ABSTRACT
David Hume begins his elaboration on political philosophy by establishing that private property and markets are the foundational conventions of a commercial society. By providing a convincing philosophical argument for the legitimacy of commerce, Hume doubtlessly hoped to contribute to the acceleration of commercial modernization. In addition to focusing on the historically specific conventions of private property, markets, and money, the Treatise contains further clues suggesting that Hume was primarily concerned with analyzing the process of commercial modernization. Hume argues in the History that markets should be open to all members of society, as trade "ought to be common to all". Like private property and markets, money was established through a process that was partly organic and partly imposed. Hume argues that the crucial ingredients in the establishment of money, both metallic and paper, is trust and confidence in the continued exchangeability of the money object.
