A short history of English commerce and industry

Front matter

mutum li lip""

A SHORT HISTORY

■ii

Introduction

Economic Histokv: its Oimects and its Diffkui/ites.

Pack

The opening of the twentieth century i-s an important epoch. — 2. An iniiuiry into the commercial and industrial history of England is suggested. — 3. Such an inquiry belongs to "economic liistory," a department of "economic science." — 4. Economic liistory is of great interest and ini|)ortance. — ;>. But it is comparatively young. Tlie liistorian haslieen inclined to neglect it. — 6. It requires some economic training. — 7. But the economist lias viewed it with suspicion. — 8. The "historical method" was once a sul)jeet of controversy. —9. Reconciliation was possible. — 10. It has only been recently achieved. — 11. Consequently, economic history presents dittieulties arising from imperfect knowledge; of the material. — 12. Especially in the earlier period. — 13. But also in the later. — 14. It is necessary to select s<mie central fact or institution for special attention. — 1.^). Tliis course will be pursued in the successive chapters of the present book - 1

Chapter II. Before The Norman Conquest

The Romans and the Ax(;i,o-S.a.xons.

Tlie econiomic lustory of early times is scanty. — 2. Roman civilisation in iiiitain resend)led that found elsewliere. — 3. In the Anglo-Saxon peri<id anticijiations of later institutions may b(> l'oun<l. — 4. Tlie period before the Roman occupation is diflicult even to imagine. — 5. Tlie Romans introduced an advanced civilisation.— 6. They left behind material remains of theii' greatness. — 7. Their economic activity was sliown in various ways — S. The exact elfects of the Anglo-Saxon Conijuest are doubtful. — 9. But the Saxon jieriod was one of little economic progi-ess. — 10. The incursions of the Danes stinnilated fresh activity. — 11. They led to the growth of towns - - - 14

VI CONTENTS

Chapter III. The Norman Conquest, And After

(From William I. to Edward I.)

AGRlrULTUIlE AND THE COUNTUY. — TuE MANORIAL SYSTEM.

PAGE

1. At the time of tlie Xornian Conquest agriculture was the most important industry. — 2. An inquiry into its conditions is not free from difliculty. — 3. It was pursued under tlie Manorial System. The plough-land was worked on the "three-field system." — 4. These fields were subdivided into small strips, securing substantial equality between the different individual holders. — 5. Tliis arrangement points to a free rather than a servile origin.— 6. The other view is open to objections. — 7. But at the Xorman Conqnest the villagers were dependent on a lord. —8. The village land consisted of his demesne, and their individnal holdings. — 9. They belonged to different classes. — 10. The m.ajority, consisting of rilleins, were partly free and partly not free. — 11. Their original state is donbtful. — 12. Their services were divided into ivcek-irork and boon-work. — 13. Officials were needed to su]>ervise. — 14. Some nianors belonged to the King, wlio was at the head of the Fendal Sy.stem. — 15. Our information is obtained for the most part from the Domesday Survey. — 16. It was prepared for a particular object. — 17. This must be borne in mind in interpreting the terms employed. — 18. The Manorial System was lialtle to changes. — 19. These were accomplished gradually - - - - - - - 23

CHArTER IV.

THE NORMAN CONQUEST, AND AFTER.

[From irHliam I. to Edward I.)

CdM.MEUI K AND InDCSTKY AND THE TOWN.S. — TnE INFLUENCE OF THE

Kings. — The Rise of the Oit,ds.

] . Tli(! reign of Edward I. marks the close of a period of national formafion. — 2. Villages and towns were, mostly, isolated indepiMidi-nt units. — 3. TIk^ inlluence of the King was powerful. — 4. The Xorm.ni Conqui^st brought important changes. — ;">. Various immigrants came to England. — 6. The Jews occui)ied a special position.— 7. The King's I'eveuues were derived from diffei-ent sources (1) as a feudal sujjerior. — 8. (2) In his public capacity. — 9. Tiic collection of these I'evenues needed an organised system. — 10 Together with account-k(!ej)ing on the manors, this sjiows a growth of money-payments. — ]1. The Assize of Measuri'S and the Assizi! of liread illustrate the mediieval policy of th". Crown.- 12. Th^i King's inlluence was also shown in connection with the growth of towns. — 13. The towns sought

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liberty to manage their oavii ainiirs. — 14. Tlu-y secured this in various wnyn and degrees. ^15. Tlic merchant -gild was an important institution. — 16. It controlled the tradc-monopol}- in an exclusive spirit. — 17. But within the limits of tiie gild the regulations were more publio-spirited. — IS. Its precise relations to the town are obscure. — 19. Its connection with the craft-gild lias biMMi misundci'stood. — 20. The real relation seems to have been dilferent. --21. The craft-gilds resembhid the merchant-gilds in spirit and in conduct. — 22. Thus life iu the towns, as in the villages, was coniineil, though changes were at work - 44

Chapter V. From The Medieval To The Modern World

(From Edward I. to thr Tiidors.)

