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AN¡¡INQUIRY¡¡INTO¡¡THE¡¡NATURE¡¡AND¡¡CAUSES¡¡OF¡¡THE¡¡WEALTH¡¡OF¡¡NATIONS



by¡¡Adam¡¡Smith¡¡



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OF¡¡THE¡¡NATURE£»¡¡ACCUMULATION£»¡¡AND¡¡EMPLOYMENT¡¡OF¡¡STOCK¡¡







¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡INTRODUCTION¡¡





¡¡¡¡¡¡¡¡¡¡IN¡¡that¡¡rude¡¡state¡¡of¡¡society¡¡in¡¡which¡¡there¡¡is¡¡no¡¡division

of¡¡labour£»¡¡in¡¡which¡¡exchanges¡¡are¡¡seldom¡¡made£»¡¡and¡¡in¡¡which¡¡every

man¡¡provides¡¡everything¡¡for¡¡himself£»¡¡it¡¡is¡¡not¡¡necessary¡¡that¡¡any

stock¡¡should¡¡be¡¡accumulated¡¡or¡¡stored¡¡up¡¡beforehand¡¡in¡¡order¡¡to

carry¡¡on¡¡the¡¡business¡¡of¡¡the¡¡society¡£¡¡Every¡¡man¡¡endeavours¡¡to

supply¡¡by¡¡his¡¡own¡¡industry¡¡his¡¡own¡¡occasional¡¡wants¡¡as¡¡they

occur¡£¡¡When¡¡he¡¡is¡¡hungry£»¡¡he¡¡goes¡¡to¡¡the¡¡forest¡¡to¡¡hunt£»¡¡when¡¡his

coat¡¡is¡¡worn¡¡out£»¡¡he¡¡clothes¡¡himself¡¡with¡¡the¡¡skin¡¡of¡¡the¡¡first

large¡¡animal¡¡he¡¡kills£º¡¡and¡¡when¡¡his¡¡hut¡¡begins¡¡to¡¡go¡¡to¡¡ruin£»¡¡he

repairs¡¡it£»¡¡as¡¡well¡¡as¡¡he¡¡can£»¡¡with¡¡the¡¡trees¡¡and¡¡the¡¡turf¡¡that

are¡¡nearest¡¡it¡£

¡¡¡¡¡¡¡¡¡¡But¡¡when¡¡the¡¡division¡¡of¡¡labour¡¡has¡¡once¡¡been¡¡thoroughly

introduced£»¡¡the¡¡produce¡¡of¡¡a¡¡man's¡¡own¡¡labour¡¡can¡¡supply¡¡but¡¡a

very¡¡small¡¡part¡¡of¡¡his¡¡occasional¡¡wants¡£¡¡The¡¡far¡¡greater¡¡part¡¡of

them¡¡are¡¡supplied¡¡by¡¡the¡¡produce¡¡of¡¡other¡¡men's¡¡labour£»¡¡which¡¡he

purchases¡¡with¡¡the¡¡produce£»¡¡or£»¡¡what¡¡is¡¡the¡¡same¡¡thing£»¡¡with¡¡the

price¡¡of¡¡the¡¡produce¡¡of¡¡his¡¡own¡£¡¡But¡¡this¡¡purchase¡¡cannot¡¡be¡¡made

till¡¡such¡¡time¡¡as¡¡the¡¡produce¡¡of¡¡his¡¡own¡¡labour¡¡has¡¡not¡¡only¡¡been

completed£»¡¡but¡¡sold¡£¡¡A¡¡stock¡¡of¡¡goods¡¡of¡¡different¡¡kinds£»

