The Golden Age of Economic Thought |
[Reprinted from Land and Freedom,
November-December 1938]
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| Joseph Dana Miller was
during this period Editor of Land and Freedom. Many of the
editorials published were unsigned. It is therefore possible that
Miller was not the author of this article, although the content is
thought to be consistent with his own perspectives as Editor.
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There is no period in history in which there were so
great a number of men gifted with real vision as in
the time of France immediately preceding the Revolution.
These were the Physiocrats of whom Dr. Francois
Quesnay was the titular head and the philosophers who
shared their liberal views, but did not subscribe wholly
to their economic opinions. Nearly all were believers in
natural rights and all were free traders. Dr. Quesnay
who was eminent in medicine founded his system on
natural laws, but in his contention, shared by his disciples,
that agriculture and mining were the sole means of increasing the wealth of a nation he narrowed his concept
to a point which prevented its acceptance as a programme
for general application.
But he laid stress as did the others upon individualism
and freedom. Industry and commerce must be unshackled,
and they taught that what served the true interests of
the individual served alike the interests of society. As
Henry George later expressed it in homely phrase, "Mankind is all hooked and buttoned together." Turgot, who
for twenty months filled the post of Finance Minister,
and who himself was a physiocrat though standing aloof
from them on account of what he regarded as their sectarianism, had written, "It has been too constantly the
practice of governments to sacrifice the happiness of individuals to the alleged rights of society. It is forgotten
that society is made up of individuals."
It is interesting, too, to note that Turgot united the
economic law with the moral law.
It was Gournay who held that competition was the
most effective spur to production, and it was he who invented the phrase, "laissez faire, laissez passer." It was
Gournay who most vigorously opposed the regulation of
the prices of commodities by government.
Quesnay, as leader of the Physiocrats, was regarded
with something little short of veneration by his followers.
It was Turgot, who by reason of his brief occupancy of the
post of Finance Minister, accorded the economists official
recognition of their principles.
Turgot's abolition of trade guilds and trade monopolies
was the crowning act of his official career. It is doubtful
if anything quite so important has been accomplished
by any Finance Minister in so short a time. The nobility
and the beneficiaries of privilege combined against him
and forced him out of office. In this way they were
aided by the designing Marie Antoinette and her influence
with the weak-minded Louis. But Turgot's fame is secure and if he failed he is only one more of those who
have struggled unavailingly against inequality and privilege.
In Turgot was united a wide knowledge and proficiency
with a seer-like vision of a redeemed society. He is more
like Henry George than any man we know in history.
On one of the earliest papers by Turgot that have come
down to us is a treatise on money, and of this his friend,
Du Pont de Nemours, said: "If forty years later the
majority of the citizens composing the Constitutional Assembly had possessed as much knowledge as Turgot,
France might have been saved the Assignats." And he
might have added the Revolution as well.
A word regarding Du Pont de Nemours.* He was
the equal of his associates in mental power and like them
in breath of vision, and it was he that gave the name
Physiocratie (the natural order) to the philosophy of
this forward looking group with which he was affiliated.
He had met Turgot at the home of Quesnay and this
acquaintance ripened into a fast friendship which lasted
till the death of the Finance Minister in 1781. It was
Du Pont who drew up an address to the people of France
on Taxation in which he argued that taxation must be
direct and levied only on visible objects.
The authorities neglected to mark the spot where
Turgot lies buried in Bons, Normandy. But that is
of little consequence. His name remains as one of those
who glorified the annals of France at a time when the future
of the country trembled in the balance.
It is known that in the few last days of his incumbency
as Finance Minister he was engaged in working out a
system of land taxation. Whether he would have found
a solution, or come approximately near it, and whether
his plan would have prevented the Revolution and thus
perhaps the destinies of the world, who shall say?
Certainly, if he had the real solution, no danger would have
deterred him. And his disciples, equal to him in courage,
would have raised the standard of a world rescued from
chaos.
But it was not to be. The machinations of a shallow,
intriguing queen and the vacillation of a weak king completed his downfall and Necker stepped into his place.
Necker was an advocate of internal tariffs, belonging to
the school of Colbert. Turgot had written what to this
day is regarded as a forcible presentation for universal
free trade. Of this treatise Voltaire said: "I have read
Turgot's masterpiece. It seemed to me that I beheld
a new heaven and a new earth."
Turgot sought a solution of all economic problems in
the natural laws and this was his attitude of mind when
scarcely twenty. This was a philosophy unknown to
Necker, who, on his advent to power, introduced measures
prohibiting the harvesting of grain with a scythe. Other
Rooseveltian devices were adopted, such as providing
that the size of handkerchiefs should be reduced.
We should not leave one individual of the Physiocratic group unnamed. That is Condorcet, perhaps the
most many-sided of these libertarians. Condorcet stood
like the others for free trade and the natural rights of
man. He believed, like Henry George did, that mankind
was inherently good. He was opposed to capital punishment for private crimes, advocated woman suffrage and
proportional representation. He believed in a unicameral
legislature. None of the Physiocrats, not even Quesnay
or Du Pont, had a more complete vision of what a redeemed
society might attain. Condorcet is a man mark of in a
time when the spirit of freedom was articulate, and when
it commanded more influential names than at any time
in history.
When Turgot was forced out of office and Necker took
his place the stage was set for the Revolution. So passed
this brief period in which, like expiring candles, these
great souls flashed their message on a decadent nation.
Condorcet perished through exposure and Turgot lies
in an unmarked grave. In this way France paid her debt
to these great souls. In the day of smaller men that were
to succeed them these pathfinders on the road to liberty
were forgotten. Yet they could have saved France from
the ruin that overtook her. Can their teachings yet save
America?
Footnote
* This Du Pont is the honored ancestor of the Du Pont family in
America. Nor has the family tradition been forgotten. There has
not been a time in the history of the Henry George movement in this
country when some member of the Du Pont family was not affiliated
with the movement in some way.
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