Known as the Early Journal Content, this set of works include research articles, news, letters, and other writings published in more than 200 of the oldest leading academic journals. The works date from the mid--seventeenth to the early twentieth centuries. We encourage people to read and share the Early Journal Content openly and to tell others that this resource exists. People may post this content online or redistribute in any way for non--commercial purposes. Read more about Early Journal

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... ntent at http://about.jstor.org/participate--jstor/individuals/early-journal--content. JSTOR is a digital library of academic journals, books, and primary source objects. JSTOR helps people discover, use, and build upon a wide range of content through a powerful research and teaching platform, and preserves this content for future generations. JSTOR is part of ITHAKA, a not--for--profit organization that also includes Ithaka S+R and Portico. For more information about JSTOR, please contact support@jstor.org. MANDEVILLE IN THE TWENTIETH CENTURY It is often stated that Adam Smith wrote to refute the doctrines of the mercantile school. It is MViandeville, however, who started the series of discussions which led up to the Wealth of Nations. No sooner had the Fable of the Bees appeared than replies began, each doing something to overturn the despised doctrine. What others failed to do, Smith succeeded in doing, and his book has been ever since a storehouse of arguments of economic orthodoxy. But doctrines though refuted loom up at each new national crisis with the same vigor and plausibility as had their originals. Is spending beneficial to trade is answered in the affirmative by as eager a host of popular writers as those of Mandeville's time. They would not say that the burning of London was good for trade, but they assume that expenditure for war makes a nation rich. They might not say that the sinking of a ship was beneficial, but if submarines sink a third of what we send abroad they would affirm that business was increased thereby. Even the worst do something for public good wouLld] now be interpreted to mean that German frightfulness makes business lively by making more work. Think of how rich we will make ourselves rebuilding the desolate regions of Belgium, North France, and Poland. Surely if work is the essence of trade there is plenty of it ahead of us. If we can keep up our spending and carry on the war at the same time, Alandeville is right. And so is he if we are made richer by the bonds we issue. Twenty billions of bonds we are told makes us twenty billions richer. "Buy a bond and pass it on" is a slogan equal in cogency to any of Mandeville's sayings. As the doctrine has been put in poetry, it deserves being perpetuated and placed in the same category as the Fable of the Bees. Here it is as written by Mr. Foley, an advertising expert. If this is not inflation, what is? Could paper money do more? BUY A BOND AND PASS IT ALONG Tom Robinson, the plumber, bought a hundred-dollar bond. Though he truly loved his country, of his cash he sure was fond. "I've bought because it's duty," said he to Doctor Jones. "I've got to do my little bit to help the Allied loans." The Doctor said: "I bought some bonds, then with them bought a car. You owe me just a hundred." Said the plumber: "There you are." And handed Jones his new-bought bond; then Jones paid off a debt Qf a hundred, to the furrier-before he could forget. 1918] Mandeville in the Twenltieth Century 89 The furrier had bought some clothes-an honest man was he-"Let's pay with Uncle Sam's good bond that helps to set men free!" And so he paid. The clothier squared up an old account With his jobber-so the bond went on, intact in its amount. The jobber owed the grocer for the things his family ate. Said he: "I'll pay in Libertys-you need no longer wait." Then the grocer paid the butcher, who owed the carpet store, And he in turn reduced his debt and helped along the war.