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POLITICAL ECONOMY

WITH ESPECIAL REFERENCE TO THE

INDUSTRIAL HISTORY OF NATIONS.

BY

ROBERT ELLIS THOMPSON, M.A.;

PROFESSOR OF SOCIAL SCIENCE IN THE UNIVERSITY OF PENNSYLVANIA,

AND MEMBER OF THE AMERICAN PHILOSOPHICAL SOCIETY.

“The true greatness of kingdoms and estates, and the means thereof, is an argu-
ment fit for great and mighty princes to have in their hand; to the end that neither
by overweasuring their forces, they lose themselves in vain enterprises, nor on the
other side, by undervaluing them, they descend to fearful and pusillanimous coun-
sels." - Lord Bacon.

PHILADELPHIA :

PORTER & COATE S.

Copyright by PORTER & COATES, 1875.

Copyright by PORTER & COATES, 1882.

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PREFACE.

This work forms a third and revised edition of the author's "Social Science and National Economy,” published in 1875, · and in a revised edition in the following year. The author retains his preference for the earlier title, but the general use of the term Political Economy to designate this science renders it desirable to make this change.

The author of this book has had a twofold purpose in its preparation, --first, to furnish a readable discussion of the subject for the use of those who wish to get some knowledge of it, but have neither the time nor the inclination to study elaborate or voluminous works; secondly, and more especially, to provide a text-book for those teachers-in colleges and elsewhere—who approve of our national policy as in the main the right one, and who wish to teach the principles on which it rests and the facts by which it is justified. Of course the book is not exactly what it would have been had either of these purposes been kept singly in view. Some explanations are given, which are here only because this is meant to be a textbook; there are discussions of a political kind, for instance, in the second chapter, whose presence is necessitated by the fact that no specific instruction in political philosophy is ordinarily given in our college courses, and the teacher of

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