Sir James Steuart on the origins of the exchange economy

Jose Menudo ()

No 14.08, Working Papers from Universidad Pablo de Olavide, Department of Economics

Abstract: This paper examines James Steuart’s explanation of the emergence of the exchange economy. An initial hypothesis holds the decisive influence of a plan designed and implemented by merchants. Our proposal evokes the importance, acknowledged by Steuart, of the construction of institutions, involving designs aimed at achieving self-interest purposes. It is argued that “commercial” subordination explains how individuals become dependent on a new institutional organisation. Finally, we conclude that Political Œconomy is a science of the artificial that seeks to understand the functioning of non-natural mechanisms and to create instruments that the statesman adapts to the needs and of objectives individuals..

Keywords: James Steuart; development; institutions; subordination; economic system. (search for similar items in EconPapers)
JEL-codes: J24 J31 J41 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2014-09
New Economics Papers: this item is included in nep-his and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:pab:wpaper:14.08

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