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
Though the wealth of a country should be very great, yet if it has been
long stationary, we must not expect to find the wages of labour very high
in it. The funds destined for the payment of wages, the revenue and stock
of its inhabitants, may be of the greatest extent; but if they have
continued for several centuries of the same, or very nearly of the same
extent, the number of labourers employed every year could easily supply,
and even more than supply, the number wanted the following year. There
could seldom be any scarcity of hands, nor could the masters be obliged to
bid against one another in order to get them. The hands, on the contrary,
would, in this case, naturally multiply beyond their employment. There
would be a constant scarcity of employment, and the labourers would be
obliged to bid against one another in order to get it. If in such a
country the wages of labour had ever been more than sufficient to
maintain the labourer, and to enable him to bring up a family, the
competition of the labourers and the interest of the masters would soon
reduce them to the lowest rate which is consistent with common humanity.
China has been long one of the richest, that is, one of the most fertile,
best cultivated, most industrious, and most populous, countries in the
world. It seems, however, to have been long stationary. Marco Polo, who
visited it more than five hundred years ago, describes its cultivation,
industry, and populousness, almost in the same terms in which they are
described by travellers in the present times. It had, perhaps, even long
before his time, acquired that full complement of riches which the nature
of its laws and institutions permits it to acquire. The accounts of all
travellers, inconsistent in many other respects, agree in the low wages of
labour, and in the difficulty which a labourer finds in bringing up a
family in China. If by digging the ground a whole day he can get what will
purchase a small quantity of rice in the evening, he is contented. The
condition of artificers is, if possible, still worse. Instead of waiting
indolently in their work-houses for the calls of their customers, as in
Europe, they are continually running about the streets with the tools of
their respective trades, offering their services, and, as it were, begging
employment. The poverty of the lower ranks of people in China far
surpasses that of the most beggarly nations in Europe. In the
neighbourhood of Canton, many hundred, it is commonly said, many thousand
families have no habitation on the land, but live constantly in little
fishing-boats upon the rivers and canals. The subsistence which they find
there is so scanty, that they are eager to fish up the nastiest garbage
thrown overboard from any European ship.
Public-domain text, read in full here on John Shaqi.
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