Of these Essays, which were written in 1829 and1830, the fifth alone has been previously printed.The other four have hitherto remained in manuscript,because, during the temporary suspension of publicinterest in the species of discussion to which theybelong, there was no inducement to their publication.
They are now published (with a few merely verbalalterations) under the impression, that the controversiesexcited by Colonel Torrens' Budget have againcalled the attention of political economists to the discussionsof the abstract science: and from the additionalconsideration, that the first paper relates expresslyto the point upon which the question at issuebetween Colonel Torrens and his antagonists has principallyturned.
From that paper it will be seen that opinionsidentical in principle with those promulgated byColonel Torrens (there would probably be considerabledifference as to the extent of their practical application)have been held by the writer for more thanfifteen years: although he cannot claim to himself theoriginal conception, but only the elaboration, of thefundamental doctrine of the Essay.
A prejudice appears to exist in many quartersagainst the theory in question, on the supposition ofits being opposed to one of the most valuable resultsof modern political philosophy, the doctrine of Freedomof Trade between nation and nation. Theopinions now laid before the reader are presented ascorollaries necessarily following from the principlesupon which Free Trade itself rests. The writer hasalso been careful to point out, that from these opinionsno justification can be derived for any protectingduty, or other preference given to domestic overforeign industry. But in regard to those duties onforeign commodities which do not operate as protection,but are maintained solely for revenue, and whichdo not touch either the necessaries of life or thematerials and instruments of production, it is hisopinion that any relaxation of such duties, beyondwhat may be required by the interest of the revenueitself, should in general be made contingent upon theadoption of some corresponding degree of freedom oftrade with this country, by the nation from which thecommodities are imported.
ESSAY I.
Of the Laws of Interchange between Nations; and the Distributionof the Gains of Commerce among the Countriesof the Commercial World
ESSAY II.
Of the Influence of Consumption upon Production
ESSAY III.
On the Words Productive and Unproductive
ESSAY IV.
On Profits, and Interest
ESSAY V.
On the Definition of Political Economy; and on the Methodof Investigation proper to it