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



by¡¡Adam¡¡Smith



1776







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¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡OF¡¡SYSTEMS¡¡OF¡¡POLITICAL¡¡ECONOMY





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



¡¡¡¡¡¡¡¡POLITICAL¡¡economy£»¡¡considered¡¡as¡¡a¡¡branch¡¡of¡¡the¡¡science¡¡of¡¡a

statesman¡¡or¡¡legislator£»¡¡proposes¡¡two¡¡distinct¡¡objects£º¡¡first£»¡¡to

provide¡¡a¡¡plentiful¡¡revenue¡¡or¡¡subsistence¡¡for¡¡the¡¡people£»¡¡or

more¡¡properly¡¡to¡¡enable¡¡them¡¡to¡¡provide¡¡such¡¡a¡¡revenue¡¡or

subsistence¡¡for¡¡themselves£»¡¡and¡¡secondly£»¡¡to¡¡supply¡¡the¡¡state¡¡or

commonwealth¡¡with¡¡a¡¡revenue¡¡sufficient¡¡for¡¡the¡¡public¡¡services¡£

It¡¡proposes¡¡to¡¡enrich¡¡both¡¡the¡¡people¡¡and¡¡the¡¡sovereign¡£

¡¡¡¡¡¡¡¡¡¡The¡¡different¡¡progress¡¡of¡¡opulence¡¡in¡¡different¡¡ages¡¡and

nations¡¡has¡¡given¡¡occasion¡¡to¡¡two¡¡different¡¡systems¡¡of¡¡political

economy¡¡with¡¡regard¡¡to¡¡enriching¡¡the¡¡people¡£¡¡The¡¡one¡¡may¡¡be

called¡¡the¡¡system¡¡of¡¡commerce£»¡¡the¡¡other¡¡that¡¡of¡¡agriculture¡£¡¡I

shall¡¡endeavour¡¡to¡¡explain¡¡both¡¡as¡¡fully¡¡and¡¡distinctly¡¡as¡¡I¡¡can£»

and¡¡shall¡¡begin¡¡with¡¡the¡¡system¡¡of¡¡commerce¡£¡¡It¡¡is¡¡the¡¡modern

system£»¡¡and¡¡is¡¡best¡¡understood¡¡in¡¡our¡¡own¡¡country¡¡and¡¡in¡¡our¡¡own

times¡£

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



¡¡¡¡¡¡¡¡¡¡¡¡¡¡Of¡¡the¡¡Principle¡¡of¡¡the¡¡Commercial£»¡¡or¡¡Mercantile¡¡System¡¡



¡¡¡¡¡¡¡¡¡¡THAT¡¡wealth¡¡consists¡¡in¡¡money£»¡¡or¡¡and¡¡silver£»¡¡is¡¡a¡¡popular

notion¡¡which¡¡naturally¡¡arises¡¡from¡¡the¡¡double¡¡function¡¡of¡¡money£»

as¡¡the¡¡instrument¡¡of¡¡commerce¡¡and¡¡as¡¡the¡¡measure¡¡of¡¡value¡£¡¡In

consequence¡¡of¡¡its¡¡being¡¡the¡¡instrument¡¡of¡¡commerce£»¡¡when¡¡we¡¡have

money¡¡we¡¡can¡¡more¡¡readily¡¡obtain¡¡whatever¡¡else¡¡we¡¡have¡¡occasion

for¡¡than¡¡by¡¡means¡¡of¡¡any¡¡other¡¡commodity¡£¡¡The¡¡great¡¡affair£»¡¡we

always¡¡find£»¡¡is¡¡to¡¡get¡¡money¡£¡¡When¡¡that¡¡is¡¡obtained£»¡¡there¡¡is¡¡no

difficulty¡¡in¡¡making¡¡any¡¡subsequent¡¡purchase¡£¡¡In¡¡consequence¡¡of

its¡¡being¡¡the¡¡measure¡¡of¡¡value£»¡¡we¡¡estimate¡¡that¡¡of¡¡all¡¡other

commodities¡¡by¡¡the¡¡quantity¡¡of¡¡money¡¡which¡¡they¡¡will¡¡exchange

for¡£¡¡We¡¡say¡¡of¡¡a¡¡rich¡¡man¡¡that¡¡he¡¡is¡¡worth¡¡a¡¡great¡¡deal£»¡¡and¡¡of¡¡a

