Daniel Raymond

Daniel Raymond (1786–1849) was the first important political economist to appear in the United States. He authored Thoughts on Political Economy (1820) and The Elements of Political Economy (1823).

He theorized that "labor creates wealth," which may have been an improvement based on the thinking of Adam Smith of Europe. Daniel Raymond thought that the economy of England was actually the economy of the higher-ranking members of that society, and not the economy of the entire nation. He held that wealth is not an aggregation of exchange values, as Adam Smith had conceived it. Daniel Raymond held that wealth is the capacity or opportunity to acquire the necessaries and conveniences of life by labor.

Raymond systematized the infant industry argument.

In 1845, he wrote a book entitled 'The Elements of Constitutional Law' which included basic definitions of a government, a sovereign state, a confederacy and a constitution. While these concepts have evolved, much of the basic theories which he outlined still have relevance in modern political analysis.

His writings affected political developments in the United States.

Daniel Raymond’s Elements on Political Economy represents himself as a protectionist. In book II chapter Nine, Of Protecting Duties, Raymond says that protectionism is aligned with national interests and the government should put national interests ahead of individual interests laissez faire,and the chief architect of laissez faire /free trade is Adam Smith. To Raymond national interests were never in harmony with individual interest. The protective tariff represented national interests, Raymond conveyed that the positive thing about having protective tariffs is that it allowed for the nation’s people a leverage, and special treatment granted to them over foreigners, in the fields of domestic commerce and industry of the nation.

This policy that looked after national interests was opposed by Adam Smith. Raymond in regards to the protective tariff said to always bear in mind that that national interests are monumental and that they trump individual interests. To Raymond defending national interests over individual interests was like military strategy, he stated the primordial perspective is that the army is one, and the general the commander; subordinates, troops are not allowed to have powers privileges, or concerns/pursuits that re in direct opposition to the general prosperity of the military unit. He then conveys that this principle is also in political economy no private interests or rights of some one may have authority over the general interest of the country, and if political economy does not acknowledge this principle she will forever stay in a dismal state.

...
Wikipedia