BOOK FIVE OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH CHAPTER I: Of the Expenses of the Sovereign or Commonwealth ——————————————————————————– PART 1 Of the Expense of Defence THE first duty of the sovereign, that of protecting the society from the violence and invasion of other independent societies, can be performed only by means of […]

BOOK FOUR INTRODUCTION ——————————————————————————– OF SYSTEMS OF POLITICAL ECONOMY POLITICAL economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, […]

BOOK TWO – INTRODUCTION OF THE NATURE, ACCUMULATION, AND EMPLOYMENT OF STOCK ——————————————————————————– IN that rude state of society in which there is no division of labour, in which exchanges are seldom made, and in which every man provides everything for himself, it is not necessary that any stock should be accumulated or stored up […]

BOOK ONE OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS. OF LABOUR, AND OF THE ORDER ACCORDING TO WHICH ITS. PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE. CHAPTER I ——————————————————————————– Of the Division of Labour THE greatest improvement in the productive powers of labour, and the greater part of the […]

by Adam Smith – 1776 Adam Smith founded the science of political economy when he published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. So significant were the effects of this book on the modern world that it has been described as one of the most important ever written. […]

The History of Financial Panics By Martin A. Armstrong Throughout time, the economy of mankind has swung back and forth between some fantastic periods of prosperity and deep dark depressions. It is our failure to understand this mechanism that often drives the politics of the world also between two extremes of totalitarian regimes and communism […]

Monetary History of the World 350-250BC by Martin A. Armstrong The Rise of Alexander the Great The Greek world was now ripe for plunder. On its fringes, two great powers were emerging – that of Rome and Macedonia. Macedonia was the home of Philip II (359-336 BC). It was an area in Greece that occupies […]

Monetary History of the World 450-350 BC by Martin A. Armstrong The Battle of Marathon and the Monetary System The Persian invasion of the Greeks in Asia Minor, under which Lydia fell to King Cyrus, marked the beginning of the legendary struggle between the Greeks and the Persians. The Greek cities in Asia Minor finally […]

Monetary History of the World 550-450BC by Martin A. Armstrong It is generally assumed that Aigina was the first city to mint coins as this new invention spread westward from Asia Minor. Aigina is an island not far off the cost of Athens between the Peloponnese and Attica. The Aiginetic standard was based on a […]

Monetary History of the World 700-550BC By Martin A. Armstrong Only since about 700 B.C. do we find a consistent record of the monetary system of the world. The credit for the creation of an official coinage system belongs to the Ionians or Lydians within the Greek Empire of Asia Minor – modern day Turkey. […]