The Turgot Collection

In Praise of Gournay

Turgot here gives an account of the life and views of his mentor, the Marquis de Gournay, who early came to see that commerce was burdened by unnecessary regulations. Why should one assume that the state needs to control commerce in a detailed way? To the contrary, Gournay argued that each person is the best judge of his own interest. When his interest coincides with the general interest, he should be allowed to pursue it without restriction. This raises the question, what is the general interest? As Gournay saw matters, this simply consisted of the interests of individuals voluntarily engaging in exchanges to better achieve their preferences. Individuals should be protected from fraud, but even here little reason exists to think that detailed government regulation can in fact protect persons. Far better that they learn by experience from their own mistakes. The interest of the state in increasing national wealth can be achieved by leaving individuals to make free exchanges. Further, general prosperity will insure that the state is not lacking in essential materials, a common fear of those who preach restrictions on trade.