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applications to social philosophy
by John Stuart Mill
Preliminary Remarks
In every department of human affairs； Practice long precedes
Science systematic enquiry into the modes of action of the powers
of nature； is the tardy product of a long course of efforts to
use those powers for practical ends。 The conception； accordingly；
of Political Economy as a branch of science is extremely modern；
but the subject with which its enquiries are conversant has in
all ages necessarily constituted one of the chief practical
interests of mankind； and； in some； a most unduly engrossing one。
That subject is Wealth。 Writers on Political Economy profess
to teach； or to investigate； the nature of Wealth； and the laws
of its production and distribution： including； directly or
remotely； the operation of all the causes by which the condition
of mankind； or of any society of human beings； in respect to this
universal object of human desire； is made prosperous or the
reverse。 Not that any treatise on Political Economy can discuss
or even enumerate all these causes； but it undertakes to set
forth as much as is known of the laws and principles according to
which they operate。
Every one has a notion； sufficiently correct for common
purposes； of what is meant by wealth。 The enquiries which relate
to it are in no danger of being confounded with those relating to
any other of the great human interests。 All know that it is one
thing to be rich； another thing to be enlightened； brave； or
humane； that the questions how a nation is made wealthy； and how
it is made free； or virtuous； or eminent in literature； in the
fine arts； in arms； or in polity； are totally distinct enquiries。
Those things； indeed； are all indirectly connected； and react
upon one another。 A people has sometimes become free； because it
had first grown wealthy； or wealthy； because it had first become
free。 The creed and laws of a people act powerfully upon their
economical condition； and this again； by its influence on their
mental development and social relations； reacts upon their creed
and laws。 But though the subjects are in very close contact； they
are essentially different； and have never been supposed to be
otherwise。
It is no part of the design of this treatise to aim at
metaphysical nicety of definition； where the ideas suggested by a
term are already as determinate as practical purposes require。
But； little as it might be expected that any mischievous
confusion of ideas could take pLace on a subject so simple as the
question； what is to be considered as weaLth； it is matter of
history； that such confusion of ideas has existed…that theorists
and practical poLiticians have been equally and at one period
universally； infected by it； and that for many generations it
gave a thoroughly faLse direction to the policy of Europe。 I
refer to the set of doctrines designated； since the time of Adam
Smith； by the appellation of the Mercantile System。
While this system prevailed； it was assumed； either expressly
or tacitly； in the whole policy of nations； that wealth consisted
solely of money； or of the precious metals； which； when not
already in the state of money； are capable of being directly
converted into it。 According to the doctrines then prevalent；
whatever tended to heap up money or bullion in a country added to
its wealth。 Whatever sent the precious metals out of a country
impoverished it。 If a country possessed no gold or silver mines；
the only industry by which it could be enriched was foreign
trade； being the only one which could bring in money。 Any branch
of trade which was supposed to send out more money than it
brought in； however ample and valuable might be the returns in
another shape； was looked upon as a losing trade。 Exportation of
goods was favoured and encouraged （even by means extremely
onerous to the real resources of the country）； because； the
exported goods being stipulated to be paid for in money； it was
hoped that the returns would actually be made in gold and silver。
Importation of anything； other than the precious metals； was
regarded as a loss to the nation of the whole price of the things
imported； unless they were brought in to be re…exported at a
profit； or unless； being the materials or instruments of some
industry practised in the country itself； they gave the power of
producing exportable articles at smaller cost； and thereby
effecting a larger exportation。 The commerce of the world was
looked upon as a struggle among nations； which could draw to
itself the largest share of the gold and silver in existence； and
in this competition no nation could gain anything； except by
making others lose as much； or； at the least； preventing them
from gaining it。
It often happens that the universal belief of one age of
mankind…a belief from which no one was； nor without an
extraordinary effort of genius and courage； could at that time be
free…becomes to a subsequent age so palpable an absurdity； that
the only difficulty then is to imagine how such a thing can ever
have appeared credible。 It has so happened with the doctrine that
money is synonymous with wealth。 The conceit seems too
preposterous to be thought of as a serious opinion。 It looks like
one of the crude fancies of childhood； instantly corrected by a
word from any grown person。 But let no one feel confident that he
would have escaped the delusion if he had lived at the time when
it prevailed。 All the associations engendered by common life； and
by the ordinary course of business； concurred in promoting it。 So
Long as those associations were the only medium through which the
subject was looked at； what we now think so gross an absurdity
seemed a truism。 Once questioned； indeed； it was doomed； but no
one was likely to think of questioning it whose mind had not
become familiar with certain modes of stating and of
contemplating economical phenomena； which have only found their
way into the general understanding through the influence of Adam
Smith and of his expositors。
In common discourse； wealth is always expressed in money。 If
you ask how rich a person is； you are answered that he has so
many thousand pounds。 All income and expenditure； all gains and
losses； everything by which one becomes richer or poorer； are
reckoned as the coming in or going out of so much money。 It is
true that in the inventory of a person's fortune are included；
not only the money in his actual possession； or due to him； but
all other articles of value。 These； however； enter； not in their
own character； but in virtue of the sums of money which they
would sell for； and if they would sell for less； their owner is
reputed less rich； though the things themselves are precisely the
same。 It is true； also； that people do not grow rich by keeping
their money unused； and that they must be willing to spend in
order to gain。 Those who enrich themselves by commerce； do so by
giving money for goods as well as goods for money； and the first
is as necessary a part of the process as the last。 But a person
who buys goods for purposes of gain； does so to sell them again
for money； and in the expectation of receiving more money than he
laid out： to get money； therefore； seems even to the person
himself the ultimate end of the whole。 It often happens that he
is not paid in money； but in something else； having bought goods
to a value equivalent； which are set off against those he sold。
But he accepted these at a money valuation； and in the belief
that they would bring in more money eventually than the price at
which they were made over to him。 A dealer doing a large amount
of business； and turning over his capital rapidly； has but a
small portion of it in ready money at any one time。 But he only
feels it valuable to him as it is convertible into money： he
considers no transaction closed until the net result is either
paid or credited in money。。 when he