New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-04-03
NEW PUBLICATIONS.
POLITICAL ECONOMY.

survey OF Recent Legislation. BY W. CUSNINGHAM,
j.. d., University Lecturer and Chaplain OF lrlnk!
College, Cambridge. 16mo.. PIP. xvi, 271 Londou'
Kegan Paul, Trench Co.
Mr.. Cunningham does not admit the possibility OF
laying down theoretical economic sy sten, OF uni
versal application. The principles OF economies
having refercnre to the means, not the end. OF
human life and dealing with the conduct OF nations
rather than individuals, are necessarily empiricai
principles and cannot be proved without an appeal
to actual human experience. The historical method
therefore is the truc way to study them. But we
must always remember that they have no absolute
validity but the principles which are soul d Tor a
particular country or a particular time are not
necessarily sound for another country or another
time. Obviously since economic science Is essen
TALLY practical since it investigates not ABSTRACT
truths but only the means toward certain end IL
must undergo great changes as that end ltseii is
differently conceived and defined in different
civilizations. "The Importance attached to wealth
as factor IN national life hundred and hfty years
ago was quite different from that which is assigned
to 1t now and therefore the current doctrines as to
the means to be adopted in pursuing wealth were
quite different from those in vogue at present; and
the doctrines of Political Economy have changed.
not so much because the older economists were mis-
taken, as because the nation has changed its mind
in regard to the kinds OF wealth 1t wished lor anu
the reasons for which it wished for them Weset
new ends before ourselves as worthy our national
effort and therefore have to select new means
as the best for pursuing them" thus while DO
adheres TO the historical method the author is lar
from assuming that any economic method ought 10
be followed to-day merely because history shows
that it worked we'll in times past. On the contrary
if method worked well relatively to very diher-
emit social and political institutions. there must be
strong presumption that it would be unsuitable IN
the present condition of society" We must judge
methods with reference to the life OF the particular
community for which they are intended, TO the
prevailing ideas of national wealth. and to the
prevailing popular morality.
Having laid down these preliminaries, Mr..
Cunningham then proceeds to an inquiry into the
methods pursued in England under different
political and social institutions He distinguishes
three periods In the middle ages economic prin-
ciples we're determined by the rules of Christian
morality, and the ideas upon which economic legis-
aton was based were the ideas of the duties of man
70 man and of rulers to their subjects common at
that time to all Christendom clearly set forth IN the
Summa" of Thomas Aquinas, and reflected IN the
canon law, the influence of which upon secular
interests Mr.. Cunningham points out with much
care This part of his treatise is particularly fresh
and curious After the decay OF the medieval IN
dustral system there came an era of national policy
in economies, and of this era the reign OF James l.
furnishes q convenient early example. The prln-
ciple of nationality now replaced the principle of
code of duty common to united ChristendOm, and
with the principle of nationality came national
riyalries and jealousies. The end in view OF
Jacobean England then was no longer SIMPLE
progress. but progress relatively to that OF other
nations and this rivalry became the dominant
consideration in commercial policy 1t was the aim
of the State to regulate trade and industry in such
manner as to cripple other nations and enhance
l,,.1 ha
Powers; and this aim pursued not only by the
encouragement of individual enterprise but often
by the restriction of individual enterprise Various
causes among which were the development CT new
polltical theories the industrial changes conse-
quent upon the introduction OF machinery. and
not least-the loss of the American colonies, con-
tributed to the overthrow Of the national policy III
economies; and with the present century we enter
upon a third era, which may be called that Oh the
doctrine of aissr foire. This doctrine. which left
to the individual the utmost possible liberty, was
in harmony with the general course OF poiitical
thought, aud it seemed to adapt itself to the
changed estimate of the objects of economic
methods The pursuit of wealth for itself, rather
than the maintenance of relative national power
was the aim of the new school Golden insisted
upon free trade because he held that 1t would
enable the nations to cooperate in the pursuit OF
wealth. and if they co-operated there would be
more of it for each. Mr.. Cunningham however,
does not admit that the last word on this question
has been said:
While events have justified the predictions of the
IeaQuers as to the gain which would accrue 10
England from the abolition OF protective duties IL
NAV be doubted whether subsequent experience has
altogether confrried the wisdom of their principles.
National cooperation in the pursuit OF wealth can
only be logically maintained from cosmopolitan
standpoint: if want the worl,. TO be richer TINS
is the way to 10 it. But no single government is
mainly concerned in the enrichment OF the world.
own citizens whose voices assert themselves if
aliens are preferred. and from whose gains the taxes
that support government are derived C0pa zen
material wealth of the world were increased, each
nation would be better able to develop IN accord,
ance with its own genlus; but events have served
TO show that nation which has the start in the
race for wealth may discourage the full develop
ment OF the o. Stner ncesed N orcDg
them to produce materials instead Oh nanuiac-
turing them 1t is the sense OF this possible disad-
vantage that has rendered our coonists and foreign
countries unwilling to accept our policy OF national
cooperation in the pursuit OF wealth: the partial
Of the policy has lelt Us ood and any
materials and powerless to force market ior our
wares.
Coming now to economic principles for the
present day." Mr. Cunningham perceives that the
lasse Jaire doctrine has been partially discredted,
can at all events no longer be followed without
Numerous exceptions; and he inquiries upon what
law these exceptions are to be founded. 10 begin
with. our conception of national wealth has been
enlarged 1t comprises something more than the
aggregate of individual possessions. IL includes
physical resources producbe but not yet produced;
it includes situation, climate the vigor and skill
of the population, and many other things which
cannot be the objects of private possession.
National wealth, in word. consists of all physical
objects which may be used for sustaining and pro-
longing the national life And this being the case.
it is plain that any complete view OF it must take
In not merely the present but the future; our
interest IA not centred upon the mere increase of