Chapter V: Axioms for Jugernathians

_Axiom._ _Action of Free-Trade._

(1.) The object of political Free trade attaches more
economy is to increase importance to consumption than
the wealth and power to productive industries.
of a country.[3]

(2.) The riches or power of
a country is in proportion
to its produce.[3]

(3.) _Industries_, or the produce Free trade destroys the sources
of the land and labour, of employing productive
are the REAL WEALTH labour.
of the country.[3]

(4.) The requisites of production
are Labour,
Capital and Land.[4]

(5.) Parsimony, not industry, Free trade promotes consumption
is the immediate source rather than parsimony.
of increase of capital.[3]

(6.) Capital is wealth appropriated Free trade is rapidly driving
to reproductive capital to Protectionist
employment.[4] countries.

(7.) Industries are limited by
capital, and cannot be
created without capital.[5]

(8.) Increase of capital gives
employment to labour
without assignable
limits.[5]

(9.) Productive labour is Free trade makes labour
labour employed to produce unproductive
a profit.[6]

(10.) Emigration of productive Free trade encourages the
labour is loss of capital. immigration of productive
The Minister of War labour to Protectionist
in France asserts that countries.
every individual transported
to Algeria costs
the State 8,000 francs.

(11.) Industries carried on
without profit, cause loss
of capital and credit.

(12.) It is demand only that Free trade prefers consumption
causes labour and its to demand.
produce to be wealth.[6]

(13.) To purchase produce is Free trade purchases produce
not to employ labour.[5] instead of employing labour.

(14.) Capital employed on
Foreign trade is less
advantageously employed
for society than on
Home trade.[7]

(In extreme cases Adam Smith Free trade encourages Foreign
shows that capital might be and Carrying trade, rather
twenty-four times more than Home trade.
advantageously employed on
_Home_ than on _Foreign_
trade.)

(15.) Carrying trade is less
advantageous than either
Foreign or Home trade.[7]

(16.) Interest on capital is
natural, lawful, and
consistent with the
general good.[8]

(17.) A struggle between Free trade leaders encourage a
capital and labour is the struggle between Labour and
greatest evil that can be Capital, between Landlord and
inflicted on society.[8] Tenant.

(18.) Land let out for profit
is the capital of the
landlord.[9]

(19.) The capital of the employers Free trade destroys the capital
forms the revenue of the employer.
of the labourer.[10]

(20.) Nothing can be more Free trade leaders raise this
fatal than the cry cry against the capitalist
against capital, so often landlord.
unthinkingly uttered.[9]

(21.) Rent does not affect the
price of agricultural
produce.[9]

(22.) It is to the interest of Mr. Bright says, that rich
the labourer that there landlord capitalists are the
should be as many rich squanderers of national
men as possible to compete wealth.
for his labour.[9]

(23.) Agriculture is the most Free trade has destroyed
advantageous employment agriculture in England and
of capital.[11] Ireland.

(24.) No equal capital puts in
motion a greater quantity
of productive labour
than that of the
farmer.[11]

(25.) Cultivated land is more Free trade leaders urge the
advantageous than pasture.[11] substitution of pasture for
(It has been computed wheat cultivation in England.
that wheat cultivation
per acre, compared
with pasture land,
produces eight times the
quantity of human food,
and employs three times
the amount of labour.)

(26.) The interests of the agricultural
and manufacturing
classes are inseparably
connected with
those of the whole community.

(27.) Credit when sound is Free trade is destroying credit
capital.[12] by causing industries to work
at a loss.
(28.) Credit, when it exceeds
the present value of future
profits, is unsound.

(29.) Credit is the anticipation
of future profit.[12]

(30.) Money is the accumulation
of past profits.

(31.) Activity of commerce is Free trade causes the commerce
not necessarily an indication of Great Britain to be one of
of prosperity. consumption rather than
production, and consequently
unhealthy.

(32.) The true Economist pursues Free trade, to avoid a small
a great future good present evil, risks a national
at the risk of a small disaster.
present evil.[13]

FOOTNOTES:

[3] Wealth of Nations, by Adam Smith.

[4] Political Economy, by J. S. Mill.

[5] Political Economy, by J. S. Mill.

[6] Political Economy, by H. D. Macleod.

[7] Wealth of Nations, by Adam Smith.

[8] Political Economy, by F. Bastiat.

[9] Political Economy, by H. D. Macleod.

[10] Political Economy, by J. S. Mill.

[11] Wealth of Nations, by Adam Smith.

[12] Political Economy, by H. D. Macleod.

[13] Political Economy, by F. Bastiat.