James Denham-Steuart
Great Britain- Biography of James Denham-Steuart
- Early Life and Education
- Support for the Jacobites
- Contributions to Economics
- Rediscovery and Legacy
Biography of James Denham-Steuart
James Denham-Steuart was a British economist and one of the last representatives of mercantilism. He was also involved in the second Jacobite uprising.
Early Life and Education
Sir James Steuart was born in Edinburgh in 1712 to a family of the Chief Steward of Scotland to Queen Anne and Sir James Steuart, the 1st Baronet. He studied law at the University of Edinburgh from 1724 to 1735, obtaining his qualification as a lawyer in 1735. After completing his studies, he began to travel across Europe.
Support for the Jacobites
Steuart was a supporter of the Jacobites, and in 1745, he was sent to Paris by Prince Charles Edward Stuart on a mission. After the defeat at the Battle of Culloden, he fled from England. He lived in Germany until 1763 when he returned to Edinburgh.
Contributions to Economics
In 1767, Steuart published his work "Inquiry into the Principles of Political Economy," which was released nine years before Adam Smith's "The Wealth of Nations." His book is recognized as one of the first systematic scientific works on moderate mercantilism. However, Adam Smith completely ignored Steuart's works and deliberately avoided mentioning his name. As a result, Steuart's book fell into complete obscurity, and there is no reference to his work in any of the works of the English classical economists.
Rediscovery and Legacy
Thanks to Karl Marx's criticism, Steuart's name gradually gained importance in the circles of the German Historical School. He was later proclaimed as a precursor to "controlled economy" and the concept of economic planning. Steuart's contributions to economics have since been recognized, although they were largely overshadowed during his time.