COMMKltcK AM) iMU'sritV, AM) THE TuWNS. — TlIE WuOLLKX

Indu.stry.

1. The Hundred Rolls date from Kdward I.— 2. They show the character of his economic policy. — .3. This polic}' was followed by lidward III., but was afterwards reversed. — 1. The Land Laws of Eilward I. coml)ined a regard for the jiublic interest with attention to that of the Crown. — 5. This combination of objects was shown iu the raising of the revenue. — 6. It was also seen in other regulations. — 7. The policy of Edward III., and liis successors may be conveniently examined in connection with the history of the woollen industr}". — 8. Thus the foreign policy of Eilward III. had an economic side. — 9. Successive changes in the " customs " reflected the gi'owth of the woollen industry. — 10. The inunigration of Flenush weavers exercised great influence. — 11. Tiie position of the " aulnager " showed the imi)ortance of the worsted industry. — 12. The strict regulation of trade was also seen in other measures. — 13. It was esi)ecially noticeal)le in the selection of the '"staple." — 14. Tiio encouragement of foreign merchants was a part of the policy of Edward. — 1.5. Tlie opi)osition of the gilds to the foreigners was l)itter and jiersistent.^16. Some early craft-gilds may jierhajis have originated among foreign immigrants. — 17. The Flemisli weavers of Ivlward III.'s reign were gradually absorbed in the gild.s. — 18. The craft-gilds first grew in power, and then declined. — 19. They became more exchisive. — 20. Separate classes of dealers, sudi as the " drapers, " arose. — 21. Restrictions were ]ilaced on apjireuticeship. — 22. ''.Touriu^ynien " increased in mimber. — 23. The woollen industry passed into the " domestii; system." — 24. There were even tjicu some single instani'es of factories. — 2."). Tlu» "clothier" was tiie centre of the "domestic system."— 26. The gilds finally declined.— 27. Hut the towns may, or may not, have lost their prosperity - - -69

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Chapter VI. From The Mediaeval To The Modern World

{From Edward I. to the Titdors.) AORICrLTFRE, AND THE COUNTRY. — ThE BlACK DeATII, THE

Peasant Revolt, and Inclosures.

PAGE

1. Sir Walter of Henley and Fitzherbert were famous agricultural writers in the thirteenth and sixteentli centuries. — 2. In the fifteenth and sixteenth centuries an agi-icultural "revolution" occurred. — 3. Changes had occurred before in the Manorial System.— 4. The Black Death visited England in 1348. —5. The ravages of the pestilence were very great. — 6. Tlie Statutes of Labourers tried to prevent the rise of wages, which followed. —

7. They failed. — 8. " Stock and land '"' leases became conmion. — 9. Disputes arose between the lords and the villeins. — 10. The Peasant Revolt did not abolish villeina<(e. — 11. Economic forces giadually accomplished this. — 12. Inclosures were made. — 13. They often injured the villeins. — 14. This was especially the case during the earlier period of the inclosures (1450-1.550). — 15. The legal position of the villeins was doubtful. —16. Legislation was passed to check inclosures. — 17. The break-up of the Manorial System took place. — 18. Dilferent opinions have been held about the economic conditions of the fifteenth century - - 99

Chapter VII. The Mercantile System And The Old Economics

{Fram the Tudors to the Georges. )

Trade and Industry in England.