poor¡¡man¡¡that¡¡he¡¡is¡¡worth¡¡very¡¡little¡¡money¡£¡¡A¡¡frugal¡¡man£»¡¡or¡¡a

man¡¡eager¡¡to¡¡be¡¡rich£»¡¡is¡¡said¡¡to¡¡love¡¡money£»¡¡and¡¡a¡¡careless£»¡¡a

generous£»¡¡or¡¡a¡¡profuse¡¡man£»¡¡is¡¡said¡¡to¡¡be¡¡indifferent¡¡about¡¡it¡£

To¡¡grow¡¡rich¡¡is¡¡to¡¡get¡¡money£»¡¡and¡¡wealth¡¡and¡¡money£»¡¡in¡¡short£»

are£»¡¡in¡¡common¡¡language£»¡¡considered¡¡as¡¡in¡¡every¡¡respect

synonymous¡£

¡¡¡¡¡¡¡¡¡¡A¡¡rich¡¡country£»¡¡in¡¡the¡¡same¡¡manner¡¡as¡¡a¡¡rich¡¡man£»¡¡is

supposed¡¡to¡¡be¡¡a¡¡country¡¡abounding¡¡in¡¡money£»¡¡and¡¡to¡¡heap¡¡up¡¡gold

and¡¡saver¡¡in¡¡any¡¡country¡¡is¡¡supposed¡¡to¡¡be¡¡the¡¡readiest¡¡way¡¡to

enrich¡¡it¡£¡¡For¡¡some¡¡time¡¡after¡¡the¡¡discovery¡¡of¡¡America£»¡¡the

first¡¡inquiry¡¡of¡¡the¡¡Spaniards£»¡¡when¡¡they¡¡arrived¡¡upon¡¡an¡¡unknown

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the¡¡neighbourhood¡£¡¡By¡¡the¡¡information¡¡which¡¡they¡¡received£»¡¡they

judged¡¡whether¡¡it¡¡was¡¡worth¡¡while¡¡to¡¡make¡¡a¡¡settlement¡¡there£»¡¡or

if¡¡the¡¡country¡¡was¡¡worth¡¡the¡¡conquering¡£¡¡Plano¡¡Carpino£»¡¡a¡¡monk£»

sent¡¡ambassador¡¡from¡¡the¡¡King¡¡of¡¡France¡¡to¡¡one¡¡of¡¡the¡¡sons¡¡of¡¡the

famous¡¡Genghis¡¡Khan£»¡¡says¡¡that¡¡the¡¡Tartars¡¡used¡¡frequently¡¡to¡¡ask

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France¡£¡¡Their¡¡inquiry¡¡had¡¡the¡¡same¡¡object¡¡with¡¡that¡¡of¡¡the

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be¡¡worth¡¡the¡¡conquering¡£¡¡Among¡¡the¡¡Tartars£»¡¡as¡¡among¡¡all¡¡other

nations¡¡of¡¡shepherds£»¡¡who¡¡are¡¡generally¡¡ignorant¡¡of¡¡the¡¡use¡¡of

money£»¡¡cattle¡¡are¡¡the¡¡instruments¡¡of¡¡commerce¡¡and¡¡the¡¡measures¡¡of

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the¡¡two£»¡¡the¡¡Tartar¡¡notion£»¡¡perhaps£»¡¡was¡¡the¡¡nearest¡¡to¡¡the

truth¡£

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multiply¡¡those¡¡metals¡¡ought£»¡¡he¡¡thinks£»¡¡upon¡¡that¡¡account£»¡¡to¡¡be

the¡¡great¡¡object¡¡of¡¡its¡¡political¡¡economy¡£

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the¡¡world£»¡¡it¡¡would¡¡be¡¡of¡¡no¡¡consequence¡¡how¡¡much£»¡¡or¡¡how¡¡little

money¡¡circulated¡¡in¡¡it¡£¡¡The¡¡consumable¡¡goods¡¡which¡¡were

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wars¡£

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respective¡¡countries¡£¡¡Spain¡¡and¡¡Portugal£»¡¡the¡¡proprietors¡¡of¡¡the

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in¡¡France¡¡and¡¡England¡£

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