HOMA18CL 14

Chapter 14: The Man My Daughter Is Seeing Is Suspicious

◈ The London Intelligence Club

Monday evening, March 11, 1776.

The club was abuzz with discussion over the book ‘The Wealth of Nations,’ which Professor Adam Smith had published the previous week.

The Wealth of Nations: A treatise on modern economic theory completed by Adam Smith. A masterpiece of classical economics that had a profound influence on modern economics.

In particular, a heated debate with Sir Walter Ricardo, who had rushed to London for the book’s publication celebration, was warming up the club’s atmosphere for a change. Sir Walter Ricardo, who was currently residing in another region, was an independent intellectual specializing in economics and an ardent supporter of Professor Adam Smith, as well as a founding member of the Intelligence Club.

A Viscount posed another question to Sir Walter Ricardo.

“I am well aware of Professor Smith’s exceptional insight. However, isn’t a nation’s true wealth ultimately determined by whether that nation exports more than others and keeps its wealth without carelessly wasting goods? I believe that if, according to Mr. Smith’s theory, a nation increases imports as much as exports, its gold and silver will naturally flow out more, and the economy will inevitably face difficulties. What are your thoughts on this, Sir Ricardo?”

Adam Smith was the first economist to criticize the Mercantilism of the time, which advocated for protectionist trade policies focused on exports. Consequently, the basic concepts of Adam Smith’s The Wealth of Nations, which had just come out, were unfamiliar and alien to members who had long been accustomed to Mercantilism.

Sir Walter Ricardo smiled and countered.

“Viscount, before I answer, may I ask you a question?”

“Yes, please do.”

“Would it be easy for Scotland to produce the same high-quality wine that France produces?”

“For Scotland… of course, it would be difficult. The weather, as well as the soil, is clearly different from France.”

“Precisely. If Scotland were to try to produce wine at the same level as France, it would take at least thirty times the investment, if not more. From an economic perspective, it is much more profitable for Scotland to import wine from France.”

“Well… I suppose that’s true.”

“Conversely, it costs Scotland much less to produce cloth than it does France. Therefore, it would also be more profitable for France to import cloth from Scotland rather than make it themselves.”

“Hmm…”

“Each country has products in which it holds an absolute advantage. Thus, there are products for which importing is actually far more beneficial to that country. If countries only export and adopt a protectionist trade stance, the result will inevitably be a loss-making venture.”

The Viscount nodded.

“I see your point. So, ultimately, is Professor Smith saying that by producing goods with an absolute advantage and exchanging them, as he suggests, both exports and imports are stimulated, leading to an increase in the wealth of both nations simultaneously?”

“Yes, that’s correct.”

Sir Walter Ricardo, who was smiling at the members deep in thought, then asked everyone.

“Do you all still believe that a nation’s possession of vast amounts of gold and silver is what truly makes that nation wealthy?”

One member replied with a scratch of his head.

“If a country has a lot of gold and silver, wouldn’t that naturally be considered wealthy?”

“Perhaps in absolute terms. But no matter how much those assets increase, if the overall production does not increase, that nation cannot become wealthy. In other words, a nation’s wealth must be measured by the increase in essential goods that the majority of its citizens can consume and use. That is why Professor Smith shifted the perspective on national wealth to focus on the lives of all citizens becoming more prosperous than before. I, too, consider Professor Smith’s theory to be the most perfect existing economic theory that can lead our entire society to prosperity.”

Just as everyone was nodding in agreement, a voice chimed in.

“Professor Adam Smith’s The Wealth of Nations is undoubtedly a masterpiece that will endure in human history, but it also has considerable problems that prevent it from being considered a perfect economic theory.”

Sir Walter Ricardo and the members all turned toward the source of the voice. Tae-oh, who had arrived a little late, was walking in.

The club members brightened considerably and welcomed Tae-oh’s arrival.

“Haha. Theo Sanderson! What took you so long? We were quite disappointed because Professor Adam Smith couldn’t make it to the publication event and you hadn’t arrived either, preventing a great debate from unfolding.”

“My apologies. My carriage broke down midway.”

Samuel Johnson proudly led Tae-oh to Sir Walter Ricardo.