1. The Tudor Monarchy favoured the commercial and industrial classes. — 2. The economic policy of the day was the " Mercantile System." — 3. National jiower, and not jilenty, was the object sought. — 4. Tile ideas of the Mercantile System were seen eai'lier (a) in attention to ti'casure. — 5. They were al.so seen {b) in the development of slup]iing. — 6. they were shown in (c) the encouragement of agriculture, and especially of tillage. — 7. Tliey were seen {d) in various other regulations. —

8. In tlie reign of Elizaljetli the iiiMuence of tlie System was very marked. I>ut agricultural progress was slow. — 9. Tliat of manufacturing imlustiy was also slow before the middle of the eigliteenth century. — 10. Monoj)olie3 were frequently granted under the Mercantile System. — II. They were condemned by Parliament. — 12. The Statute of Apprentices was an important measure of the reign. — 13. Its wages-clauses did not introduce a new practice. — 14. The actn-il circct of tliese i-lauses lias lieen disputed. — 15. The Elizabethan Poor Law was based on past

CONTENTS IX

PAGF.

experience. — 16. It wa? aMy ainl coiii|iiili(.'n.sively conceived. — 17. Tlie Law of Settlement wasau ini|"iitant Act, jiasscfl latir. — 18. Adam Smith traced the changes in its provision.s. — 10. The reformation of tiie currency was the thinl great economic measure of tlie reign of Elizabeth. — '20. .Silver was the metal in general use, and gold was " rateil " to it, causing certain ditlicultics. — 21. TIic (Ictiasement of the currency exerted in addition a mischievous influttnce. — '2'2. The recuinage was successfully accomplished by Elizabeth. — 23. It did not fulfil all expectations.— 24. Another recoinage was undertaken by William III. - 121

Chapter VIII. The Mercantile System And The Old Economics

1. Tlie Kli/.ii>eLliau Age marked the beginning of the maritime, industrial and commercial power of England. — 2. The seventeenth ccntuiy saw the commencement of colonial expansion. — • 3. The contest with France for the New A\'(jrld was a conspicuous feature of (he eighteenth century. — -i. Economic motives, at least in part, prom[pled thewars of the seventeenth and eighteenth centuries. — 5. First, Spain was overthrown at the defeat of the Armada. — 6. Then, Holland was injured by the Navigation Acts. — 7. Their effect seems to have l)een great. — 8. Lastl}'. France was fought and overcome. —!). Colonial trade was regulated Viy the principles of the I\Iercantile System. -10. Exclusive trading companies were common. — 11. The East India Comiiany was conspicuous among these. — 12. At tirst conniiercial, it ended by being political. — 13. The difference between " Bullionist " and "Mercantilist" arose in controversies about Indian trade. — 14. Another iui]iortant change of opinion and practice was seen in connection with the lending ol money. — 15. The National Debt and the Hank of England came into existence together. — 16. Connnercial Treaties were made in accordance with the princi]iles of the Mercantile System. — 17. The treatment of Ireland was unfortunate. — 18. Yet the Jlercantile System marked a stage of progress - - - - -156

Chapter IX. The Industrial Revolution And The New

ECONOMICS.

{From the Gconjcs to Victoria.)

A. — THE AOllK ll.n-UAI. KEVOLUTION.

1. Tlie period from 1750 to 1850 is very important. — 2. It marked a fresh stage of development. — 3. In agriculture, the process of

CONTENTS

PAGE inclosure was renewed. — 4. Tlie object was improvement, of which Townshend was one pioneer. — 5. Bakewell. Coke, and Arthur "S'ounj,' were others. — 6. Inclosui'e was necessary, Init tlie peasantry sufl'ered. — 7. Tlie smaller IVeeliolders, or j'eomen, disappeared - - - - - - - 184

r.. — THE f.\i"I"oi;y svsikm : ns (Ar.sKs,

8. In nianulaeturing industry inventions and iinpro\ements were introduced, especially in the cotton trade. — 9. Other industries shared in the proj;ress made. — 10. The modes ot transport, by water and by land, and the metliods ot conducting business, were altered. — 11. These changes gave advantages to special districts. — 12. The use ot water as a motive jiower favoureil Lancashire. — 13. The substitution of steam had a distinct iiillueuce. — 14. The factory system took the i)lace of the domestic system ....---- 192

C. — THE FACTORY SVSIEM : ITS COXSEQUENCES.

15. The Factory System was attended by certain evils ; but for these the system itself was not entirely respon-sible. — 16. The circumstances of its introiluetion were unfortunate. — 17. Legislation was demanded. — 18. Tiiis was afterwards more effective than it was at first. — 19. With the Factory Act of 1850, its main ]irinciiiles were settled. — 20. Another evil of tlie period was the alarming growth of pauperism. — 21. A crisis was reached when, in 1834, the Poor Law Amendment Act was passed - - 201

