Search results

Though contemporaries, Adam Smith and Sir James Steuart are commonly portrayed as if they belonged to different eras. Whereas Smith went down in history as both founder of the science of political economy and patron saint of economic liberalism, Steuart became known as the last, outdated advocate for mercantilist policies in Britain. Smith himself was responsible for popularizing the notion of the “system of commerce” as an approach to political economy that dominated the early modern period. As a historiographical concept, the mercantile system became a misguided international trade theory grounded upon the Midas fallacy and the favorable balance of trade doctrine. Smith’s treatment of international trade in the Wealth of Nations, however, was criticized for its inconsistencies and lack of analytical clarity even by some among his own followers. Given Smith’s doubtful credentials as an international trade theorist, the chapter investigates the reasons that led him and Steuart to be placed on opposite sides of the mercantilist divide. The authors analyze the works of both authors in depth, showing that their disagreements had chiefly to do with different views on money and monetary policy. Additionally, the authors explore how early nineteenth-century writers such as Jean-Baptiste Say and J. R. McCulloch helped forge the intellectual profiles of both Steuart and Smith.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Seligman is an important and ironically somewhat neglected figure today in the history of American economic thought. However, an examination of his scholarly achievements reveals that he had a considerable impact on the development of professional economics in America and could count the most influential economists in Europe as personal friends and collaborators (Moss, 2003; Rutherford, 2004; Mehrotra, 2005). Asso and Fiorito (2006), in their introduction to Seligman's autobiography (1929) argue that ‘his personal influence as an academic economist, as a teacher and as a central figure in the dissemination of economic knowledge was second to none and perhaps more meaningful than any single work he wrote’ (p. 1). They also record (quoting his student, Alvin Johnson) that ‘with Seligman…American economics began to acquire a distinctive professional reputation, some very high scholarly standards and a sort of “moral magnificence”’ (p. 2). What this means is that through Seligman's work and guidance economics came to encompass a moral dimension that fed through into social policies, many of which were adopted by American legislatures. The major influences on his method included the German Historical School and a number of heterodox Continental writers that informed Seligman's in great Whig interpretation of the development of economics. He also engaged critically with the more abstract methods of contemporary economic analysis of the early twentieth century.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.