Economics

"The great source of the flourishing state of this kingdom is its trade and commerce."

"This being an island, all imaginable encouragement ought to be given to trade."

"Empirical evidence tends to show that trade liberalisation may entail non-trivial adjustment costs for certain groups."

"The wide chasm separating the inevitabilities of economic life from the Christian ideal ... kept the most devout groups and all those with the most consistently developed ethics far from the life of trade."

"The more a religion is aware of its opposition in principle to economic rationalization as such, the more apt are the religion’s virtuosi to reject the world, especially its economic activities."

"If a state should pass laws forbidding its citizens to become wise and holy, it would be made a byword for all time. But this, in effect, is what our commercial, social, and political systems do. They compel the sacrifice of mental and moral power to money and dissipation."

"Free trade may have wide support among economists, but its support among the public at large is considerably less."

"Every individual necessarily labors to render the annual revenue of the society as great as he can. He generally indeed neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good."

"Hence commerce springs, the venal interchange Of all that human art or Nature yield; Which wealth should purchase not, but want demand, And natural kindness hasten to supply From the full fountain of its boundless love, Forever stifled, drained and tainted now. Commerce! beneath whose poison-breathing shade No solitary virtue dares to spring."

"Let me have no lying; it becomes none but tradesmen."

"Specialization and trade are the key to high living standards. By specializing, people can become highly productive in a very narrow field of expertise. People can then trade their specialized goods for others’ products, vastly increasing the range and quality of consumption and having the potential to raise everyone’s living standards."

"Considerable evidence supports the argument that trading state globalization has emerged as a global norm and as a widely accepted basis of state grand strategy since World War II. Since the 1940s, successive rounds of the GATT (now the TWO) have resulted in consistently lower tariff rates that have helped stimulate world trade. From 1980 to 1998, the rate of growth in world trade ranged from 4.2% to 10.3%, and from 1990 to 1999 it grew at over three times the rate of global output (World Bank 1998; World Trade Organization 2000). Moreover, financial transactions, once and adjust of trade, have grown even faster and now tower over trade flows by a ratio of 50:1."

"What was called was nothing but the extension overseas of European interests. The strategy behind international trade and the production that supported it was firmly in European hands, and specifically in the hands of the sea-going nations from the North Sea to the Mediterranean. They owned and directed the great majority of the world’s sea-going vessels, and they controlled the financing of the trade between four continents. Africans had little clue as to the tri-continental links between Africa, Europe, and the Americas. Europe had a monopoly of knowledge about the international exchange system seen as a whole, for was the only sector capable of viewing the system as a whole. Europeans used the superiority of their ships and cannon to gain control of all the world’s waterways, starting with the western Mediterranean and the Atlantic coast of North Africa. [...] Therefore, by control of the seas, Europe took the first steps towards transforming the several parts of Africa and Asia into economic satellites."

"One of the common means by which one nation exploits another and one that is relevant to Africa’s external relations is exploitation through trade. When the terms of trade are set by one country in a manner entirely advantageous to itself, then the trade is usually detrimental to the trading partner. To be specific, one can take the export of agricultural produce from Africa and the import of manufactured goods into Africa from Europe, North America, and Japan. The big nations establish the price of the agricultural products and subject these prices to frequent reductions. At the same time the price of manufactured goods is also set by them, along with the s necessary for trade in the ships of those nations. The minerals of Africa also fall into the same category as agricultural produce as far as pricing is concerned. The whole import-export relationship between Africa and its trading partners is one of unequal exchange and of exploitation."

"[Commerce] is a pacific system, operating to cordialise mankind, by rendering Nations, as well as individuals, useful to each other … The invention of commerce … is the greatest approach toward universal civilization that has yet been made by any means not immediately flowing from moral principles."

"Commerce is a cure for the most destructive prejudices; for it is almost a general rule that wherever manners are gentle there is commerce; and wherever there is commerce, manners are gentle. Let us not be astonished, then, if our manners are now less savage than formerly. Commerce has everywhere diffused a knowledge of the manners of all nations: these are compared one with another, and from this comparison arise the greatest advantages."

"It is commerce which is rapidly rendering war obsolete, by strengthening and multiplying the personal interests which are in natural opposition to it. And it may be said without exaggeration that the great extent and rapid increase of international trade, in being the principal guarantee of the peace of the world, is the great permanent security for the uninterrupted progress of the ideas, the institutions, and the character of the human race."

"Countries as well as families benefit from the ability to trade with one another. Trade allows countries to specialize in what they do best and to enjoy a greater variety of goods and services. The Japanese, as well as the French and the Egyptians and the Brazilians, are as much our partners in the world economy as they are our competitors."

"The product of that city, now Far distant lands consume; The Indian wears around his brow The white webs of her loom. Her vessels sweep from East to West ; Her merchants are like kings ; While wonders in her walls attest The power that commerce brings."

"The spirit of trade cannot coexist with war, and sooner or later this spirit dominates every people. For among all those powers (or means) that belong to a nation, financial power may be the most reliable in forcing nations to pursue the noble cause of peace (though not from moral motives); and wherever in the world war threatens to break out, they will try to head it off through mediation, just as if they were permanently leagued for this purpose."

"The selfish spirit of commerce knows no country, and feels no passion or principle but that of gain."

"Where wealth and freedom reign contentment fails, And honour sinks where commerce long prevails."

"Wisdom, virtue, morality, all these have fallen out of fashion: everybody worships at the shrine of commerce."

"The first place he went into was the Royal Exchange, .... where men of all ages and all nations were assembled, with no other view than to barter for interest. ... David ... resolved to stay no longer in a place where riches were esteemed goodness, and deceit, low cunning, and giving up all things to the love of gain were thought wisdom."

