Volumes 4 and 5 bring together a rich collection of Mill’s writing on politics and the economy over the course of his intellectual career.Volume 4 includes, most significantly, “Essays on Some Unsettled Questions of Political Economy.” Here, Mill grapples with issues related to foreign trade and the balancing of government’s goal of promoting free trade with its interest in raising revenues from import duties and tariffs. Also included in these volumes are such early essays as “The Silk Trade” and “The Nature, Origin, and Progress of Rent” and such later works as Mill’s petition on free trade and “Chapters on Socialism” (posthumously published).
OF THE TRUTHS with which political economy has been enriched by Mr. Ricardo, none has contributed more to give to that branch of knowledge the comparatively precise and scientific character which it at present bears, than the more accurate analysis which he performed of the nature of the advantage which nations derive from a mutual interchange of their productions. Previously to his time, the benefits of foreign trade were deemed, even by the most philosophical enquirers, to consist in affording a vent for surplus produce, or in enabling a portion of the national capital to replace itself with a profit. The futility of the theory implied in these and similar phrases, was an obvious consequence from the speculations of writers even anterior to Mr. Ricardo. But it was he who first, in the chapter on Foreign Trade, of his immortal Principles of Political Economy and Taxation, substituted for the former vague and unscientific, if not positively false, conceptions with regard to the advantage of trade, a philosophical exposition which explains, with strict precision, the nature of that advantage, and affords an accurate measure of its amount.
John Stuart Mill
John Stuart Mill (1806-1873), British philosopher, economist, moral and political theorist, and administrator, was the most influential English-speaking philosopher of the nineteenth century. His views are of continuing significance, and are generally recognized to be among the deepest and certainly the most effective defenses of empiricism and of a liberal political view of society and culture. The overall aim of his philosophy is to develop a positive view of the universe and the place of humans in it, one which contributes to the progress of human knowledge, individual freedom and human well-being. His views are not entirely original, having their roots in the British empiricism of John Locke, George Berkeley and David Hume, and in the utilitarianism of Jeremy Bentham. But he gave them a new depth, and his formulations were sufficiently articulate to gain for them a continuing influence among a broad public.