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Lectures on Commerce

May 22, 2010

PREFACE

Higher commercial education has evidently gained a place in American universities from which it may never be displaced; yet he would indeed be a daring champion of the new curriculum who showed any confidence in prophesying just how the present tendency will finally crystallize, or just what its advantages will prove to be. But one unanticipated service has already been rendered. However much the caviler may object to the idea that the university can fit one for practical business life, he should nevertheless admit that the movement toward commercial education has at least the advantage that it brings the university man into closer contact with the man of affairs. If it cannot train for business, the university can at least be itself educated by the business man, who brings new points of view, fresh intellectual vigor, helpful criticisms, and, at times, stimulating errors — all of which serve to shake the academician in his loyalty to dogma, or at least to lead him to examine anew its title to sovereignty. Surely economists cannot forget the debt they owe to Ricardo the stockbroker, to Newmarch the banker, to Bagehot the editor, to Brassey the contractor, to Montchretien the manufacturer, and to Gresham the merchant, each of whom has done much to repay to the science of economics the debt due her from the business world for services in explaining the conditions of material prosperity. And so today, instead of forming a close academic clique, the universities are honored by the men of affairs who consent to burden their overcrowded hours by delivering addresses to the students in the commercial courses. The universities cannot but profit by this innovation, which must lead to more catholic views, to less intellectual arrogance, to a sounder nexus between theory and practice.

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