D. — INDUSTKIAL MOVEMENTS : TRADE UXIONS.

22. The Factory System stimulated, but did not create Trade Unionism. — 23. The Unions first appealed, in vain, to the old laws. — 24. The law was not hostile to them until a General Combination Act Avas passed. — 25. The Combination Laws were repealed largely through the energy of Francis Place. — 26. But the final victory of the Unions was not won for fifty years - 210

E. — COMMERCIAL MOVEMENTS : BANKING REFORM AND FREE TRADE.

27. The effect of the War with France was great, especially in matters of finance. — 28. A controversy on the management of the papei' currency ended in the Bank Charter Act of 1844. — 29. "Commercial crises" were not prevented by the Act. —30. Agricultuie was depressed, in sjiite of the Corn Laws. — 31. The Repeal of the Laws marked a stage of reform. Walpole had been a great tinancici'. — 32. The retVum of ?]nglisli finance began again with Pitt. — 33. ^\'ith the adoption of Free Trade this history ends 217

CTTAI'TFR .v.

THE INDUSTRIAL REVOLUTION AND THE NEW

ECONOMICS.

1. A serious difliculty of economic histor}' is the connection of causes and effects. — 2. Our industrial and commercial supremacy lias

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been due to several intermingled eauses. — 3. Human action has assisted natural I'nrees ; and Free Trade has had a powerful intluenee. — 4. Tlie adoption of Free Trade marked a change in eeonomie o[)ini()n. — f). Adam Smith was the father ol' a new school of tlio>igiit. — 6. He separated tlie science of Economics from the art of finaucc. — 7. With liis name those of Malthas and Rieardo may be joined. — 8. He was peculiarly impressed by the evils of restricting "natural lilierty." — 9. In spite of different judgments passed upon his " A\'ealth of Nations," it occupies an unifjue position. — 10. Malthas is known for his Essay on Population, — 11. His infhience was great, in spite of some uncertainty of view. — 12. On general economic matters he adopted a position ojiposite to that taken l)y Rieardo. — 13. Ricardo's writing was marked by subtle abstract reasoning, due largely to his surroundings. — 14. He exerted a great influence both on economic fliouglit and on the economic practice of his day, especially in tlie adoption of Free Trade. — 15. J. S. Mill endiraceil the approved conclusions of his predecessors in a treatise, from which a new departure Ijegan - - - 228

A SHORT HISTORY

OF

ENGLISH COMMEIICE AND INDUSTRY.

Chapter I. Introduction

Economic History : its OiiJECTS and its Difficulties.

I. The opening of the twentieth century is an important epoch.

The intluence exerted on the thoughts and conduct of men by the fact that one century is ending, and another is beginning, can hardly be doubted by observers of the " signs of the times." The periods thus distinguished may be artificial divisions, but they impress the imagination, and their close, or opening, may hasten or hinder action. An opportunity is given for review of the past, and for prophecy of the future, ^Yhich seems to be more appropriate, and more significant, than any afforded in the time bet\Yeen. In the stress and hurry of life actors and spectators may be so continuously occupied as to concern themselves with nothing more than the passing events and interests of the succeeding scenes ; but the fall of the curtain on one act, and its rise on another, suggests a study of the plot of the drama, and the occasion is seized by the thoughtful, and forced on the careless. A seriousness and a mystery attach to such moments, which may exalt them above their real importance, but compel attentive notice.

2. An inquiry into the commercial and industrial history of England is suggested.

The period, marking the close of the nineteenth, and the opening of the twentieth, century may take a noteworthy place among such epochs. It has produced an abundant crop of meditations and prophecies, and it has been marked by incidents of critical interest.* That the nineteenth century has been one, in which England has attained an Empire wider than any yet recorded by history, is a fact attested by the jealous admissions of opponents waiting opportunity for successful assault. That during the same period she has enjoyed a supreme position in commerce and industry, which some regard as a cause, and others as a consequence, of that worldwide Empire, allows of no more question than the ominous circumstance that the close of the century has witnessed resolute attempts to challenge that supremacy on the part of the thrifty, industrious German, and the alert, inventive American. Whatever, measured by the test of figures, be the success, which has as yet attended those efforts, they have prompted gloomy predictions of the future, which may, or may not, be realised. They suggest examination of the past. They encourage an endeavour to find the causes, to which our industrial

* E.f/., the wars between China and Japan, the United States and Spain, and the English and the Boers, which seem lUiely to produce consequences of great importance to the future of the world.

and commercial supremacy has been due. We are instigated to trace their working, sometimes gradual and sometimes speedy, sometimes obvious and more often obscured by surrounding circumstance. We note the assistance, which they have received, and the obstacles they have encountered. We guess how far they are enduring, and how far they are perishing, in what respects they need, and admit of, internal strengthening or external support, in what directions they are most exposed to menace or danger, on what sides they are likely to prove least infirm or vulnerable in the near or distant future.

