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SIMONDE DE SISMONDI, Jean Charles L.

De la richesse commerciale,

ou principes d'économie politique, appliqués à la législation de commerce.

Geneva: J. J. Paschoud, 1803 Stock Code: 134871
£4,000.00
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Notes

First edition of the first work on political economy by the Swiss historian and economist Sismondi (1773-1842), "the first critic of industrial capitalism" (Blaug). De la richesse commerciale "was intended as a systematic exposition of the ideas of Adam Smith. Yet in it Sismondi also pointed out that he was presenting 'an absolutely new' way of looking at aggregate output changes. Crude arithmetic examples depicted output during a given year as a function of investment during a previous year, and showed how a closed economy differed from an economy with international trade, and how the latter differed when there was an export surplus and an import surplus" (The New Palgrave).
The work "has a number of original features, for example, it includes an early statement ascribing the international exchange of goods to differences in factor endowments and factor prices - England, being plentifully endowed with capital, will import labor-intensive goods, such as lace from France, from countries where capital is relatively scarce and wages low. Sismondi here points the way to doctrinal developments that were bought to full fruition by Ohlin in the twentieth century but were overshadowed during the nineteenth century by the Ricardian doctrine of comparative cost, which was primarily designed to demonstrate the gains from trade" (Spiegel, p. 303).

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Description

2 volumes, octavo. Uncut in original blue plain paper wrappers, printed paper labels to spines. Preserved in a custom made cloth box by Elbel Libro of Amsterdam, monogram booklabel (J.A) to inner lid.

Condition

Joints partly split, some fraying and wear to spines neatly retouched, expert restoration to wrappers with old paper; some spotting and a little light dust-soiling; uncut and largely unopened, a very good copy.

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