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
The manufacture of linen in Scotland, and that of coarse woollens in the
West Riding of Yorkshire, are growing manufactures, of which the produce
is generally, though with some variations, increasing both in quantity and
value. Upon examining, however, the accounts which have been published of
their annual produce, I have not been able to observe that its variations
have had any sensible connection with the dearness or cheapness of the
seasons. In 1740, a year of great scarcity, both manufactures, indeed,
appear to have declined very considerably. But in 1756, another year of
great scarcity, the Scotch manufactures made more than ordinary advances.
The Yorkshire manufacture, indeed, declined, and its produce did not rise
to what it had been in 1755, till 1766, after the repeal of the American
stamp act. In that and the following year, it greatly exceeded what it had
ever been before, and it has continued to advance ever since.
The produce of all great manufactures for distant sale must necessarily
depend, not so much upon the dearness or cheapness of the seasons in the
countries where they are carried on, as upon the circumstances which
affect the demand in the countries where they are consumed; upon peace or
war, upon the prosperity or declension of other rival manufactures and
upon the good or bad humour of their principal customers. A great part of
the extraordinary work, besides, which is probably done in cheap years,
never enters the public registers of manufactures. The men-servants, who
leave their masters, become independent labourers. The women return to
their parents, and commonly spin, in order to make clothes for themselves
and their families. Even the independent workmen do not always work for
public sale, but are employed by some of their neighbours in manufactures
for family use. The produce of their labour, therefore, frequently makes
no figure in those public registers, of which the records are sometimes
published with so much parade, and from which our merchants and
manufacturers would often vainly pretend to announce the prosperity or
declension of the greatest empires.
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