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Chapter 11 unveils Burke’s understanding of the French Revolution through the lens of his principles of political economy. In Reflections on the Revolution in France, Burke attacked the Revolution for violating prescriptive property rights and subverting the market principles of supply and demand that he later defended in Thoughts and Details. In addition, I provide a thorough treatment of Burke’s criticism of the monied interest and the revolutionaries’ frenzied issuance of paper money called assignats. In his judgment, these two aspects of the Revolution shook the foundations of France’s system of revenue and discouraged commercial activity. The monied interest in particular exploited their position as state creditors to drive their pursuit of avaricious self-interest and wield a nefarious influence in the conduct of government affairs, which helped provoke the expansion of the French state. Such financiers, as well as the new middle class, were driven by ambition and speculation, supplanting the landed nobility and unsettling the social order of France. In Burke’s view, the landed interest was necessary to tame and channel such influences because their family pedigrees, ancestral estates, modern disposition, and commitment to the common good provided a stable foundation for market exchange and foreign investment to flourish.
Although many of Edmund Burke's speeches and writings contain prominent economic dimensions, his economic thought seldom receives the attention it warrants. Commerce and Manners in Edmund Burke's Political Economy stands as the most comprehensive study to date of this fascinating subject. In addition to providing rigorous textual analysis, Collins unearths previously unpublished manuscripts and employs empirical data to paint a rich historical and theoretical context for Burke's economic beliefs. Collins integrates Burke's reflections on trade, taxation, and revenue within his understanding of the limits of reason and his broader conception of empire. Such reflections demonstrate the ways that commerce, if properly managed, could be an instrument for both public prosperity and imperial prestige. More importantly, Commerce and Manners in Edmund Burke's Political Economy raises timely ethical questions about capitalism and its limits. In Burke's judgment, civilizations cannot endure on transactional exchange alone, and markets require ethical preconditions. There is a grace to life that cannot be bought.
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