Inquiry into the nature and causes of the Wealth of Nations vol. 1

508 Pages·1996·267.1 MB·English

by  Smith, Adam

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W EALTH op NATIONS.
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S A D V E R T I S E M E N T
• * * ' ■ ■■■,* I T
T H I R D E D i T I O N.
f p HE flrft Edition of the following Work
was printed in the end oi the year
1775, and in the beginning of the year
1776. Through the greater part of the
Book, therefore, whenever the prefent date
of things is mentioned, it is to be underflood
of the ftate they were in, either about chat
time, or at i'ome earlier period, during1 the
time I was employed in writing the Book
To the third Edition, however, 1 have made
feveral additions, particularly to the chapter
upon Drawbacks, and to that upon Bounties;
likewife a new chapter entitled, The Conclu-
fion of the Mercantile Svftem; and a new
article to the chapter upon the expences of
the fovereign. In ail theie additions, the
prefent fate of things means always the flats
in which they were during the year 1783 ,
and the beginning of the year 1784.
■ f;£ i • '-ft' TJ.
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D V E R T 1 S E M E N T
T 0 T H 2
F o u r t h e d i t i o n .-
I N this- fourth Edition 1 frafe nndeurro al­
terations of any kind. I now, however,
find myfelf at liberty to acknowledge my vefyf
great'Obligations to Mr. ITewry B op of Am*-
fterdam. To that Qeatlema;yl owe the, raoft
diilhuT, as well as liberal information, con­
cerning’6. very interring and important tut'-;
jeft, the Bank of Amiherdam ; of which no
printed account had ever appeared to me fa-
ti^hflory, or even intelligible., The name of
that Gentleman is fo well known in Europe*
the information which comes from him muft
do fo much honour to whoever has fa­
voured, with it, and ray vanity is fo much
interehed ha making this acknowledgment,
th$t i "can no longer refuie myfelf the ble^-
hire o£ prefixing this, Advertifemeht. tp this
new Edition of ro»y Book*
')*> ' I m\ r \ r
n r
M r %
a 0 0 0 7
C O N T E N. T &
„ ' " ' "iff o i , ' 9 1 " * J m,'If
. o F T K ®J
F I R S T V O L U M E.
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i /V7< |,T* ! A
I ,'NTR0O,UCTrOK AND Pi AN , OF THE
. Work — — ^s" *
p 'mu?» to a Lf * t ^ *% i tllii V*i '^iy3.4jTfpjml‘riHMlII ■ ,.
T'Oi: '<,1 ' jJ Ij, _ < i ■ _/• 'iT " r h ■ ,'
B O O K. t
J* ’• »' « 1 (, ■*<! • ", » . i£» Ip„
Of the.Catffes of Improvement in- the pro™.
dn&ive Powers of Labour, and of the
Order .according to which its Produce
- ...is ,,naturally diftributed among the
different Ranks of the People ' 6
C H A P. h
Of the Divi/iOn of Labour ■ ■ — ibid,
C H A P. it
Of the Principle which gives Occqfion to (he
J)!v[fiin of Labour — ' ■— t’$ - 0
.,■ / >. ^, J • ’ . / , W /
C H A P. ' III. ' ■. 'r.h'd
That the JDivifen of Labour is limited by the
Extent of the Market — — 26
g p ■ , (m .
* c o N T E N T s.
C H A P . IV.
the Origin and life of Money
0/ Page J |
C H A P . V. V
Of the real and nominal Price of Commodities,
or of their in Labour, and their
Price
Price it Money
— ' —. '43
C H A P . VI.
Of the component Party, of the Price, of Cm-
. wadi ties
. . . —- — — .70
C H A P , VII.
Of the natural and market Price of Com modities % %
C H A P. VIII.
Of. the Wages .of Labour
.. , ^6
^ C H A P . IX. <$«
Of the Profits of Stock —
- • — ' 133
'■*\ * * C H A P. X,
Of fPages and Profit in the different Employ­
ments of Labour and Stock
— j.r *
Inequalities artfing from the Na­
Part I.
of the Employments them/.elves
ture 1^2
In.efiaUties occefionld byPhe Policy
Part II,
of Europe
— 483’
(C iP • • G f
C ° N T E N T S.
C H A P . XI.
Of the Rent of Land • Page a 23
Part I. Of the Produce of r fV'ffbicb al­
ways affords Rent —r- *— 227
Part II. Of the Produce of Land which
fomethtt.es does, and fometmes does ml, afford