therefore£»¡¡must¡¡be¡¡stored¡¡up¡¡somewhere¡¡sufficient¡¡to¡¡maintain

him£»¡¡and¡¡to¡¡supply¡¡him¡¡with¡¡the¡¡materials¡¡and¡¡tools¡¡of¡¡his¡¡work

till¡¡such¡¡time£»¡¡at¡¡least£»¡¡as¡¡both¡¡these¡¡events¡¡can¡¡be¡¡brought

about¡£¡¡A¡¡weaver¡¡cannot¡¡apply¡¡himself¡¡entirely¡¡to¡¡his¡¡peculiar

business£»¡¡unless¡¡there¡¡is¡¡beforehand¡¡stored¡¡up¡¡somewhere£»¡¡either

in¡¡his¡¡own¡¡possession¡¡or¡¡in¡¡that¡¡of¡¡some¡¡other¡¡person£»¡¡a¡¡stock

sufficient¡¡to¡¡maintain¡¡him£»¡¡and¡¡to¡¡supply¡¡him¡¡with¡¡the¡¡materials

and¡¡tools¡¡of¡¡his¡¡work£»¡¡till¡¡he¡¡has¡¡not¡¡only¡¡completed£»¡¡but¡¡sold

his¡¡web¡£¡¡This¡¡accumulation¡¡must£»¡¡evidently£»¡¡be¡¡previous¡¡to¡¡his

applying¡¡his¡¡industry¡¡for¡¡so¡¡long¡¡a¡¡time¡¡to¡¡such¡¡a¡¡peculiar

business¡£

¡¡¡¡¡¡¡¡¡¡As¡¡the¡¡accumulation¡¡of¡¡stock¡¡must£»¡¡in¡¡the¡¡nature¡¡of¡¡things£»

be¡¡previous¡¡to¡¡the¡¡division¡¡of¡¡labour£»¡¡so¡¡labour¡¡can¡¡be¡¡more¡¡and

more¡¡subdivided¡¡in¡¡proportion¡¡only¡¡as¡¡stock¡¡is¡¡previously¡¡more

and¡¡more¡¡accumulated¡£¡¡The¡¡quantity¡¡of¡¡materials¡¡which¡¡the¡¡same

number¡¡of¡¡people¡¡can¡¡work¡¡up£»¡¡increases¡¡in¡¡a¡¡great¡¡proportion¡¡as

labour¡¡comes¡¡to¡¡be¡¡more¡¡and¡¡more¡¡subdivided£»¡¡and¡¡as¡¡the

operations¡¡of¡¡each¡¡workman¡¡are¡¡gradually¡¡reduced¡¡to¡¡a¡¡greater

degree¡¡of¡¡simplicity£»¡¡a¡¡variety¡¡of¡¡new¡¡machines¡¡come¡¡to¡¡be

invented¡¡for¡¡facilitating¡¡and¡¡abridging¡¡those¡¡operations¡£¡¡As¡¡the

division¡¡of¡¡labour¡¡advances£»¡¡therefore£»¡¡in¡¡order¡¡to¡¡give¡¡constant

employment¡¡to¡¡an¡¡equal¡¡number¡¡of¡¡workmen£»¡¡an¡¡equal¡¡stock¡¡of

provisions£»¡¡and¡¡a¡¡greater¡¡stock¡¡of¡¡materials¡¡and¡¡tools¡¡than¡¡what

would¡¡have¡¡been¡¡necessary¡¡in¡¡a¡¡ruder¡¡state¡¡of¡¡things£»¡¡must¡¡be

accumulated¡¡beforehand¡£¡¡But¡¡the¡¡number¡¡of¡¡workmen¡¡in¡¡every¡¡branch

of¡¡business¡¡generally¡¡increases¡¡with¡¡the¡¡division¡¡of¡¡labour¡¡in

that¡¡branch£»¡¡or¡¡rather¡¡it¡¡is¡¡the¡¡increase¡¡of¡¡their¡¡number¡¡which

enables¡¡them¡¡to¡¡class¡¡and¡¡subdivide¡¡themselves¡¡in¡¡this¡¡manner¡£

¡¡¡¡¡¡¡¡¡¡As¡¡the¡¡accumulation¡¡of¡¡stock¡¡is¡¡previously¡¡necessary¡¡for

carrying¡¡on¡¡this¡¡great¡¡improvement¡¡in¡¡the¡¡productive¡¡powers¡¡of

labour£»¡¡so¡¡that¡¡accumulation¡¡naturally¡¡leads¡¡to¡¡this¡¡improvement¡£

The¡¡person¡¡who¡¡employs¡¡his¡¡stock¡¡in¡¡maintaining¡¡labour£»

