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.

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

nothing else, 7.

CHAPTER III.- Definition of Value.

by human effort, have value, and

exchange, and nothing else, 8.

Bastiat, 9.

Objects of human desire, obtained

none else. Value is power in

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.

BOOK II. - PRODUCTION.

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Transmutation chiefly work of

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CHAPTER I.Forms of Production.

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

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.

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

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

theory, 54.

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.

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.

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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.

BOOK III. -EXCHANGE.

PART I.-TRADE.

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,

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99. Folly of anticipating agricultural glut; the natural growth of

manufactures, 100.

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CHAPTER IV.-Fallacies of the Protection Theory. That it is necessary

to protect infant manufacturers, 101. Answer, this protects good

and bad alike, and encourages the birth and growth of worthless

enterprises; the infant may cost more than the man will be worth;

example, beet-root sugar in France, 102.-That it will protect us

against the pauper labor of Europe; answer, this system started the

immigration, and has continued it, 104. That it raises the average

of profits, which is simply absurd, 105. —That manufacturing coun-

tries are, somehow, richer than agricultural; answer, they are older,

105. Besides, only those are richer which have taken to manufac-

tures by reason of natural adaptations, 106. - Manufactures, to a

certain extent, arise by natural protection in every country; to

attempt more than this is simply waste of power, 107.

necessary to develop our resources; answer, American labor has

always been fully occupied, and, when let alone, in the most profitable

business; it can do no more by force of law; our ores will not spoil

by waiting, 108.

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That it is

CHAPTER V.-Protection (continued).- Have discussed two reasons

given in chap. iii.; next, to support existing manufactures, on the

ground of justice; answer, not a question of economy; better, how-

ever, to pay outright for them than repeat and continue mistakes by

false legislation; allowing all the protectionist claims, protection is

an absurdity in American politics, 109. — Fourth reason, to secure

independence; answer, simple barbarism; rejoinder, it is necessary

to safety in war, 110.- Examined and found untrue, 111. - Final

claim of the protectionist, retaliation; found to be more injurious to

the protected than the excluded, 112.- French treaty of Mr. Cobden,

113. The natural industry of the United States is agriculture;

some sections would manufacture without protection, as they began

to do, 115. "Let us alone," the policy of trade, 115. Was the

original policy of New England; protection the disease of in-

dustry, 117.

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CHAPTER VI.- Balance of Trade.-The true state of trade cannot be

ascertained by inspection of official returns; the profit of exporta-

tion and importation generally make the difference between an adverse

or favorable trade; our foreign trade in 1863, 118.- Frauds at

Custom House sufficient to change the balance from one side to the

other, 120.