Speculations from Political Economy
Speculations from Political Economy
Book Excerpt
ve £10,000 in England, £5000 invested in
Australia. We may reckon his wealth in England either as including or
excluding the £5000, which he could transfer (probably very speedily)
to England in gold if he desired it tangibly. Whichever way we reckon
his wealth and that of other individuals, we shall in like manner in
the sum get the wealth of England: it will be in one case the wealth
in England-in the other case the wealth in England plus the lien
which residents in England have on other countries in the world.
In parallel manner the effective capital of England, which can be brought into the wages fund, must be the sum of the capital of all the individuals.
These two self-evident truths are capable of many applications: we see directly from them that the National Debt, so far as it is held by residents in England, neither diminishes the national wealth nor affects the wages fund. We see also directly that any exchange between an Englishman and a foreigner which gives a profit to the Englishman gives
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