselessexpansion，andthethousandfoldvarietyofthesameactivitiesin
themodernworld。Itis，ofcourse，absurdtoexpectincompatiblequalitiesinanysocialsystem;eachsystemmustbe
estimatedaccordingtotheworkithastodo。Nowthehistoricalvocationoftheancientcivilisationwastobeaccomplished，
notthroughindustry，butthroughwar，whichwasintheendtocreateaconditionofthingsadmittingofitsownelimination
andofthefoundationofaregimebasedonpacificactivity。
THEGREEKS
Thisofficewas，however，reservedforRome，asthefinalresultofhersystemofconquest;themilitaryactivityofGreece，
thoughcontinuous，wasincoherentandsterile，exceptinthedefenceagainstPersia，anddidnotissueintheaccomplishment
ofanysuchsocialmission。Itwas，doubtless，theinadequacyofthewarriorlife，undertheseconditions，toabsorbthe
facultiesoftherace，thatthrewtheenergiesofitsmosteminentmembersintothechannelofintellectualactivity，and
producedasingularlyrapidevolutionoftheaesthetic，philosophic，andscientificgermstransmittedbythetheocratic
societies。
IntheWorksandDaysofHesiod，wefindanorderofthinkingintheeconomicsphereverysimilartothatofthe
theocracies。Witharecognitionofthedivinedisposingpower，andtraditionalrulesofsacerdotalorigin，iscombined
practicalsagacityembodiedinpreceptorproverbialsaying。Butthedevelopmentofabstractthought，beginningfromthe
timeofThales，soongivestoGreekcultureitscharacteristicform，andmarksanewepochintheintellectualhistoryof
mankind。
Themovementwasnowbegun，destinedtomouldthewholefutureofhumanity，which，graduallysappingtheoldhereditary
structureoftheologicalconvictions，tendedtothesubstitutionofrationaltheoriesineverydepartmentofspeculation。The
eminentGreekthinkers，whiletakingadeepinterestintheriseofpositivescience，andmostofthemstudyingtheonly
science——thatofgeometry——thenassumingitsdefinitivecharacter，wereledbythesocialexigencieswhichalways
powerfullyaffectgreatmindstostudywithspecialcarethenatureofmanandtheconditionsofhisexistenceinsociety。
Thesestudieswereindeedessentiallypremature;alongdevelopmentoftheinorganicandvitalscienceswasnecessary
beforesociologyormoralscouldattaintheirnormalconstitution。ButbytheirprosecutionamongsttheGreeksanoble
intellectualactivitywaskeptalive，andmanyofthosepartiallightsobtainedforwhichmankindcannotaffordtowait。
Economicinquiries，alongwithothers，tendedtowardsrationality;Plutuswasdethroned，andterrestrialsubstitutedfor
supernaturalagencies。Butsuchinquiries，restingonnosufficientlylargebasisofpracticallife，couldnotattainany
considerableresults。Themilitaryconstitutionofsociety，andtheexistenceofslavery，whichwasrelatedtoit，leading，aswe
haveseen，toalowestimateofproductiveindustry，turnedawaythehabitualattentionofthinkersfromthatdomain。Onthe
otherhand，theabsorptionofcitizensinthelifeofthestate，andtheirpre—occupationwithpartystruggles，broughtquestions
relatingtopolitics，properlysocalled，intospecialprominence。Theprincipalwritersonsocialsubjectsarethereforealmost
exclusivelyoccupiedwiththeexaminationandcomparisonofpoliticalconstitutions，andwiththesearchaftertheeducation
bestadaptedtotrainthecitizenforpublicfunctions。Andwefind，accordingly，inthemnosystematicoradequatehandling
ofeconomicquestionsonlysomehappyideasandstrikingpartialanticipationsoflaterresearch。
Intheirthinkingonsuchquestions，asonallsociologicalsubjects，thefollowinggeneralfeaturesareobservable。
1。Theindividualisconceivedassubordinatedtothestate，throughwhichalonehisnaturecanbedevelopedandcompleted，
andtothemaintenanceandserviceofwhichallhiseffortsmustbedirected。Thegreataimofallpoliticalthoughtisthe
formationofgoodcitizens;everysocialquestionisstudiedprimarilyfromtheethicalandeducationalpointofview。The
citizenisnotregardedasaproducer，butonlyasapossessor，ofmaterialwealth;andthiswealthisnotesteemedforitsown
sakeorfortheenjoymentsitprocures，butforthehighermoralandpublicaimstowhichitmaybemadesubservient。
2。Thestate，therefore，claimsandexercisesacontrollingandregulatingauthorityovereverysphereofsociallife，including
theeconomic，inordertobringindividualactionintoharmonywiththegoodofthewhole。
3。Withthesefundamentalnotionsiscombinedatendencytoattributetoinstitutionsandtolegislationanunlimitedefficacy，
asifsocietyhadnospontaneoustendencies，butwouldobeyanyexternalimpulse，ifimpresseduponitwithsufficientforce
andcontinuity。
Everyeminentsocialspeculatorhadhisidealstate，whichapproximatedtoordivergedfromtheactualorpossible，
accordingtothedegreeinwhichasenseofrealityandapositivehabitofthinkingcharacterisedtheauthor。
ThemostcelebratedoftheseidealsystemsisthatofPlato。Inittheideaofthesubordinationoftheindividualtothestate
appearsinitsmostextremeform。Withinthatclassofthecitizensofhisrepublicwhorepresentthehighesttypeoflife，
communityofpropertyandofwivesisestablished，asthemosteffectivemeansofsuppressingthesenseofprivateinterest，
andconsecratingtheindividualentirelytothepublicservice。Itcannotperhapsbetrulysaidthathisschemewasincapableof