“Sir Ricardo, this is Mr. Theo Sanderson, the best brain in our club, whom Professor Smith praises so highly. Why don’t you have a chat with him?”

Sir Walter Ricardo had already been curious about a person named Theo Sanderson. He had heard about him several times even before coming to London. Tae-oh and Sir Ricardo exchanged greetings and sat facing each other.

“Hmm… Mr. Sanderson, I assume you’ve read The Wealth of Nations?”

“Yes. I read it all weekend. It is truly the greatest theory. I was deeply moved.”

In truth, The Wealth of Nations is a massive book, spanning over 1,000 pages, and its complex prose makes it difficult to read. Furthermore, there were many differences from modern English sentence structure, making it even harder for Tae-oh. He understood why people said that while many had heard of The Wealth of Nations, very few had actually read it all the way through.

However, having returned to 18th-century Britain and immersed himself in the actual situation of Britain and Europe at the time, he found it easier to read than when he was in the modern era. By the time he finished the last chapter, Adam Smith’s underlying intentions, which had previously been unseen, were clear.

“Then, I’ll be direct. If you had to summarize the contents of this book in one phrase…?”

“It would be inappropriate to summarize such a vast and remarkable book in a single phrase. However, if I were to express it with a few keywords, I would say: accumulation of capital through free competition, benefits of international division of labor based on the theory of absolute advantage, wealth and income disparity, and the resulting social inequality and distribution problem…”

As the conversation continued, Walter Ricardo could not help but admire Tae-oh’s deep understanding. He was astonishingly knowledgeable about The Wealth of Nations as well as general economic theory.

After discussing for a while, Sir Ricardo asked for Tae-oh’s serious critique of The Wealth of Nations.

“I still judge Professor Smith’s current economic theory to be the best existing theory, but what do you see as the biggest problem with Professor Smith’s theory, Mr. Sanderson?”

“I also agree without hesitation that Professor Smith’s book is the greatest economic treatise. However, Professor Smith’s theory emphasizes a state of equilibrium in economic activity and applies the theory within that situation. In reality, an unexpected state of instability can always occur in the economy. I wonder if he has overlooked that point somewhat.”

“The instability of the economy… Could you elaborate further?”

Adam Smith’s theory was developed before the Industrial Revolution fully unfolded. Thus, at this time, as he advocated, the ‘laissez-faire’ system, where the state did not interfere with the market economy, could allow human self-interest and competition to operate the market mechanism well. However, as capitalism developed exponentially after the Industrial Revolution, leading to the formation of monopolies and the onset of events like the Great Depression, many unforeseen variables emerged. Tae-oh knew this historical development better than anyone.

“Free competition and division of labor will undeniably generate enormous wealth compared to the present, and the nations that participate in it will experience capital growth they have never known before. However, at the same time, it brings the problem of a large-scale economic depression spreading worldwide even from a small fissure. For example…”

Sir Walter Ricardo was astounded by Tae-oh’s detailed criticism of the problems in The Wealth of Nations and his presentation of alternatives.

When the club was closing after the debate ended, Sir Ricardo asked Samuel Johnson.

“Mr. Johnson, I have never met a person as intelligent as Mr. Sanderson in my life.”

“Hahaha, didn’t I tell you? He is truly a remarkable person. If only his background were better and he were not so unmotivated.”

“If his background is not great… what does he do now?”

“He was in the trading business in Bristol, and after moving to London, he now works as a marriage broker.”

At the mention of “marriage broker,” Sir Walter Ricardo was startled and asked again.

“What? A marriage broker? Is that true?”

“Yes. He has actually matched two of our club members.”

“That’s truly unexpected. Someone with such outstanding economic insight and discernment is merely a matchmaker?”

“We were all skeptical at first, too, but when you hear his explanation, it makes sense.”

“In what way?”

“As you saw, Mr. Sanderson possesses tremendous discernment. But it doesn’t seem to be limited to social phenomena or economics. His discernment of people also seems to be exceptionally sharp. He uses that ability to match men and women who are truly compatible.”

“…Still.”

