Thread by @Hamiltonianist

#NowReading Outlines of American Political Economy (1827) by Friedrich List

I confine my exertions to the refutation of the theory of Adam Smith, and Co., the fundamental errors of which have not been understood so clearly as they ought to be. This theory furnishes to the opponents of the American system the intellectual means of their opposition.

It requires a mind of perfect independence to acknowledge that for so long a time we gave full credit to an erroneous system, particularly if that system is advocated by private interests.

Friedrich List

Smith teaches how an individual creates, increases, and consumes wealth in society with other individuals, and how the industry and wealth of mankind influence the industry and wealth of the individual. He forgot what the title of his book Wealth of Nations promised to treat.

Those who embrace the system of Adam Smith in its present imperfection leave their national interests to the direction of foreign nations and foreign laws because in a more perfect but entirely imaginary state of the human race, free trade would be beneficial to mankind.

They were a great people, in every respect in the way to become the first people on earth but they became weak and died—trusting in the infallibility of two books imported into the country, books the general failure of which was shortly afterwards acknowledged by every individual

As power secures wealth and wealth secures power, so are power and wealth, in equal parts, benefited by a harmonious state of agriculture, commerce, and manufactures, within the limits of the country. In the absence of this harmony, a nation is never powerful and wealthy.

Government has not only the right, but it is its duty, to promote every thing which may increase the wealth and power of the nation, if this object cannot be effected by individuals.

When 🇪🇸 was about to be invaded by 🇫🇷, Canning said it was against the law of nations for 🇬🇧 to interfere. He later asserted in Parliament that he played a trick upon 🇫🇷 by charging it with the occupation of 🇪🇸, to open an immense market for English manufactories in South America

The object is to gain productive and political power by means of exchange with other nations; or to prevent the depression of productive and political power, by restricting that exchange.

The more a nation is advanced in freedom, civilization, and industry in comparison with other nations, the more has it to fear by the loss of its independence, the stronger are its inducements to make all efforts to increase its political power by increasing its productive powers

We buy cheaper from foreign countries only for a few years, but for ages we buy dearer—we buy cheaper apparently if we estimate the prices in their present amount of money, but we buy incomparably dearer if we estimate the means wherewith we can buy in the future.