Intrigue, murder, posthumous plagiarism, citations by Adam Smith, rediscovery by William Stanley Jevons a century later, and a stunning work on entrepreneurial risk, money, foreign exchange, and banking from the 1700s--what more could one ask for from an 18th century economist? Richard Cantillon offers fascination for historians and economists as much in death as he did in life.
Richard Cantillon, Irish born but living in Paris as a young man, from circumstances became a banker/broker there, and moved in influential, educated social circles. Enriched but embarrassed by speculation in John Law's scheme, he removed to London (perhaps in flight or to protect his assets). Somewhere along the line he wrote this influential work, Essai sur la Nature du Commerce in Général (Essay on the Nature of Trade in General). Probably first written between 1730 and 1734, the first surviving copies are in French, from 1755-56. Whether it was first drafted or circulated in English or in French is unclear; also unclear is what Smith may have seen of it. That Smith was familiar with Cantillon in some form is documented in Smith's own rare citations. Other contemporary economists were also familiar with the work, even to the point of plagiarizing from the unpublished version.
Despite the multiple plagiarizations and the disappearance of early originals, there is general agreement now that Richard Cantillon did indeed write the work; and it did indeed influence Smith and many other contemporaneous economists--the very same the French and English economists whose work became the basis of modern economic thought. Beyond that, though, all we have are the extant 1755-56 French versions and a few translations, of which Higgs's translation is the only thorough edition. Econlib is pleased to present the full translation of this remarkable work. We also bring you Higgs's side-by-side French/English edition for download as a pdf file, as well as our formatted searchable online edition.
Higgs's book also contains these other recommended readings:
Additional recommendations and summaries:
3. We've left Higgs's translation intact; but note that his arcane translations of some words like "Undertaker" for "entrepreneur" obscured Cantillon's apparent coining of the word "entrepreneur"--see Mark Casson's article, Entrepreneurship, in the Concise Encyclopedia of Economics for more on this.
4. Friedrich A. Hayek, "Richard Cantillon," 1931; translated by Micheál Ó Súilleabháin for the Journal of Libertarian Studies, vol. 7, no. 2, Fall 1985 (republished on Econlib with permission). Other interesting essays in that conference volume on Cantillon include those by Hebert (a discussion of economic ground held in common between Cantillon and the Austrians) and Liggio (a brief history of France and England before and during the period Cantillon was writing). The conference volume is available online in pdf format through the Mises Institute.
5. Joseph Spengler, "Richard Cantillon: First of the Moderns," Journal of Political Economy, LXII, August-October 1954.
Lauren F. Landsburg
Editor, Library of Economics and Liberty