3. Such an inquiry belongs to " economic history" —a department of " economic science."

This incjuiry belongs to what is known as "economic history." An English economist* has recently defined his subject as a " study of man's actions in the ordinary business of life "~as inquiring " how he gets his income, and how he uses it." " Thus," he proceeds, " Political Economy, or Economics, is on the one side a study of wealth, and on the other, and more important, side a part of the study of man. For man's character has been moulded by his every-day work, and by the material resources, which he thereby procures, more than by any other influence, unless it be that of his religious ideals ; and the two great forming agencies of the world's history have been the religious and the economic. Here and there the ardour of the military or the artistic spirit has been for a while predominant ; but religious and economic influences have nowhere been displaced from the front rank even for a time ; and they have

* Professor IMarsliall in his "Principles of Economics," vol. i., book i., chap. i.

1—2 nearly always been more important than all others put together. Eeligioiis motives are more intense than economic ; but their direct action seldom extends over so large a part of life. For the business by which a person earns his livelihood generally fills his thoughts during by far the greater part of those hours in which his mind is at its best ; during them his character is being formed by the way in which he uses his faculties in his work, by the thoughts and feelings which it suggests, and by his relations to his associates in work, his employers or his employes."

4. Economic history is of great interest and importance.

This definition, which does not err in narrowness, may conveniently inclicate the general character of the investigations of the economic historian. He is concerned, similarly, with the study of that part of history, which relates to "man's actions in the ordinary business of life," to the inquiry " how he gets his income, and how he uses it." The interest of this study will not be questioned by anyone, who pursues it with serious attention ; its importance alike for statesmen and for philosophers must be acknowledged by all candid inquirers. For the conduct of the afi'airs, and the interpretation of the thoughts, of a commercial and industrial nation, like our own, an adequate knowledge of their economic history must be fraught with advantage ; and ignorance of it is likely to lead to danger, or even disaster. To understand the present, and to guide the future aright, an acquaintance with the significant facts of the past is necessary ; and economic facts are not the least significant for a commercial and industrial people.

5. But it is comparatively young-. The historian has been inclined to neglect it.

Yet economic history is comparatively young. It is recently that it has secured distinct recognition from historian and economist. The one has been disposed to neglect it, or to hold it in strict subordination ; the other, retaining the memory of a bitter controversy, has found it hard to overcome a suspicion once excited. "Picturesque" historians have concerned themselves with the stirring incidents of history, with the pageantry and intrigues of courts, the perils and exploits of war, the rise and fall of dynasties, the ambitions and rivalries of politicians. " Philosophic " and " scientific " historians, who have endeavoured to penetrate beneath the surface, and to disclose the underlying causes influencing the actions of men and of nations — the deepseated forces directing the movement of affairs — have turned their attention more often to political, religious, and ethical, than to strictly economic considerations. They have indeed occasionally considered the economic state of a country, its riches or its poverty, the numbers and efficiency of its population, its readiness or ability to contribute to revenue, or to furnish and maintain armies and fleets. The distribution of wealth between different classes of the community may sometimes have entered among the factors contributing to form a historical judgment. Some attention may have been devoted to the "condition of the people," to the details of their callings, to the development or decline of their agriculture or their manufactures, to the success or failure of their trade at home or abroad. Bat such topics, which are of the first importance for the economic historian, have generally been kept in the background.

Until lately it has been the exception rather than the rule to find any large space given to economic considerations in the pages of a general history.

6, It requires some economic training.

This result may be due to the influence of instinct or tradition ; or it may be traced to a lack of special training. For an adequate treatment of economic history is scarcely possible without such training. The economic historian explores the history of the past ; and he differs from the general historian in devoting special attention, as he travels over the ground, to economic facts and forces, which may indeed be connected with those interesting to the politician and the moralist, but form the special object of study of the economist. He should therefore possess, in addition to his historical training, a familiarity with the outlines of that economic science, which was defined above. He should Icnow the nature of the reasonings pursued, and the conclusions reached, by those who, like the economist from whom we have quoted, have devoted themselves to the systematic investigation of "man's actions in the ordinary business of life," who have inquired "how he gets his income, and how he uses it," who have attempted to detect and to analyse, to trace to their origin, and to follow to their effects, the motives, which influence the conduct of men in the production, distribution, exchange, and consumption of wealth.

