TABLE OF CONTENTS.

BOOK I.-DEFINITIONS.

CHAPTER I.-Character of the Science. — Distinguished from politics, 1.

-The economical circle, 2.-Man's wants and nature's supply being

constant, political economy a positive science, 3. — How far affected

by legislation, 4.-Prejudices which retard its progress, 5.

CHAPTER II.-Definition of Wealth. - Includes all articles of value, and

nothing else, 7.

CHAPTER III.-Definition of Value.

Objects of human desire, obtained

by human effort, have value, and none else. Value is power in

exchange, and nothing else,

Bastiat, 9.

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Illustrations, chiefly from F.

CHAPTER IV.-Distinction between Value and Utility. — One of kind,

and not of degree, 14.—Material wealth assumed to be a good, 15.

-Nature gives value to nothing, 16.

CHAPTER V.-Definition of Labor.- Services of slaves not labor, 18.

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CHAPTER VI. - Definition of Capital. The labor of the past, 19.

Growth of capital illustrated, 20.

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CHAPTER VII.- Relation of Capital and Labor. Should be competi-

tors, not antagonists, 21.- Results of their hostility in France, 22.

CHAPTER VIII. — General Division of the Science. - Production, ex-

change, 22. Distribution, consumption, 23.

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BOOK II.- PRODUCTION.

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CHAPTER I.-Forms of Production. · Transmutation chiefly work of

agriculturist, 24. Agriculture supplies men and materials for

other industries, 25. — Includes mining and fisheries, 26. — Trans-

formation chiefly work of manufacturer, 26. — Distribution of manu-

factures, not so generally as agriculture, governed by the industrial

genius of peoples, 27.-By territorial advantages; by great acci-

dents, 28.- Manufacturers employ fewer laborers, but greater

machine power, 29.- Transportation chiefly work of merchant, 29.

-Where does the chemist belong? this division arbitrary; their

forms generally united, 30.

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CHAPTER II.-Conditions of the Highest Production.— Division of

labor; co-operation of capital; economic culture, 31.

CHAPTER III. —Division of Labor. Illustrated; does this saving of

time promote indolence? 32.-How far carried in fact? 33.

CHAPTER IV.—The Advantages of Division of Labor.-Increased dex-

terity; better knowledge of business, 34.-Time saved in tran-

sition; invention facilitated, as in American manufactures, 35.-

Individual abilities adapted to work; the weakest employed, 36.

-Power of capital increased; manufactures concentrated; profits

reduced, 37. — Apprenticeship shortened, 38.—Social development

facilitated, and influence of laboring classes increased, 39.

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CHAPTER V.-The Limitations to the Division of Labor. When the

operation can no longer be subdivided; when interested personal

supervision fails; when the operations cannot be sufficiently local-

ized, 40.—By the necessities of the seasons; for example, agricul-

ture, 41.- Hence tendency of agricultural products to rise in price;

division of labor applied to sciences and professions, 42. — Special-

ties recommended, 43.

CHAPTER VI.—The Disadvantages of Division of Labor.—Tends to
enervate the laborer, 43.—This may be avoided, 44.-Lesson of
the recent war; tends to cramp and enfeeble the mind; this com-
pensated, in part, by the greater communicativeness, 45. — By the
intimate connection of mental faculties, and by opportunities outside

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of labor for culture, 46.—Tends to lower average of health, shorten

life, and diminish reproduction, 47.-Table showing average of life

in different occupations; inaccuracies in vital statistics, 48.- Check-

ing propagation in cities not an evil; lessens the number doing

business for themselves; relation of this to the formation of character,

49.-To the fairness of remuneration; to steadiness of employ-

ment, 50.—The last disadvantage being removed by the mutual
system in trade, insurance, fisheries, &c., 52.

CHAPTER VII. - The Division of Labor (concluded).- Balance of re-

sults in favor of extension of the principle, 53. -The mercantile

theory, 54.

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CHAPTER VIII. - The Co-operation of Capital. Capital is wealth

employed in reproduction, 55. — Distinction between capital and

wealth; capital comes from savings of labor, 56.-Fixed and cir-

culating, 57.

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CHAPTER IX.- - The Co-operation of Capital (continued). — No unpro-

ductive capital, 58.

CHAPTER X.-The Co-operation of Capital (continued). — The union

of capital and labor effective when in just proportions; labor to

decide the amount, 60. That amount varies in different coun-

tries, 61. What in United States? 62.-In Great Britain? why

Ireland is so depressed, 63. Can there be a surplus of capital?

lesson from Genoa and Venice, 64. — Capital checked by luxury, 65.

-Emigration of capital, 66.

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CHAPTER XI. — The Co-operation of Capital (concluded). — Its union

with labor effective, again, when each is sure of its reward; injustice

the death of industry, 66.—Warning from France, 67. - From

Spanish conquests; from Asia; again, when capital is well distribu-

ted, 68. Limits to its aggregation; American error in regard to

corporations; again, when there is freedom of industry, 69.- Mis-

chief of multiplied restrictions; work of politician impertinent, 70.

CHAPTER XII.-Economic Culture. Is the distinction between pro-

ductive and unproductive labor real? Adam Smith's list of unpro-

ductive laborers, 71.-All labor productive, 72.-Examples, 73.

-Economic culture concerned with secondary influences of produc-

tion, the rebound from consumption, 74. — Here production touches

consumption, 75.

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BOOK III. -EXCHANGE.

PART I.-TRADE.

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CHAPTER I.-The Principle of Trade. - Arises from division of labor;

illustrated by savage life, 77.-Divided as domestic, carrying, and

foreign, 78. Its amount governed by surplus production, 79.-

Those trade most together whose productions differ; kind of pro-

ducts determined by soil, 80. — Climate, social condition, ethnical

peculiarities; territorial division of labor, 81.- Has few limitations

and no disadvantages, 82.-General principles of trade are neces-

sity of surplus, community of interests; that community often in-

dependent of direct exchange, 83.-Largest production and best

distribution effected by territorial division of labor; international

unity secured; wars diminished in number, malignity, and dura-

tion, 84.

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CHAPTER II. · Obstructions to Trade. - May be regarded as protection

to local industry; protection from physical obstructions, 85.—

Measured chiefly by bulk and weight; diminished by improved

transportation, 86. But never annihilated, 87.- Protection from

social obstructions; illustrated by American civil war, 88.-Legal

protection; this of three kinds, — prohibition, bounties, imposts, 89.

Only necessary to discuss the last, 90.

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CHAPTER III. -Protection. May be for four causes, revenue, to

encourage home production, to support capital already enlisted,

to secure commercial independence; for revenue, considered; a

species of taxation, 90.- Should be governed by what shall be

decided in regard to protection; to encourage home production,

considered; the battle-field of protection; two propositions, 91.-

Reducible to one, i.e. man's economic desires need government by

law; that, false, 92. Illustrated by American manufacture of iron;

best example, for six reasons stated; yet we do not produce success-

fully; why? not for want of knowledge, 93.-Nor of capital:

business creates its own; nor of facilities and material, 94. — Im-

portance of juxtaposition; example from India; nor of natural

protection; why, then? we can do better; superior profitableness of

agriculture, 95.-Yet protection was applied, 96.-Effect? iron

produced; a great loss to general production, 97.- Wasteful ex-

periments, 98.-Excluded country suffers less than the protected,