An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
Particular circumstances have sometimes rendered some countries so
populous, that the whole territory, like the lands in the neighbourhood of
a great town, has not been sufficient to produce both the grass and the
corn necessary for the subsistence of their inhabitants. Their lands,
therefore, have been principally employed in the production of grass, the
more bulky commodity, and which cannot be so easily brought from a great
distance; and corn, the food of the great body of the people, has been
chiefly imported from foreign countries. Holland is at present in this
situation; and a considerable part of ancient Italy seems to have been so
during the prosperity of the Romans. To feed well, old Cato said, as we
are told by Cicero, was the first and most profitable thing in the
management of a private estate; to feed tolerably well, the second; and to
feed ill, the third. To plough, he ranked only in the fourth place of
profit and advantage. Tillage, indeed, in that part of ancient Italy which
lay in the neighbour hood of Rome, must have been very much discouraged by
the distributions of corn which were frequently made to the people, either
gratuitously, or at a very low price. This corn was brought from the
conquered provinces, of which several, instead of taxes, were obliged to
furnish a tenth part of their produce at a stated price, about sixpence
a-peck, to the republic. The low price at which this corn was distributed
to the people, must necessarily have sunk the price of what could be
brought to the Roman market from Latium, or the ancient territory of Rome,
and must have discouraged its cultivation in that country.
In an open country, too, of which the principal produce is corn, a
well-inclosed piece of grass will frequently rent higher than any corn
field in its neighbourhood. It is convenient for the maintenance of the
cattle employed in the cultivation of the corn; and its high rent is, in
this case, not so properly paid from the value of its own produce, as from
that of the corn lands which are cultivated by means of it. It is likely
to fall, if ever the neighbouring lands are completely inclosed. The
present high rent of inclosed land in Scotland seems owing to the scarcity
of inclosure, and will probably last no longer than that scarcity. The
advantage of inclosure is greater for pasture than for corn. It saves the
labour of guarding the cattle, which feed better, too, when they are not
liable to be disturbed by their keeper or his dog.
But where there is no local advantage of this kind, the rent and profit of
corn, or whatever else is the common vegetable food of the people, must
naturally regulate upon the land which is fit for producing it, the rent
and profit of pasture.
Public-domain text, read in full here on John Shaqi.
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