realisationinanancientcommunityfavourablysituatedforthepurpose。Butitwouldsoonbebrokentopiecesbytheforces
whichwouldbedevelopedinanindustrialsociety。Ithas，however，beenthefruitfulparentofmodernUtopias，specially
attractiveasitistomindsinwhichtheliteraryinstinctisstrongerthanthescientificjudgment，inconsequenceofthe
freshnessandbrilliancyofPlato’sexpositionandtheunrivalledcharmofhisstyle。Mixedwithwhatweshouldcallthe
chimericalideasofhiswork，therearemanystrikingandelevatedmoralconceptions，and，whatismoretoourpresent
purpose，somejusteconomicanalyses。Inparticular，hegivesacorrectaccountofthedivisionandcombinationof
employments，astheynaturallyariseinsociety。Thefoundationofthesocialorganizationhetraces，perhaps，tooexclusively
toeconomicgrounds，notgivingsufficientweighttothedisinterestedsocialimpulsesinmenwhichtendtodrawandbind
themtogether。Butheexplainsclearlyhowthedifferentwantsandcapacitiesofindividualsdemandandgiverisetomutual
services，andhow，bytherestrictionofeachtothesortofoccupationtowhich，byhisposition，abilities，andtraining，heis
bestadapted，everythingneedfulforthewholeismoreeasilyandbetterproducedoreffected。Inthespiritofalltheancient
legislatorshedesiresaself—sufficingstate，protectedfromunnecessarycontactswithforeignpopulations，whichmighttend
tobreakdownitsinternalorganisationortodeterioratethenationalcharacter。Hencehediscountenancesforeigntrade，and
withthisviewremoveshisidealcitytosomedistancefromthesea。Thelimitsofitsterritoryarerigidlyfixed，andthe
populationisrestrictedbytheprohibitionofearlymarriages，bytheexposureofinfants，andbythemaintenanceofa
determinatenumberofindividuallotsoflandinthehandsofthecitizenswhocultivatethesoil。Theseprecautionsare
inspiredmorebypoliticalandmoralmotivesthanbythe%Malthusianfearoffailureofsubsistence。Platoaims，asfaras
possible，atequalityofpropertyamongstthefamiliesofthecommunitywhichareengagedintheimmediateprosecutionof
industry。Thislastclass，asdistinguishedfromthegoverningandmilitaryclasses，heholds，accordingtothespiritofhisage，
inbutlittleesteem;heregardstheirhabitualoccupationsastendingtothedegradationofthemindandtheenfeeblementof
thebody，andrenderingthosewhofollowthemunfitforthehigherdutiesofmenandcitizens。Thelowestformsoflabour
hewouldcommittoforeignersandslaves。Again，inthespiritofancienttheory，hewishes（Legg。，v。12）tobanishthe
preciousmetals，asfaraspracticable，fromuseininternalcommerce，andforbidsthelendingofmoneyoninterest，leaving
indeedtothefreewillofthedebtoreventherepaymentofthecapitaloftheloan。Alleconomicdealingshesubjectstoactive
controlonthepartoftheGovernment，notmerelytopreventviolenceandfraud，buttocheckthegrowthofluxurious
habits，andsecuretothepopulationofthestateaduesupplyofthenecessariesandcomfortsoflife。
ContrastedwiththeexaggeratedidealismofPlatoisthesomewhatlimitedbuteminentlypracticalgeniusofXenophon。In
himthemanofactionpredominates，buthehasalsoalargeelementofthespeculativetendencyandtalentoftheGreek。His
treatiseentitledOeconomicusiswellworthreadingfortheinterestingandanimatedpictureitpresentsofsomeaspectsof
contemporarylife，andisjustlypraisedbySismondiforthespiritofmildphilanthropyandtenderpietywhichbreathes
throughit。Butitscarcelypassesbeyondtheboundsofdomesticeconomy，thoughwithinthatlimititsauthorexhibitsmuch
soundsenseandsagacity。Hispreceptsforthejudiciousconductofprivatepropertydonotconcernushere，norhiswise
suggestionsforthegovernmentofthefamilyanditsdependents。Yetitisinthisnarrowersphereandingeneralinthe
concretedomainthathischiefexcellencelies;toeconomicsintheirwideraspectshedoesnotcontributemuch。Heshares
theordinarypreferenceofhisfellow—countrymenforagricultureoverotheremployments，andis，indeed，enthusiasticinhis
praisesofitaspromotingpatrioticandreligiousfeelingandarespectforproperty，asfurnishingthebestpreparationfor
militarylife，andasleavingsufficienttimeandthoughtdisposabletoadmitofconsiderableintellectualandpoliticalactivity。
YethispracticalsenseleadshimtoattributegreaterimportancethanmostotherGreekwriterstomanufactures，andstill
moretotrade，toentermorelargelyonquestionsrelatingtotheirconditionsanddevelopment，andtobespeakforthemthe
countenanceandprotectionofthestate。Thoughhisviewsonthenatureofmoneyarevague，andinsomerespects
erroneous，heseesthatitsexportinexchangeforcommoditieswillnotimpoverishthecommunity。Healsoinsistsonthe
necessity，withaviewtoaflourishingcommercewithothercountries，ofpeace，ofacourteousandrespectfultreatmentof
foreigntraders，andofapromptandequitabledecisionoftheirlegalsuits。Theinstitutionofslaveryheofcourserecognises
anddoesnotdisapprove;heevenrecommends，fortheincreaseoftheAtticrevenues，thehiringoutofslavesbythestatefor
labourinthemines，afterbrandingthemtopreventtheirescape，thenumberofslavesbeingconstantlyincreasedbyfresh
purchasesoutofthegainsoftheenterprise。（DeVect。，3，4。）