7. But the economist has viewed it with suspicion.

But if, in search of this information, the historian betook himself to the economist, he might possibly return from his quest in bewildered despair. He might find that the economist looked with suspicion on economic history, and hesitated to engage in alliance on terms of mutual aid and respect. The echoes of a controversy, which once raged with bitter obstinacy, are still occasionally heard, and the memory of claims and rebuffs remains as an obstacle to reconciliation. The controversy arose on the methods of study. One party urged that the method, mainly followed by a powerful school of English writers, was fundamentally wrong. They contended that those writers, of whom David Eicardo* was the most famous, had constructed from their imaginations convenient, but fictitious, conceptions, which did not correspond with fact. They had created the idea of an " economic man," constantly engaged in the pursuit of wealth, deaf to motives, and blind to considerations, which would not lead him by the most direct road to the goal of which he was in search. The whole of this elaborate construction, they urged, must be levelled to the ground, and the study commenced afresh. From a new starting-point the economist must issue forth, and be guided on his route by a new method. He must industriously gather together a mass of facts, he must slowly raise on their broad basis secure general truths, and if he attempted by reasoning to draw conclusions, he must compare his results constantly with actual facts, and reject without hesitation those with which the facts did not at once agree. Such was the criticism offered by these assailants of the dominant sect. Such, stated in its most extreme and uncompromising terms, was the profession of faith, which they put forward.

8. The " historical method " was once a subject of controversy.

They were described as belonging to the " historical * He Uvea from 1772 to 1823, Cf. Chapter X.

school," and the}' advocated the use of the "historical method." The description was appropriate ; for historical study laid stress on the importance of facts. But it might mislead, and it gave rise to prejudice. The defenders of the position, thus vigorously assailed, were prone to associate the method with its advocates, and to condemn alike the extravagant utterances of eager controversy and the employment of a useful instrument of inquiry. The assailing party were disposed to regard the study of economic history as necessarily connected with the repudiation of the whole scheme of doctrine held by their opponents, and to reject with scorn the possibility of deriving any benefit or aid from any portion of their teaching.

9. Reconciliation was possible.

The field of economic investigation has now grown so large that the advantage, or necessity, of dividing it into separate portions has become plain, and economic history occupies a distinct and important, but not exclusive, place among those divisions. The controversy between the " historical " and the " Eicardian " school, between the advocates of the "new" and the "old" method, as they are often distinguished, with some inaccuracy, is closed by a mutual admission that there is room for both in the wide region of economic inquiry-. Either may make a more prominent use of the methods which they prefer, and find to be more appropriate to tlieir studies ; but they will retard, and not promote, advance by contempt or contradiction. A knowledge of the principles of economics, as expounded by Eicardo, and his more liberal and instructed successors, will improve the intellectual equipment of the economic historian ; an acquaintance with the results of historical research is no less indispensa])le to the ordinary economist who wishes to be abreast of his subject.

10. It has only been recently achieved.

This understanding has been reached by gradual stages, and hitherto, perhaps, has met with wide rather than universal acceptance. In any case, it is recently that the general historian, on the one hand, has shown any marked inclination to devote attention to those of the conditions and circumstances, the events and the acts, that he narrates, which may be classed as economic ; and, on the other, no long time has elapsed since the results of controversy have been shown in the definite grant by the economist of a sphere of inquiry to historical research. As a separate systematic study, with a recognised position, and a defined area of work, "economic history" is comparatively young. The general study of economics in any form resembling its present shape does not, as we shall see at the conclusion of this history, date back to a time much earlier than that* at which Adam Smith wrote his " Wealth of Nations," and England was entering on her manufacturing supremacy. But, if Economics is thus little more than a century old. Economic History has hardly attained its majority. It is true that writers, discussing economic topics, engaged in historical research in days before Adam Smith ; but they were rather unsystematic and unconscious pioneers, anticipating the work of later times. It remains substantially true that economic history is comparatively young. It may disj)lay all the vigour, and some of the confidence, of youth ; it can scarcely as yet command the ripe experience, the broad wisdom, or the stable judgment of matured age.