Adam Smith - Adam Smith - The Wealth of Nations (English Edition)

Title Page THE WEALTH OF NATIONS By Adam Smith

INTRODUCTION AND PLAN OF THE WORK.

BOOK I. OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS OF LABOUR, AND OF THE ORDER ACCORDING TO WHICH ITS PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE.

CHAPTER I. OF THE DIVISION OF LABOUR.

CHAPTER II. OF THE PRINCIPLE WHICH GIVES OCCASION TO THE DIVISION OF LABOUR.

CHAPTER III. THAT THE DIVISION OF LABOUR IS LIMITED BY THE EXTENT OF THE MARKET.

CHAPTER IV. OF THE ORIGIN AND USE OF MONEY.

CHAPTER V. OF THE REAL AND NOMINAL PRICE OF COMMODITIES, OR OF THEIR PRICE IN LABOUR, AND THEIR PRICE IN MONEY.

CHAPTER VI. OF THE COMPONENT PART OF THE PRICE OF COMMODITIES.

CHAPTER VII. OF THE NATURAL AND MARKET PRICE OF COMMODITIES.

CHAPTER VIII. OF THE WAGES OF LABOUR.

CHAPTER IX. OF THE PROFITS OF STOCK.

CHAPTER X. OF WAGES AND PROFIT IN THE DIFFERENT EMPLOYMENTS OF LABOUR AND STOCK.

PART I. Inequalities arising from the nature of the employments themselves.

PART II.—Inequalities occasioned by the Policy of Europe.

CHAPTER XI. OF THE RENT OF LAND.

PART I.—Of the Produce of Land which always affords Rent.

PART II.—Of the Produce of Land, which sometimes does, and sometimes does not, afford Rent.

PART III.—Of the variations in the Proportion between the respective Values of that sort of Produce which always affords Rent, and of that which sometimes does, and sometimes does not, afford Rent.

Conclusion of the Digression concerning the Variations in the Value of Silver.

Conclusion of the Chapter.

BOOK II. OF THE NATURE, ACCUMULATION, AND EMPLOYMENT OF STOCK.

INTRODUCTION.

CHAPTER I. OF THE DIVISION OF STOCK.

CHAPTER II. OF MONEY, CONSIDERED AS A PARTICULAR BRANCH OF THE GENERAL STOCK OF THE SOCIETY, OR OF THE EXPENSE OF MAINTAINING THE NATIONAL CAPITAL.

CHAPTER III. OF THE ACCUMULATION OF CAPITAL, OR OF PRODUCTIVE AND UNPRODUCTIVE LABOUR.

CHAPTER IV. OF STOCK LENT AT INTEREST.

CHAPTER V. OF THE DIFFERENT EMPLOYMENTS OF CAPITALS.

BOOK III. OF THE DIFFERENT PROGRESS OF OPULENCE IN DIFFERENT NATIONS

CHAPTER I. OF THE NATURAL PROGRESS OF OPULENCE.

CHAPTER II. OF THE DISCOURAGEMENT OF AGRICULTURE IN THE ANCIENT STATE OF EUROPE, AFTER THE FALL OF THE ROMAN EMPIRE.

CHAPTER III. OF THE RISE AND PROGRESS OF CITIES AND TOWNS, AFTER THE FALL OF THE ROMAN EMPIRE.

CHAPTER IV. HOW THE COMMERCE OF TOWNS CONTRIBUTED TO THE IMPROVEMENT OF THE COUNTRY.

BOOK IV. OF SYSTEMS OF POLITICAL ECONOMY.

CHAPTER I. OF THE PRINCIPLE OF THE COMMERCIAL OR MERCANTILE SYSTEM.

CHAPTER II. OF RESTRAINTS UPON IMPORTATION FROM FOREIGN COUNTRIES OF SUCH GOODS AS CAN BE PRODUCED AT HOME.

CHAPTER III. OF THE EXTRAORDINARY RESTRAINTS UPON THE IMPORTATION OF GOODS OF ALMOST ALL KINDS, FROM THOSE COUNTRIES WITH WHICH THE BALANCE IS SUPPOSED TO BE DISADVANTAGEOUS.

Part I—Of the Unreasonableness of those Restraints, even upon the Principles of the Commercial System.

