POLITICAL ECONOMY. 



POLITICAL ECONOMY. 



scarce of the public revenue, being from 20 to 80 par cent, on the 

 m 



In Italy, Antonio Btndini of Sien had asserted the fundamental 

 principle of the " Economists*," long before Quesnay, in a work which 

 however was not published till 1776. Bndini wrote hi. Dnoono 

 Econonueo' in 1737. with riew of drawing the attention of the 

 Tuscan government to the desolate condition of that vart tract of 

 country called the Maretuma of Siena. Bandini advocated freedom of 

 trade in agricultural produce, and recommended the removal of all 

 rtt rictions npoo importation and exportation; he urged the ex- 

 pediency of giving to the cultivator* of the soil an interest in the land, 

 by the grant of long leases; and laatly he recommended the removal of 

 the numeroua vexation* taxes, and the substitution of a single tax 

 uinrn land, not excepting ecclesiastic*] and other privileged property. 

 A MS. copy of Banditti's book was presented to the grand-duke Francis 

 of Lorraine, who however, being soon after elected emperor of Germany, 

 and having removed to Vienna, could not attend to the affiurs of the 

 Maremma. But his son Leopold, on coming to the government of 

 Tuscany, consulted Bandini'* work, and put into execution the plan 

 therein proposed. The Maremma of Siena assumed a new life, and 

 its population nearly trebled in the course of half a century. 



Antonio Broggia of Naples, a merchant by profession, wrote a treatise 

 oo taxation, ' Sul Tributi,' in which he admits that there are three 

 source* of wealth, agriculture, handicraft or manufactures, and com- 

 merce, lie does not consider the tax on land as the only legitimate 

 tax, but proposes three sorts of taxation, land-tax, customs, and gabelle 

 or excise. He says that in a great commercial country the customs 

 and excise, or indirect tax, ought to be preferred, but in an agricultural 

 country like Naples the tax on land must be the principal source of 

 revenue. He condemns taxes on capital and persons, licences and 

 patents, horses and agricultural implements, as detrimental to industry, 

 as well as the government monopolies of salt, tobacco, to. The author, 

 who belonged to the mercantile school, falls into the error of that 

 school, in wishing to sell as much as possible to foreigners, and buy as 

 little as possible from them. 



Ferdinando Oaliani also, of Naples, ranks among the most distin- 

 tinguished writers on political economy in the last century. While at 

 Paris, he wrote in French a book on the corn-trade, ' Dialogues sur le 

 Commerce des Bles,' in which he took a middle course between those 

 who advocated an unrestricted trade in corn, and those who wished it 

 to be subject to permanent restrictions. Galiaui contends that no uni- 

 versal system can be established on that important subject, and that 

 the laws concerning the trade in corn must vary according to the 

 situation of individual states, the nature and cultivation of their re- 

 spective soils, and also their political institutions and relations to other 

 countries. Oaliani also wrote, in Italian, a work on money, ' Delia 

 Moneta,' published in 1750, which is reckoned one of the best on this 

 subject. Taking an enlarged view, he investigated the nature of the 

 value of things, which he said was the result of various circumstances, 

 namely, their scarcity, utility, the quantity and quality of the labour 

 required for their production, and also the time. He extends his 

 investigations to the value of men's abilities, which are to be esti- 

 mated not only according to their rarity, but also according to the 

 time required for their coming to maturity, and the difficulties en- 

 countered before they can attain a station favourable to their develop- 

 ment. This is a position analagous to that afterwards stated by Adam 

 Smith (b. L, ch. 10), " that the wages of labour vary with the easiness 

 and cheapness or the difficulty and expense of learning a business." It 

 requires more time and expense to form a physician, or a statesman, 

 or a divine, than a common labourer, and therefore the latter has less 

 value than the former. Qaliani combats the received opinion of his 

 time, that high prices were a sign of distress. He also contended that 

 the precious metals were to be considered as merchandise. Oaliani 

 may be considered as a reformer of the old mercantile system. 

