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Economic Addresses, Vol. 9 (Classic Reprint)



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Economic Addresses, Vol. 9 (Classic Reprint) by William Watts Folwell
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Excerpt from Economic Addresses, Vol. 9 The following address was prepared for and used as one of a series of lectures offered by the University Extension Department of the University of Chicago, in the winter of 1905. It was given in Des Moines, Iowa; Kansas City and St. Joseph, Missouri; Saint Paul and Minneapolis, Minnesota. It was later delivered before various audiences. For a discussion which must close before bedtime, a speaker may not follow the example of Diedrich Knickerbocker, who began his famous History of New York with the creation of the world. We are obliged to assume that some things have been settled. I will ask that these four be so assumed: First, the institution of private property; second, the right and duty of organized society to control that institution; third, the advantages, individual and social, of the division of labor; fourth, the advantages, individual and social, of exchange. These granted, it is evident, or will be after a little reflection, that at some time in the social evolution the trader must appear. Before the trader, however, came the market. The researches of Sir Henry Maine and others have revealed the origin of the market, for the Aryan or Indo-European family of mankind at least. Within those primitive village communities into which our remote ancestors were grouped, the exchange of products was merely a matter of neighborly accommodation. This man had fish, a kinsman had game, to spare. They exchanged. Both were gratified; neither thought of an advantage gained over the other. Doubtless custom, which in primitive communities stands for law, moderated the trifling transactions. Exchanges, however, arose between adjoining communities and a custom grew of resorting to convenient gathering places on the common border line - the mark they called it. Here on the mark - the market came to be held at customary times and seasons. Here the dealings were no longer those of fellow tribesmen, but of strangers; and, among all primitive men, stranger and enemy were the same. To get the better of the bargain was not merely allowable, it was meritorious. Unmitigated competition was the rule of the market, and absolute title passed to every article which changed hands. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Release date NZ
September 27th, 2015
Country of Publication
United States
black & white illustrations
Forgotten Books
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