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This volume presents David Hume’s 1752 work, *Political Discourses*, which outlines his foundational principles of political economy. The text includes an autobiographical sketch by the author and an account of his death written by Adam Smith.

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Table of Contents

OF THE BALANCE OF TRADE.

What happens in small portions of mankind must take place in greater. The provinces of the Roman empire no doubt kept their balance with each other, and with Italy, independent of the legislature, as much as the several counties of Britain or the several parishes of each county. And any man who travels over Europe at this day may see by the prices of commodities that money, in spite of the absurd jealousy of princes and states, has brought itself nearly to a level, and that the difference between one kingdom and another is not greater in this respect than it is often between different provinces of the same kingdom. Men naturally flock to capital cities, seaports, and navigable rivers. There we find more men, more industry, more commodities, and consequently more money; but still the latter difference holds proportion with the former, and the level is preserved.​18

Our jealousy and our hatred of France are without bounds, and the former sentiment at least must be {p57} acknowledged very reasonable and well-grounded. These passions have occasioned innumerable barriers and obstructions upon commerce, where we are accused of being commonly the aggressors. But what have we gained by the bargain? We lost the French market for our woollen manufactures, and transferred the commerce of wine to Spain and Portugal, where we buy much worse liquor at a higher price. There are few Englishmen who would not think their country absolutely ruined were French wines sold in England so cheap and in such abundance as to supplant, in some measure, all ale and home-brewed liquors; but would we lay aside prejudice, it would not be difficult to prove that nothing could be more innocent, perhaps advantageous. Each new acre of vineyard planted in France, in order to supply England with wine, would make it requisite for the French to take the produce of an English acre, sown in wheat or barley, in order to subsist themselves; and it is evident that we have thereby got command of the better commodity.

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