necessarily¡¡wishes¡¡to¡¡employ¡¡it¡¡in¡¡such¡¡a¡¡manner¡¡as¡¡to¡¡produce¡¡as

great¡¡a¡¡quantity¡¡of¡¡work¡¡as¡¡possible¡£¡¡He¡¡endeavours£»¡¡therefore£»

both¡¡to¡¡make¡¡among¡¡his¡¡workmen¡¡the¡¡most¡¡proper¡¡distribution¡¡of

employment£»¡¡and¡¡to¡¡furnish¡¡them¡¡with¡¡the¡¡best¡¡machines¡¡which¡¡he

can¡¡either¡¡invent¡¡or¡¡afford¡¡to¡¡purchase¡£¡¡His¡¡abilities¡¡in¡¡both

these¡¡respects¡¡are¡¡generally¡¡in¡¡proportion¡¡to¡¡the¡¡extent¡¡of¡¡his

stock£»¡¡or¡¡to¡¡the¡¡number¡¡of¡¡people¡¡whom¡¡it¡¡can¡¡employ¡£¡¡The

quantity¡¡of¡¡industry£»¡¡therefore£»¡¡not¡¡only¡¡increases¡¡in¡¡every

country¡¡with¡¡the¡¡increase¡¡of¡¡the¡¡stock¡¡which¡¡employs¡¡it£»¡¡but£»¡¡in

consequence¡¡of¡¡that¡¡increase£»¡¡the¡¡same¡¡quantity¡¡of¡¡industry

produces¡¡a¡¡much¡¡greater¡¡quantity¡¡of¡¡work¡£

¡¡¡¡¡¡¡¡¡¡Such¡¡are¡¡in¡¡general¡¡the¡¡effects¡¡of¡¡the¡¡increase¡¡of¡¡stock

upon¡¡industry¡¡and¡¡its¡¡productive¡¡powers¡£

¡¡¡¡¡¡¡¡¡¡In¡¡the¡¡following¡¡book¡¡I¡¡have¡¡endeavoured¡¡to¡¡explain¡¡the

nature¡¡of¡¡stock£»¡¡the¡¡effects¡¡of¡¡its¡¡accumulation¡¡into¡¡capitals¡¡of

different¡¡kinds£»¡¡and¡¡the¡¡effects¡¡of¡¡the¡¡different¡¡employments¡¡of

those¡¡capitals¡£¡¡This¡¡book¡¡is¡¡divided¡¡into¡¡five¡¡chapters¡£¡¡In¡¡the

first¡¡chapter£»¡¡I¡¡have¡¡endeavoured¡¡to¡¡show¡¡what¡¡are¡¡the¡¡different

parts¡¡or¡¡branches¡¡into¡¡which¡¡the¡¡stock£»¡¡either¡¡of¡¡an¡¡individual£»