“We easily dismiss matchmaking, but isn’t marriage arguably the most important event in a person’s life? Furthermore, a family is created from it, and a nation is formed from the gathering of such families. Mr. Sanderson seems to have a mission to find the most suitable partner for this great matter with his outstanding discernment. In fact, the London social scene is quite abuzz due to his successful matches.”

“Huh, is that so?”

Sir Walter Ricardo nodded and gazed thoughtfully at Tae-oh, who was drinking tea in a corner.

‘In all my life, I’ve truly never met such a peculiar person…’

◈ A Few Days Later.

Tae-oh’s House in Hampstead, London.

Tae-oh arrived home after a walk to find a flashy carriage he’d never seen before parked at the door.

‘Who is it?’

He had appointments for marriage consultation on the weekend, but not today. Just then, his maid came downstairs.

“Lucy, have we guests right now?”

“Yes. But I don’t know who they are, as I’ve never seen them before. I showed them to the drawing-room.”

“Oh, really? Well done.”

Nodding, Tae-oh slowly went upstairs, curious. Having returned to 18th-century Britain and adapted to life here, he could roughly gauge the level of wealth just by the appearance of a carriage. The carriage parked outside his house was a top-of-the-line model that only a considerably affluent family could afford. In the 21st century, it would be a Rolls-Royce, perhaps?

Clunk—

When he opened the door and entered the drawing-room, the two women sitting on the chairs immediately stood up with a slight start and curtsied. Tae-oh returned the greeting while quickly observing them.

‘A mother and daughter. But judging by the mother’s attire and demeanor, they aren’t nobility. However, the quality of the fabric, the jewelry, and the daughter’s clothes confirm they are a very wealthy family… Hmm, then the probability is high that they are from the successful merchant class.’

As Tae-oh sat down, Lucy came in with tea.

“Please have some tea first.”

“Thank you.”

Tae-oh took a sip of tea and asked the middle-aged woman, who appeared to be the mother.

“May I ask what brings you to see me?”

“Ah, yes…”

The middle-aged woman looked a little embarrassed, then plucked up her courage and spoke.

“First, please forgive my rudeness for visiting without an appointment. I actually happened to hear about Mr. Theo Sanderson at a bazaar meeting and came all this way.”

The marriage stories of Miss Lydia Godwin and Miss Sarah Clarke, who were thought to be difficult to marry off, were sensational news for the mothers in London who were intensely focused on their children’s marriages. Furthermore, the fact that the matchmaking was done not by a low-class, ignorant matchmaker but by a young intellectual highly regarded by the gentlemen of the Intelligence Club only made the mothers more enthusiastic. In an era plagued by quack matchmakers providing inaccurate information and connecting people with terrible partners, the news of a trustworthy matchmaker was nothing short of an oasis in the desert for mothers desperate for a good marriage. This was even more true for a mother like the one now sitting before Tae-oh, whose micro-expressions alternated between fear and sorrow regarding her daughter’s marriage.

Tae-oh subtly observed the daughter’s face next to her. Clean skin, hands that didn’t look like they’d done manual labor, and a composed expression. However, the occasional tension in her lower eyelids indicated that she was suppressing a deep-seated anger in her heart.

‘Fear and sorrow from the mother, and subtle anger from the daughter…’

It was highly likely to be a confrontation between a mother who strongly opposed her daughter’s marriage to a certain man, and a daughter who was desperate to go through with it.

The mother then struggled to open up again.

“I heard at the bazaar that you are so good at discerning people, Mr. Sanderson, and that you introduce partners who are exactly right for each other.”

“Ah… yes.”

“So, I took the liberty of visiting without notice, hoping you might be able to assess the man our daughter is seeing. My husband and I are certain that this match is wrong.”

“Yes. I see.”

“We tried to find a way to contact you for advice on this matter, but there was simply no way, so we just came here abruptly…”

The mother’s faltering voice conveyed her desperate state of mind.

“Ah, yes. It’s quite alright. You’ve come to the right place. As it happens, I have some time today, so a consultation shouldn’t be a problem.”

Relief finally washed over the mother’s face at Tae-oh’s kind acceptance. A moment later, she began to share her daughter’s story.

“My husband started a dyeing business in Greenock, Scotland. And he was quite successful.”