PART II.—Of the Unreasonableness of those extraordinary Restraints, upon other Principles.

CHAPTER IV. OF DRAWBACKS.

CHAPTER V. OF BOUNTIES.

CHAPTER VI. OF TREATIES OF COMMERCE.

CHAPTER VII. OF COLONIES.

PART I. Of the Motives for Establishing New Colonies.

PART II. Causes of the Prosperity of New Colonies.

PART III. Of the Advantages which Europe has derived From the Discovery of America, and from that of a Passage to the East Indies by the Cape of Good Hope.

CHAPTER VIII. CONCLUSION OF THE MERCANTILE SYSTEM.

CHAPTER IX. OF THE AGRICULTURAL SYSTEMS, OR OF THOSE SYSTEMS OF POLITICAL ECONOMY WHICH REPRESENT THE PRODUCE OF LAND, AS EITHER THE SOLE OR THE PRINCIPAL SOURCE OF THE REVENUE AND WEALTH OF EVERY COUNTRY.

APPENDIX TO BOOK IV

BOOK V.

CHAPTER I. OF THE EXPENSES OF THE SOVEREIGN OR COMMONWEALTH.

PART I. Of the Expense of Defence.

PART II. Of the Expense of Justice

PART III. Of the Expense of public Works and public Institutions.

PART IV. Of the Expense of supporting the Dignity of the Sovereign.

CONCLUSION.

CHAPTER II. OF THE SOURCES OF THE GENERAL OR PUBLIC REVENUE OF THE SOCIETY.

PART I. Of the Funds, or Sources, of Revenue, which may peculiarly belong to the Sovereign or Commonwealth.

PART II. Of Taxes.

APPENDIX TO ARTICLES I. AND II.—Taxes upon the Capital Value of Lands, Houses, and Stock.

CHAPTER III. OF PUBLIC DEBTS.

Imprint

THE WEALTH OF NATIONS

By Adam Smith

The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.

According, therefore, as this produce, or what is purchased with it, bears a greater or smaller proportion to the number of those who are to consume it, the nation will be better or worse supplied with all the necessaries and conveniencies for which it has occasion.

But this proportion must in every nation be regulated by two different circumstances: first, by the skill, dexterity, and judgment with which its labour is generally applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed. Whatever be the soil, climate, or extent of territory of any particular nation, the abundance or scantiness of its annual supply must, in that particular situation, depend upon those two circumstances.

The abundance or scantiness of this supply, too, seems to depend more upon the former of those two circumstances than upon the latter. Among the savage nations of hunters and fishers, every individual who is able to work is more or less employed in useful labour, and endeavours to provide, as well as he can, the necessaries and conveniencies of life, for himself, and such of his family or tribe as are either too old, or too young, or too infirm, to go a-hunting and fishing. Such nations, however, are so miserably poor, that, from mere want, they are frequently reduced, or at least think themselves reduced, to the necessity sometimes of directly destroying, and sometimes of abandoning their infants, their old people, and those afflicted with lingering diseases, to perish with hunger, or to be devoured by wild beasts. Among civilized and thriving nations, on the contrary, though a great number of people do not labour at all, many of whom consume the produce of ten times, frequently of a hundred times, more labour than the greater part of those who work; yet the produce of the whole labour of the society is so great, that all are often abundantly supplied; and a workman, even of the lowest and poorest order, if he is frugal and industrious, may enjoy a greater share of the necessaries and conveniencies of life than it is possible for any savage to acquire.

The causes of this improvement in the productive powers of labour, and the order according to which its produce is naturally distributed among the different ranks and conditions of men in the society, make the subject of the first book of this Inquiry.

Whatever be the actual state of the skill, dexterity, and judgment, with which labour is applied in any nation, the abundance or scantiness of its annual supply must depend, during the continuance of that state, upon the proportion between the number of those who are annually employed in useful labour, and that of those who are not so employed. The number of useful and productive labourers, it will hereafter appear, is everywhere in proportion to the quantity of capital stock which is employed in setting them to work, and to the particular way in which it is so employed. The second book, therefore, treats of the nature of capital stock, of the manner in which it is gradually accumulated, and of the different quantities of labour which it puts into motion, according to the different ways in which it is employed.