or¡¡of¡¡a¡¡great¡¡society£»¡¡naturally¡¡divides¡¡itself¡£¡¡In¡¡the¡¡second£»¡¡I

have¡¡endeavoured¡¡to¡¡explain¡¡the¡¡nature¡¡and¡¡operation¡¡of¡¡money

considered¡¡as¡¡a¡¡particular¡¡branch¡¡of¡¡the¡¡general¡¡stock¡¡of¡¡the

society¡£¡¡The¡¡stock¡¡which¡¡is¡¡accumulated¡¡into¡¡a¡¡capital£»¡¡may

either¡¡be¡¡employed¡¡by¡¡the¡¡person¡¡to¡¡whom¡¡it¡¡belongs£»¡¡or¡¡it¡¡may¡¡be

lent¡¡to¡¡some¡¡other¡¡person¡£¡¡In¡¡the¡¡third¡¡and¡¡fourth¡¡chapters£»¡¡I

have¡¡endeavoured¡¡to¡¡examine¡¡the¡¡manner¡¡in¡¡which¡¡it¡¡operates¡¡in

both¡¡these¡¡situations¡£¡¡The¡¡fifth¡¡and¡¡last¡¡chapter¡¡treats¡¡of¡¡the

different¡¡effects¡¡which¡¡the¡¡different¡¡employments¡¡of¡¡capital

immediately¡¡produce¡¡upon¡¡the¡¡quantity¡¡both¡¡of¡¡national¡¡industry£»

and¡¡of¡¡the¡¡annual¡¡produce¡¡of¡¡land¡¡and¡¡labour¡£¡¡



¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡CHAPTER¡¡I



¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡Of¡¡the¡¡Division¡¡of¡¡Stock¡¡



¡¡¡¡¡¡¡¡¡¡WHEN¡¡the¡¡stock¡¡which¡¡a¡¡man¡¡possesses¡¡is¡¡no¡¡more¡¡than

sufficient¡¡to¡¡maintain¡¡him¡¡for¡¡a¡¡few¡¡days¡¡or¡¡a¡¡few¡¡weeks£»¡¡he

seldom¡¡thinks¡¡of¡¡deriving¡¡any¡¡revenue¡¡from¡¡it¡£¡¡He¡¡consumes¡¡it¡¡as

sparingly¡¡as¡¡he¡¡can£»¡¡and¡¡endeavours¡¡by¡¡his¡¡labour¡¡to¡¡acquire

something¡¡which¡¡may¡¡supply¡¡its¡¡place¡¡before¡¡it¡¡be¡¡consumed

altogether¡£¡¡His¡¡revenue¡¡is£»¡¡in¡¡this¡¡case£»¡¡derived¡¡from¡¡his¡¡labour

only¡£¡¡This¡¡is¡¡the¡¡state¡¡of¡¡the¡¡greater¡¡part¡¡of¡¡the¡¡labouring¡¡poor

in¡¡all¡¡countries¡£

¡¡¡¡¡¡¡¡¡¡But¡¡when¡¡he¡¡possesses¡¡stock¡¡sufficient¡¡to¡¡maintain¡¡him¡¡for

months¡¡or¡¡years£»¡¡he¡¡naturally¡¡endeavours¡¡to¡¡derive¡¡a¡¡revenue¡¡from

the¡¡greater¡¡part¡¡of¡¡it£»¡¡reserving¡¡only¡¡so¡¡much¡¡for¡¡his¡¡immediate

consumption¡¡as¡¡may¡¡maintain¡¡him¡¡till¡¡this¡¡revenue¡¡begins¡¡to¡¡come

in¡£¡¡His¡¡whole¡¡stock£»¡¡therefore£»¡¡is¡¡distinguished¡¡into¡¡two¡¡parts¡£

That¡¡part¡¡which£»¡¡he¡¡expects£»¡¡is¡¡to¡¡afford¡¡him¡¡this¡¡revenue£»¡¡is

called¡¡his¡¡capital¡£¡¡The¡¡other¡¡is¡¡that¡¡which¡¡supplies¡¡his

immediate¡¡consumption£»¡¡and¡¡which¡¡consists¡¡either£»¡¡first£»¡¡in¡¡that

portion¡¡of¡¡his¡¡whole¡¡stock¡¡which¡¡was¡¡originally¡¡reserved¡¡for¡¡this

purpose£»¡¡or£»¡¡secondly£»¡¡in¡¡his¡¡revenue£»¡¡from¡¡whatever¡¡source

derived£»¡¡as¡¡it¡¡gradually¡¡comes¡¡in£»¡¡or£»¡¡thirdly£»¡¡in¡¡such¡¡things¡¡as

had¡¡been¡¡purchased¡¡by¡¡either¡¡of¡¡these¡¡in¡¡former¡¡years£»¡¡and¡¡which

are¡¡not¡¡yet¡¡entirely¡¡consumed£»¡¡such¡¡as¡¡a¡¡stock¡¡of¡¡clothes£»

