Essay on the Nature of Commerce in General: Richard.
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Essay on Commerce: Meaning, Nature and Other Details. Article shared by: ADVERTISEMENTS: “Commerce is the sum total of all those processes, which are engaged in the removal of hindrance of persons (trade), place (transport and insurance) and time (warehousing) in the exchange (banking) of commodities.” Every human being is engaged in some kind of activity. These activities are undertaken.
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But Smith's work did not spring from a vacuum. Some key pre-Smithian texts are John Law's Money and Trade (1705), Jean-Francois Melon's Essai politique sur le commerce (1734), and Richard Cantillon's Essay on the Nature of Commerce in General (1755).
An inquiry into those principles respecting the nature of demand and the necessity of consumption, lately advocated by Mr. Malthus, from which it is concluded, that taxation and the maintenance of unproductive consumers can be conducive to the progress of wealth. London; repr. in S. Bailey, A critical dissertation on the nature, measure and causes of value, London: Frank Cass 1967.
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In the early to mid-1720s Richard Cantillon, an Irish banker living Paris, produced a brilliant work of sophisticated economic analysis that vividly described how inflation distorts the pattern of production and causes a redistribution of incomes and wealth. Essay on the Nature of Commerce in General, Transaction Publishers, 2001). It was this essay that gave us the concept of the “Cantillon.