Rent *"■“* ~~ 252
P art III. 0/ the Variations in the Propor­
tion between the reffective Values of that
Sort of Produce which always affords Kent,
and of that which fometmes, does and fame-
times does not afford Rent — 273
Digreffton coifterning the Variations in the
Value of Silver during the Courfe of the
Four lajl Cthturies.
Firft Period — ' . . —. 27 6
Second Period —- — —• 29 c;
Third Period — — — 301
Variations in the Proportion between the rt-
JpecHve Values of Gold and Silver — 330
Grounds of the Buffic ion that the Value of
Silver fill continues to deer cafe, ----* 338
.« Different Effe Sis of the Progrtfs of Improvement
upon the real Price L three'different Sorts of
rude Produce — — — 339
§
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•O'v? ~~ Page 340
Stroud Sort — —.
Third Soo t — —• —,
ConclHfitm of the IDigreJfton concerning- the Va­
riations in the Value of Silver ■—. p-j
EjfJV of the Progrefs of Improvement .upon the
real Price of Manufactures — 384
Condufio-n of the Chapter —> «- 3^3
B O O K II.
Of the Nature, Accumulation, and Employ­
ment of Stock,
IM TP. 0 £) U CT10M —. ‘407
C H A P. I.
Of the Dhifion of Stock — — 410
C H A P. IL
Of Money canfidered as a particular Branch of
the general Stock of the Society, or of the
Expence of maintaining, the National Capital 423
1I | <v* v * ■ * • i A N
/n ~
& TT'* f
an
I N Q U I R Y
I NTO THE
N A T U R E and c a u s e s
0 F T H S
W E A L T H OF N A TIO N S.
INTRODUCTION AND PLAN OF THE WORK.
P HE annual labour of every nation is the introJ«a.
fund which originally fupplies it with
all the neceffaries and convenkncies of
life which it annually confumes, and which cOn-
fift always either in the immediate produce of
that labour, or in what is purchafed with that
produce from other nations,
A ccording therefore, as this produce, or what
is purchafed with it, bears a greater or fmaller
proportion to the number of thole who are to
confute# it, the nation will be better or worfe
ftippHed with all the neceffaries and conveni-
encies for which it has occafion.
But this proportion mull in every nation be
regulated by two different circumftances; ftrft,
by the Hull, dexterity, and judgment with which
Von. 1. “ B its
| I I <SL
THE NATHSE: AND CAUSE? OF
iji'frrftia. jts- labour is generally applied* and, fecondlf*.
W”v by the proportion between the number of tiiofe
who. arc employed in ufeful labour, and that of
thofe who are not ib employed. Whatever be
the foil, climate, or extent of territory of any
particular nation, the abundance or fcantinefs of
its annual fnpply muft, in that particular fitua-
tion, depend Open thofe two cirrumihinces.
T he abundance or fcantinefs of this fupply too
feems to depend more upon the former of thofe
two cireUniilances than upon the latter. .Among
the lavage nations of hunters and filhers, every
individual who is able to work, is more or Id’s
employed in ufeful labour, and endeavours to
provide, as well as he can, the neceffaries and
conveniencies of life, for hihnfelf, or ftjch of his
family or tribe as are either too old, or too young,
or too infirm to go a hunting and lifting, Such
nations, however,, are fo. miferably poor, that,
From mere want, thby are frequently reduced, or,
at lead, think themfelves reduced, to the necef-
ftty ft.meumes of diredly deftroying, and feme-
tunes of abandoning their infants, their old-peo­
ple, and thofe afflj&ed with lingering difeafes, to
periih with hunger, or to be devoured by wild
beads. Among civilized and thriving nations,
on the contrary, though a great number of people
do hot labour at all, many of whom confume the
produce of ten times, frequently of a hundred
times more labour than the greater part of thofe
who work; vet the produce of the whole labour
cl the feciety is fo great, that all are often abun­
dantly lnpplied, and a workman, even of the
loweft