Page "Jeremy Bentham" Paragraph 40

* Defence of Usury ( 1787 ).

Jeremy Bentham wrote a series of thirteen " Letters " addressed to Adam Smith, published in 1787 as Defence of Usury.

Bentham ’ s main argument against the restriction is that “ projectors ” generate positive externalities.

G. K. Chesterton identified Bentham's essay on usury as the very beginning of the ' modern world.

' Bentham ’ s arguments were very influential.

“ Writers of eminence ” moved to abolish the restriction, and repeal was achieved in stages and fully achieved in England in 1854.

There is little evidence as to Smith ’ s reaction.

He did not revise the offending passages in The Wealth of Nations, but Smith made little or no substantial revisions after the third edition of 1784.