 [OAUAXI, in Bioo. DIY.] 



Oian Francesco Pagnini, born at Volterra in 1715, published in 1751 

 dissertation ' Sopra U giusto Pregio delle Cose,' or the just value of 

 things, and in 1764 a ' History of the Commerce of Florence,' with a 

 digression on the value of gold and silver, and its proportion to the 

 prices of other things in the 14th and 15th centuries, compared with 

 those in the 18th century. Both works contain sound opinions and 

 interesting facts. Pompeo Neri of Florence wrote, in 1751 , ' Osserva- 

 noni sopra U Prezzo legate dello Monete,' a work of considerable 

 merit. 



Oian Rinaldo Carli, born at Capo d'Istria in 1720, ranks with Oaliani 

 as one of tile most distinguished Italian political economists. He 

 wrote an elaborate work on coin and currency, and on the mints of 

 Italy : ' Delle Monete e della Irtitu/.ione delli Zecche d'ltalia,' 8 vols. 

 4to., 1754-60, in which he completely exhausted the subject 

 also wrote ' Ragionamento sopra i Bilanci Economic! delle Nozioni," in 

 which he combated the fallacy prevalent in his time about the balance 

 of trade. He also dismissed the subject of the corn-trade in a letter 

 addressed to Pompeo Neri, in 1771.' Sul Libero Commerciu .1. 

 in which he agreed with Oaliani in denying the wisdom of a general prin- 

 ciple of unrestricted freedom of trade in corn, which he thought ought 

 to be modified according to local circumstances, because he considered 

 the supply of corn as a subject dwply connected with administrative 

 ]>olicy, and not a mere commercial question. Carli had a powerful 



mind, uninfluenced by 'popular opinions or prevalent systems. Other 

 particulars concerning this distinguished writer are given under CARLI, 

 in Bioo. Div. 



Antonio Oenovesi, born in 1712, at Castiglione near Salerno, became 

 professor of the new chair " of commerce and mechanics," founded at 

 Naples in 17S5, by Bartolommeo Intiesi, a wealthy Florentine merchant 

 of that city. Oeooveai published his lectures under the ti 

 ' Lezioni di Economia Civile,' in 1768. Qenovesi took a middle course 

 between the mercantile system and that of the " Economistes." He 

 reckoned three sources of wealth, agriculture, arts, and commerce. 

 He extols agriculture as an ample and perennial spring of public 

 wealth, but he also appreciates commerce and manufactures as the 

 causes of an increase of production. With regard to commerce, he 

 adopts the restrictive system of the mercantile school as to f. 

 goods, whilst he agrees with the " Economistes " as to the freedom of 

 trade in corn, and of internal trade in general, as well as with respect 

 to the interest of money. He inculcates the principle that l.il>our con- 

 stitutes the capital of nations as well ss of families. But he did not 

 fall into the vulgar error of considering whole classes of society as 

 unproductive because they are not employed in manual labour, such as 

 men of science, scholars, lawyers, soldiers, magistrates, and others. 

 Qenovesi wrote also other treatises on political economy, which he 

 succeeded in rendering popular in his own country. 



The other Italian political economists of the 18th century ore : 1. 

 Francesco Algarotti of Venice, born in 1712, who wrote ' Saggio mil 

 Commercio,' in which he extols commerce as the source of wealth and 

 power, and he quotes the example of England. He also wrote a few 

 short suggestions on the advantages which might be derived from 

 Africa, in a commercial point of view, by the nations of Europe : ' Sull;i 

 Preferenza dell* Africa in confronto dell' Asia e dell' America, rapporto 

 all' Industrie e do! Commercio degli Europe!.' 2. Antonio Z.. 

