Political economy came into being as a natural result of the expansion of trade, and with its appearance elementary, unscientific huckstering was replaced by a developed system of licensed fraud, an entire science of enrichment.

Summary

This quote highlights the origins of political economy in response to the growth of trade. It argues that political economy emerged as a more sophisticated and systematic approach, replacing the previous unregulated and dishonest practices prevalent in early commerce. The quote implies that political economy transformed the field of trade into a structured and licensed system, creating a science of acquiring wealth through legitimate means.

Topics