"Commerce is of trivial import; love, faith, truth of character, the aspiration of man, these are sacred."

"Trade is the mother of money."

"Our wants are various, and nobody has been found able to acquire even the necessaries without the aid of other people, and there is scarcely any Nation that has not stood in need of others. The Almighty himself has made our race such that we should help one another. Should this mutual aid be checked within or without the Nation, it is contrary to Nature."

"The importance of international trade for economic development cannot be overemphasized. But free trade is not the best path to economic development. Trade helps economic development only when the country employs a mixture of protection and open trade, constantly adjusting it according to its changing needs and capabilities. Trade is simply too important for economic development to be left to free trade economists."

"Britain and the US are not the homes of free trade; in fact, for a long time they were the most protectionist countries in the world. Not all countries have succeeded through protection and subsidies, but few have done so without them. For developing countries, free trade has a rarely been a matter of choice; it was often an imposition from outside, sometimes even through military power. Most of them did very poorly under free trade; they did much better when they used protection and subsidies. The best-performing economies have been those that opened up their economies selectively and gradually. Neo-liberal free-trade free-market policy claims to sacrifice equity for growth, but in fact it achieves neither; growth has slowed down in the past two and a half decades when markets were freed and borders opened."

"The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries."

"The ascetic Gotama … avoids watching dancing, singing, music and shows. He abstains from using garlands, perfumes, cosmetics, ornaments and adornments. … He refrains from running errands, from buying and selling."

"Economists have, in fact, devoted a lot of effort to documenting how international differences in economic conditions change as national governments lower the barriers that limit trade across countries. Much of international trade theory attempts to imagine what happens when countries allow unrestricted flows of goods and capital across national boundaries. One common theme in these models, which has greatly influenced economic policy, is that the removal of restrictions on such flows increases global income and tends to equalize prices and wages across countries. Decades of experience with various trade liberalization policies, however, do not seem to have had as much of an impact on global income or on international wage inequality as the proponents of free trade would have expected."

"COMMERCE, n. A kind of transaction in which A plunders from B the goods of C, and for compensation B picks the pocket of D of money belonging to E."

"Where is Christ, the King? In heaven, to be sure. Thither it behooves you, soldier of Christ, to direct your course. Forget all earthly delights. A soldier does not build a house; he does not aspire to possession of lands; he does not concern himself with devious, coin-purveying trade. … The soldier enjoys a sustenance provided by the king; he need not furnish his own, nor vex himself in this regard."

"Bartley: Why dost laugh, Frank? Ilford. To see that we and usurers live by the fall of young heirs, as swine by the dropping of acorns."

"Frequently nowadays the use of highly sophisticated computers involves the 'selling' of time on them. In the Middle Ages this practice would have been severely frowned upon by the Church, for one of its main objections to the practice of usury was that it contravened natural law by 'selling time', and in its view time necessarily belongs to all creatures."

"Since they [usurers] sell nothing other than the expectation of money, that is to say, time, they sell days and nights. But the day is the time of clarity, and the night the time of repose. It is, therefore, not just for them to receive eternal light and eternal rest."

"He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor."

"Profitless usurer, why dost thou use So great a sum of sums, yet canst not live? For having traffic with thy self alone, Thou of thy self thy sweet self dost deceive: Then how when nature calls thee to be gone, What acceptable audit canst thou leave?"

"This inhumanity of mercenary commerce is the more notable because it is a fulfilment of the law that the corruption of the best is the worst. … And this is the ultimate lesson which the leader of English intellect meant for us … in the tale of the "Merchant of Venice"; in which the true and incorrupt merchant,—kind and free, beyond every other Shakespearian conception of men,—is opposed to the corrupted merchant, or usurer; the lesson being deepened by the expression of the strange hatred which the corrupted merchant bears to the pure one, mixed with intense scorn."

"Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: "Trade is like usury," but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever)."

"Since those who rule in the city do so because they own a lot, I suppose they're unwilling to enact laws to prevent young people who've had no discipline from spending and wasting their wealth, so that by making loans to them, secured by the young people's property, and then calling those loans in, they themselves become even richer and more honored."

"The true spirit of usury lies in taking an unjust and unreasonable advantage of their fellow creatures."

"Jewish usury was prohibited at common law, but no other."

"By means of the banking system the distribution of capital as a special business, a social function, is taken out of the hands of the private capitalists and usurers. But at the same time, banking and credit thus become the most potent means of driving capitalist production beyond its own limits, and one of the most effective vehicles of crises and swindle."

"Usury lives in the pores of production, as it were, just as the gods of Epicurus lived in the space between the worlds."

"And if you lend to those from whom you expect repayment, what credit is that to you? Even sinners lend to sinners, expecting to be repaid in full. But love your enemies, do good to them, and lend to them without expecting to get anything back."

"I, who ne'er Went for myself a begging, go a borrowing, And that for others. Borrowing's much the same As begging; just as lending upon usury Is much the same as thieving."

"Among the principal criticisms leveled against the merchants was the charge that their profit implied a mortgage on time, which was supposed to belong to God alone. For example, we have the following remarks of a lector-general of the Franciscan order in the fourteenth century concerning a disputed question: "Question: is a merchant entitled... to demand a greater payment from one who cannot settle his account immediately than from one who can? The answer argued for is no, because in doing so he would be selling time and would be committing usury by selling what does not belong to him." ...The whole of economic life at the dawn of commercial capitalism is here being called into question."

"For at least another hundred years we must pretend to ourselves and to everyone that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still. For only they can lead us out of the tunnel of economic necessity into daylight."