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In the Principles of Political Economy, these opinions were promulgated, less clearly and fully in the first edition, rather more so in the second, and quite unequivocally in the third. The difference arose partly from the change of times, the first edition having been written and sent to press before the French Revolution of 1848, after which the public mind became more open to the reception of novelties in opinion, and doctrines appeared moderate which would have been thought very startling a short time before. In the first edition the difficulties of Socialism were stated so strongly, that the tone was on the whole that of opposition to it. In the year or two which followed, much time was given to the study of the best Socialistic writers on the Continent, and to meditation and discussion on the whole range of topics involved in the controversy: and the result was that most of what had been written on the subject in the first edition was cancelled, and replaced by arguments and reflections which represent a more advanced opinion.

The Political Economy was far more rapidly executed than the Logic, or indeed than anything of importance which I had previously written. It was commenced in the autumn of 1845, and was ready for the press before the end of 1847. In this period of little more than two years there was an interval of six months during which the work was laid aside, while I was writing articles in the Morning Chronicle (which unexpectedly entered warmly into my purpose) urging the formation of peasant properties on the waste lands of Ireland. This was during the period of the Famine, the winter of 1846-47, when the stern necessities of the time seemed to afford a chance of gaining attention for what appeared to me the only mode of combining relief to immediate destitution with permanent improvement of the social and economical condition of the Irish people. But the idea was new and strange; there was no English precedent for such a proceeding: and the profound ignorance of English politicians and the English public concerning all social phenomena not generally met with in England (however common elsewhere), made my endeavours an entire failure. Instead of a great operation on the waste lands, and the conversion of cottiers into proprietors, Parliament passed a Poor Law for maintaining them as paupers: and if the nation has not since found itself in inextricable difficulties from the joint operation of the old evils and the quack remedy it is indebted for its deliverance to that most unexpected and surprising fact, the depopulation of ireland, commenced by famine, and continued by emigration.

The rapid success of the Political Economy showed that the public wanted, and were prepared for such a book. Published early in 1848, an edition of a thousand copies was sold in less than a year. Another similar edition was published in the spring of 1849; and a third, of 1250 copies, early in 1852. It was, from the first, continually cited and referred to as an authority, because it was not a book merely of abstract science, but also of application, and treated Political Economy not as a thing by itself, but as a fragment of a greater whole; a branch of Social Philosophy, so interlinked with all the other branches, that its conclusions, even in its own peculiar province, are only true conditionally, subject to interference and counteraction from causes not directly within its scope: while to the character of a practical guide it has no pretension, apart from other classes of considerations. Political Economy, in truth, has never pretended to give advice to mankind with no lights but its own; though people who knew nothing but political economy (and therefore knew that ill) have taken upon themselves to advise, and could only do so by such lights as they had. But the numerous sentimental enemies of political economy, and its still more numerous interested enemies in sentimental guise, have been very successful in gaining belief for this among other unmerited imputations against it, and the Principles having, in spite of the freedom of many of its opinions, become for the present the most popular treatise on the subject, has helped to disarm the enemies of so important a study. The amount of its worth as an exposition of the science, and the value of the different applications which it suggests, others of course must judge.

For a considerable time after this, I published no work of magnitude; though I still occasionally wrote in periodicals, and my correspondence (much of it with persons quite unknown to me), on subjects of public interest, swelled to a considerable bulk. During these years I wrote or commenced various Essays, for eventual publication, on some of the fundamental questions of human and social life, with regard to several of which I have already much exceeded the severity of the Horatian precept. I continued to watch with keen interest the progress of public events. But it was not, on the whole, very encouraging to me. The European reaction after 1848, and the success of an unprincipled usurper in December, 1851, put an end, as it seemed, to all present hope for freedom or social improvement in France and the Continent. In England, I had seen and continued to see many of the opinions of my youth obtain general recognition, and many of the reforms in institutions, for which I had through life contended, either effected or in course of being so. But these changes had been attended with much less benefit to human well-being than I should formerly have anticipated, because they had produced very little improvement in that which all real amelioration in the lot of mankind depends on, their intellectual and moral state: and it might even be questioned if the various causes of deterioration which had been at work in the meanwhile, had not more than counterbalanced the tendencies to improvement. I had learnt from experience that many false opinions may be exchanged for true ones, without in the least altering the habits of mind of which false opinions are the result. The English public, for example, are quite as raw and undiscerning on subjects of political economy since the nation has been converted to free-trade, as they were before; and are still further from having acquired better habits of thought and feeling, or being in any way better fortified against error, on subjects of a more elevated character. For, though they have thrown off certain errors, the general discipline of their minds, intellectually and morally, is not altered. I am now convinced, that no great improvements in the lot of mankind are possible, until a great change takes place in the fundamental constitution of their modes of thought. The old opinions in religion, morals, and politics, are so much discredited in the more intellectual minds as to have lost the greater part of their efficacy for good, while they have still life enough in them to be a powerful obstacle to the growing up of any better opinions on those subjects. When the philosophic minds of the world can no longer believe its religion, or can only believe it with modifications amounting to an essential change of its character, a transitional period commences, of weak convictions, paralysed intellects, and growing laxity of principle, which cannot terminate until a renovation has been effected in the basis of their belief leading to the evolution of some faith, whether religious or merely human, which they can really believe: and when things are in this state, all thinking or writing which does not tend to promote such a renovation, is of very little value beyond the moment. Since there was little in the apparent condition of the public mind, indicative of any tendency in this direction, my view of the immediate prospects of human improvement was not sanguine. More recently a spirit of free speculation has sprung up, giving a more encouraging prospect of the gradual mental emancipation of England; and concurring with the renewal under better auspices, of the movement for political freedom in the rest of Europe, has given to the present condition of human affairs a more hopeful aspect.3