 I/ dine in the Venetian territory, born in 1696, a merchant by profes- 

 ion, wrote letters on agriculture, commerce, and manufactures, which 

 he encouraged also by his exertions. He was a man of a liberal 

 and a true philanthropist. 3. Ceeare Beccoria of Milan wrote lectures 

 on political economy, in which he expounded, among other things, the 

 advantages of the division of labour, and he investigated the relations 

 of wages and labour, and the nature of productive capitals. With 

 regard to the corn-trade, he agreed with Carli and Galiani in not ad- 

 vising any general system. He considered large masses of property as 

 more advantageous to a country than small subdivisions. In general, 

 Beccaria may be considered as belonging to the school of the " I 

 atistee." [BECCARIA, CESARE BONESANA, in Bioo. Div.] 4. PietroVcrri, 

 born at Milan in 1727, the intimate friend of Beccaria, although be 

 differed from him on several points of political economy, wrote ' Me- 

 morie siill' Economia Pubblica dello Stato di Milano,' in which lie 

 shows the decline of that country during the two centuries of S]>anisli 

 dominion, and ascribes it to the ignorance of its rulers and the absurdity 

 of the laws. He wrote also ' Riflessioni sulle Leggi Vincolatiti, prin- 

 cipolmente sul Commercio dei Grani,' in which he advocated the prin- 

 ciple of absolute liberty. Lastly, he wrote ' Meditazioni stuT Kconc.mi i 

 Politica,' which were published in 1771, and have been translated into 

 several languages. It is on elementary but useful book. S. !' i.li 

 nondo Paoletti, born in 1717, near Florence, wrote, in 1769, ' Pensieri 

 sopra I'Agricoltura,' and, in 1772, ' Veri Mezzi di rendere felici le So- 

 cieta,' in which he advocated freedom of trade. 6. Oian Battista Vasco, 

 born at Mondovi in Piedmont, in 1733, wrote ' Saggio Politico sulla 

 Moneta,' 1772, in which he treats of various questions of political 

 economy. He afterwards wrote, in French, ' Mcmoire sur lea Causes 

 de la Mendicitd et sur les Moyens de la supprimer,' which he sent to 

 the Academy of Valence in Dauphine 1 , in 1788. His other works were 

 ' Sulla Felicita Publica considerate nei Coltivatori di Terre proprie ; ' 

 and ' L'Usura libera." 7. Giammaria Ortes, born at Venice in 1713, 

 wrote a work entitled ' Dell' Economia Nazionale,' libri sei, 1771, which 

 however remained unknown except to a few friends of the author, until 

 Custodi inserted it in his great collection of the Italian economists. 

 His views were original, and he belonged to none of the schools already 

 established. He lays it down as a fundamental principle that the 

 capital of a nation is always in proportion to the population, and that 

 the only difference is in its distribution. If a portion of the population 

 becomes richer, it can only be by impoverishing the rest As a con- 

 sequence of this principle, he asserts that all endeavours to increase 

 industry with a view to increase the national wealth are futile. But 

 he supports also the principle of freedom of trade between nations, 

 because, he says, n has its own capital, which cannot be 



diminished nor increased by exchange. Ortes wrote also ' Riflessioni 

 sulla Popolazione per rapporto all' Economia Nazionale,' 17'.'", in 

 which he stated several positions which have been since developed by 

 Malthus, such as that population increases in proportion to the increase 

 of production ; that population does not always increase with the in- 

 crease of marriage*, Ac. ,\ Kilipjio Briganti, a native of Naples, pub- 

 lished, in 1780, ' Eaame Kconomico del Sistema Civile,' in which he 

 refutes the theories of Mnbly, Rousseau, and Linguet, who asserted 

 that the state of society, and civilisation, commerce, and wealth, were 

 the origin of all the evils with which man is afflicted. 0. Oaetnno 

 Filangieri, born at Naples in 1752, is known by his work on legislation, 

 the second volume of which tro.it* of political economy. He belonged 

 to the school of the French economists, but he was not a servile 



