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Turgot, Smith and Steuart on Stadial Histories

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  • José M. Menudo

    (Department of Economics, Universidad Pablo de Olavide)

Abstract

The theory of the stages of society appeared in the mid-18th century. Following a successful reception over the course of the second half of the century, the four-stage theory was finally adopted by Classical Economics, holding that the exchange economy is the final outcome of a long period of economic development. This paper carries out a comparative analysis of the stadial histories of Turgot, Smith and Steuart. We found theories which were similar, but which were identical in the pre-eminence of the productive forces and economic organisation. Firstly, a number of dynamic principles are noted?i.e., a natural tendency to improve their conditions, a series of shocks that change the historical stage and the innovative capacity of some individuals. Secondly, the necessary conditions for the movement from the agricultural stage to commercial society do not coincide. Turgot requires an accumulation of capital, Smith uses the market and Steuart points to the artificial institutions created by merchants. This is the central point in order to understand the differences between their economic theories.

Suggested Citation

  • José M. Menudo, 2017. "Turgot, Smith and Steuart on Stadial Histories," Working Papers 17.14, Universidad Pablo de Olavide, Department of Economics.
    • Handle: RePEc:pab:wpaper:17.14
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    References listed on IDEAS

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    1. Jean Dellemotte & Benoît Walraevens, 2015. "Adam Smith on the subordination of wage-earners in the commercial society," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(4), pages 692-727, August.
    2. Maria Pia Paganelli, 2015. "Recent Engagements with Adam Smith and the Scottish Enlightenment," History of Political Economy, Duke University Press, vol. 47(3), pages 363-394, September.
    3. John F. Henry, 1999. "John Locke, Property Rights, and Economic Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 33(3), pages 609-624, September.
    4. Maria Pia Paganelli, 2015. "Recent Engagements with Adam Smith and the Scottish Enlightenment," Center for the History of Political Economy Working Paper Series 2015-6, Center for the History of Political Economy.
    5. A. S. Skinner, 1963. "Sir James Steuart: International Relations," Economic History Review, Economic History Society, vol. 15(3), pages 438-450, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Turgot; History of Economic Thought; Development Enlightenment; and Economic Methodology.;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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