PALGRAVE'S DICTIONARY OF POLITICAL ECONOMY EDITED BY HENRY HIGGS, C.B. Omnia mutantur: nihil interit. VOL. III. N-Z MACMILLAN AND CO., LIMITED 1926 Ore trahit quodcumque potest atque addit acervo. HB61 GIANNINI FOUNDATION COPYRIGHT First Edition, 1899. Reprinted, 1901 Corrected with Appendix, 1908 Reprinted with Corrections, 1910 Reprinted with Corrections, 1913. Reprinted, 1918 PRINTED IN GREAT BRITAIN PREFACE In this edition pages 1 to 691 have been printed with some modifications from the original stereotyped plates. In some cases old matter has been cut out and replaced by words occupying the same space in order to preserve the alphabetical arrangement of the articles and the pagination. To reset the type of this part of the Dictionary in present circumstances would have necessitated a prohibitive price for the volume. Additional articles and continuations of original articles have been included in an Appendix. When an asterisk is added to a title it indicates that the article is in two parts, one in the earlier portion of the Dictionary and one in the Appendix. The reader will not, it is hoped, find serious inconvenience in this separation. More than thirty years have elapsed since the Dictionary was first prepared. Many eminent contributors to the first edition have passed away, but their articles, little affected by the lapse of time, have been generally allowed to remain in their original form as contributions of permanent historical value. In the opinion of the present editor, a compendium of this character should aim at permanent service. It cannot with advantage discharge the function of supplying the latest statistics of population, finance, imports, exports, etc. For such information the student will naturally turn to annual publications like the Statesman's Year-Book or the Statistical Abstract or other periodical works of reference. Articles upon legal topics only remotely connected with economics have not been revised or expanded. They could not be omitted from the earlier pages for the reason already stated, but the latest state of the law upon such matters must be sought elsewhere. Biographical notices of deceased economists, economic history, definitions and discussions of economic terms and categories, the development of economic thought, lists of economic literature are the staple of a Dictionary of Political Economy. Such information may need additions by successive revisions of the Appendix, but does not become obsolete. A feature of the present edition is the greater attention paid to American economists. The article on the American School, contributed to Volume I. by Professor J. H. Hollander of Johns Hopkins University, has been supplemented in this volume by a number of biographical notices from the pen of Dr. Broadus Mitchell of the same University, and by important articles from other leading American authorities. HENRY HIGGS. September 1925. 20193 INTRODUCTION TO THE FIRST EDITION THE aim of this work is the assistance of the English-speaking student of Economic Science to the better understanding of the questions in which he is interested. These questions, while dealing with matters of ordinary life, are often more abstruse and intricate than appears to a superficial observer, and they require careful thought and study to unravel. The performance of this task, difficult and laborious enough in itself, has not been rendered more easy by the fact that the work has to cover an absolutely new field in English literature. There exists at the present time no completed work in our language which exactly fills the same place, or which could in any way serve as a guide. The laborious commencement made by MacLeod extends only as far as the letter C. The Standard Library Cyclopædia of Political, Constitutional, Statistical, and Forensic Knowledge, 1860, does not cover the same ground; nor does the American Cyclopædia of Political Science, Political Economy, and United States History, 1888, undertake what has been attempted here. In the French and German languages there are very valuable works on the subject, among which may be cited the Dictionnaire de l'Économie Politique, edited by Coquelin and Guillaumin, 1853; the Nouveau Dictionnaire d'Économie Politique, edited by Léon Say and Joseph Chailley, 1891; the Dictionnaire des Finances, edited under the direction of Léon Say by Louis Foyot and A. Lanjolley, 1889; and the Handwörterbuch der Staatswissenschaften, edited by Conrad, Elster, Lexis, and Loening, the first part of the first edition of which was published in 1890, the second edition having been commenced in 1898. These works have been studied and their arrangement considered. But the dictionaries which cover the corresponding ground in other languages, though written by very competent and erudite men, could not serve exactly as models for a book intended for the English student, whose requirements had particularly to be provided for. Yet, although specially written for the English-speaking races, it is believed that this book may claim that international or cosmopolitan character which should mark any work on economic science; for, among the contributors, besides the many very able English, are numbered some of the most distinguished American and foreign Economists. I now thankfully bring my work to a conclusion, greatly indebted to the consideration of my publishers, Messrs. Macmillan and Co., who have kindly waited till a book, promised, with a sincere expectation of fulfilment, in three years, has |