Thus wrote Malthus in his Principles of Political Economy (1820),2 and several times in this work he stresses ‘the general and powerful tendency of foreign commerce, to raise the value of the national income’, as it increases ‘immediately … the value of that part of the national revenue which consists of profits … and occasions [an] animated demand for labour, produce and capital’; ‘if from the time of Edward I we had had no foreign commerce, our revenue from the land alone would not have approached to what it is at present, and still less our revenue from trade and manufactures’, even ‘if the same ingenuity had been exercised in the invention of machinery’.3
KeywordsDepression Europe Steam Income Lost
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Notes and References
- 2.Quoted in P. Sraffa (ed.), The Works and Correspondence of David Ricardo, vol. II, ‘Notes on Malthus’s Principles of Political Economy’ (Cambridge, 1951), which reprints the Principles p. 416.Google Scholar
- 17.N. F. R. Crafts, ‘British Economic Growth, 1700–1831: A Review of the Evidence’, Economic History Review, 2nd series, XXXVI (1983) 197–9.Google Scholar
- 19.In R. Floud and D. McCloskey (eds), The Economic History of Britain since 1700. Volume I: 1700–1860 (Cambridge, 1981) pp.40, table 3.1, and 39.Google Scholar