household¡¡furniture£»¡¡and¡¡the¡¡like¡£¡¡In¡¡one£»¡¡or¡¡other£»¡¡or¡¡all¡¡of

these¡¡three¡¡articles£»¡¡consists¡¡the¡¡stock¡¡which¡¡men¡¡commonly

reserve¡¡for¡¡their¡¡own¡¡immediate¡¡consumption¡£

¡¡¡¡¡¡¡¡¡¡There¡¡are¡¡two¡¡different¡¡ways¡¡in¡¡which¡¡a¡¡capital¡¡may¡¡be

employed¡¡so¡¡as¡¡to¡¡yield¡¡a¡¡revenue¡¡or¡¡profit¡¡to¡¡its¡¡employer¡£

¡¡¡¡¡¡¡¡¡¡First£»¡¡it¡¡may¡¡be¡¡employed¡¡in¡¡raising£»¡¡manufacturing£»¡¡or

purchasing¡¡goods£»¡¡and¡¡selling¡¡them¡¡again¡¡with¡¡a¡¡profit¡£¡¡The

capital¡¡employed¡¡in¡¡this¡¡manner¡¡yields¡¡no¡¡revenue¡¡or¡¡profit¡¡to

its¡¡employer£»¡¡while¡¡it¡¡either¡¡remains¡¡in¡¡his¡¡possession£»¡¡or

continues¡¡in¡¡the¡¡same¡¡shape¡£¡¡The¡¡goods¡¡of¡¡the¡¡merchant¡¡yield¡¡him

no¡¡revenue¡¡or¡¡profit¡¡till¡¡he¡¡sells¡¡them¡¡for¡¡money£»¡¡and¡¡the¡¡money

yields¡¡him¡¡as¡¡little¡¡till¡¡it¡¡is¡¡again¡¡exchanged¡¡for¡¡goods¡£¡¡His

capital¡¡is¡¡continually¡¡going¡¡from¡¡him¡¡in¡¡one¡¡shape£»¡¡and¡¡returning

to¡¡him¡¡in¡¡another£»¡¡and¡¡it¡¡is¡¡only¡¡by¡¡means¡¡of¡¡such¡¡circulation£»

or¡¡successive¡¡exchanges£»¡¡that¡¡it¡¡can¡¡yield¡¡him¡¡any¡¡profit¡£¡¡Such

capitals£»¡¡therefore£»¡¡may¡¡very¡¡properly¡¡be¡¡called¡¡circulating

capitals¡£

¡¡¡¡¡¡¡¡¡¡Secondly£»¡¡it¡¡may¡¡be¡¡employed¡¡in¡¡the¡¡improvement¡¡of¡¡land£»¡¡in

the¡¡purchase¡¡of¡¡useful¡¡machines¡¡and¡¡instruments¡¡of¡¡trade£»¡¡or¡¡in

suchlike¡¡things¡¡as¡¡yield¡¡a¡¡revenue¡¡or¡¡profit¡¡without¡¡changing

masters£»¡¡or¡¡circulating¡¡any¡¡further¡£¡¡Such¡¡capitals£»¡¡therefore£»

may¡¡very¡¡properly¡¡be¡¡called¡¡fixed¡¡capitals¡£

¡¡¡¡¡¡¡¡¡¡Different¡¡occupations¡¡require¡¡very¡¡different¡¡proportions

between¡¡the¡¡fixed¡¡and¡¡circulating¡¡capitals¡¡employed¡¡in¡¡them¡£

¡¡¡¡¡¡¡¡¡¡The¡¡capital¡¡of¡¡a¡¡m

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