Principles of Political Economy with Some of Their Applications to Social ... - John Stuart Mill - Google knygos

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CHAPTER X. Of a Double Standard, and Subsidiary

Coins.

§ 1. Objections to a double standard

2. The use of the two metals as money, how obtained without

making both of them legal tender

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CHAPTER XI. Of Credit, as a Substitute for Money.

§ 1. Credit not a creation, but a transfer of the means of production. 35

2. In what manner it assists production

3. Function of credit in economizing the use of money

4. Bills of exchange

5. Promissory notes

6. Deposits and checks

Influence of Credit on Prices.

§ 1. The influence of bank notes, bills, and checks, on prices, a part of

the influence of Credit

2. Credit a purchasing power similar to money.

3. Effects of great extensions and contractions of credit. Phenomena
of a commercial crisis analyzed.

4. Bills a more powerful instrument for acting on prices than book
credits, and bank notes than bills

5. the distinction of little practical importance

6. Checks an instrument for acting on prices, equally powerful with

7. No generic distinction between bank notes and other forms of

CHAPTER XIII. Of an Inconvertible Paper Currency.

§ 1. The value of an inconvertible paper, depending on its quantity, is a
matter of arbitrary regulation

2. If regulated by the price of bullion, an inconvertible currency
might be safe, but not expedient

3. Examination of the doctrine that an inconvertible currency is safe

if representing actual property.

4. — of the doctrine that an increase of the currency promotes in-

dustry

5. Depreciation of currency a tax on the community, and a fraud on

creditors

6. Examination of some pleas for committing this fraud

31

86

Of Excess of Supply.

§ 1. Can there be an over-supply of commodities generally? .

2. The supply of commodities, in general, cannot exceed the power

3. -never does exceed the inclination to consume .

4. Origin and explanation of the notion of general over-supply

CHAPTER XV. Of a Measure of Value.

§ 1. A Measure of Exchange Value, in what sense possible.

2. A Measure of Cost of Production

CHAPTER XVI. Of some Peculiar Cases of Value.

§ 1. Values of commodities which have a joint cost of production

2. Values of the different kinds of agricultural produce

CHAPTER XVII. Of International Trade.

§ 1. Cost of Production not the regulator of international values.

2. Interchange of commodities between distant places, determined by

differences, not in their absolute, but in their comparative, cost

3. The direct benefits of commerce consist in increased efficiency of

the productive powers of the world .

not in a vent for exports, nor in the gains of merchants

5. Indirect benefits of commerce, economical and moral; still greater

than the direct

CHAPTER XVIII. Of International Values.

§ 1. The values of imported commodities depend on the terms of inter-

national interchange

which depend on the Equation of International Demand

3. Influence of cost of carriage on international values

4. The law of values which holds between two countries, and two

commodities, holds of any greater number

5. Effect of improvements in production, on international values

6. The cost to a country of its imports, on what circumstances de-

§ 1. Money imported in two modes; as a commodity, and as a medium

2. As a commodity, it obeys the same laws of value as other imported

3. Its value does not depend exclusively on its cost of production at

Of Money, considered as an Imported

CHAPTER XX. Of the Foreign Exchanges.

§ 1. Purposes for which money passes from country to country as a

medium of exchange .

2. Mode of adjusting international payments through the exchanges 151

3. Distinction between variations in the exchanges which are self-

adjusting, and those which can only be rectified through prices 156

§ 1. The substitution of money for barter makes no difference in ex-

ports and imports, nor in the law of international values

2. The preceding theorem further illustrated

3. The pred us metals as money, are of the same value, and distrib-

CHAPTER XXI. Of the Distribution of the Precious

Metals through the Commercial World.

ute themselves according to the same law, with the precious

metals as a commodity

4. International payments not of a commercial character

§ 1. Variations in the exchange, which originate in the currency

2. Effect of a sudden increase of a metallic currency, or of the sud-

den creation of bank notes or other substitutes for money.

3. Effect of the increase of an inconvertible paper currency. Real

and nominal exchange

CHAPTER XXII. Influence of Currency on the Exchanges

and on Foreign Trade.

Of the Rate of Interest.

§ 1. The rate of interest depends on the demand and supply of loans 182

2. Circumstances which determine the permanent demand and sup-

3. Circumstances which determine the fluctuation

4. The rate of interest not really connected with the value of money,
but often confounded with it

5. The rate of interest determines the price of land and of securities 193

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CHAPTER XXIV. Of the Regulation of a Convertible Pa-

§ 1. Two contrary theories respecting the influence of bank issues 194

2. Examination of each

•

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rrency

3. Reasons for thinking that the Currency Act of 1844 produces a
part of the beneficial effect intended by it.

4.

but produces mischiefs more than equivalent.

5. Should the issue of bank notes be confined to a single establish-

6. Should the holders of notes be protected in any peculiar manner
against failure of payment?

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§ 1. Causes which enable one country to undersell another

2. Low wages one of those causes

when peculiar to certain branches of industry

4. but not when common to all

5. Some anomalous cases of trading communities examined

§ 1. Exchange and Money make no difference in the law of wages

in the law of rent

nor in the law of profits

CHAPTER XXV. Of the Competition of different Coun-

tries in the same Market.

CHAPTER XXVI. Of Distribution, as affected by Ex-

INFLUENCE OF THE PROGRESS OF SOCIETY ON PRODUCTION
AND DISTRIBUTION.

§ 1. Introductory remarks

2. Tendency of the progress of society towards increased command

over the powers of nature; increased security; and increased

capacity of coöperation

General Characteristics of a Progressive

State of Wealth.

§ 1. Tendency to a decline of the value and cost of production of all

except the products of agriculture and mining, which have a

tendency to rise.

that tendency from time to time counteracted by improvements

4. Effect of the progress of society in moderating fluctuations of

CHAPTER II. Influence of the Progress of Industry and

Population on Values and Prices.

5. Examination of the influence of speculators, and in particular of

1. First case; population increasing, capital stationary

2. Second case; capital increasing, population stationary

3. Third case; population and capital increasing equally, the arts of

production stationary.

4. Fourth case; the arts of production progressive, capital and pop-

ulation stationary

6. Fifth case; all the three elements progressive

Influence of the Progress of Industry and
Population on Rents, Profits, and Wages.

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