An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
In countries ill cultivated, and therefore but thinly inhabited, the
price of the wool and the hide bears always a much greater proportion to
that of the whole beast, than in countries where, improvement and
population being further advanced, there is more demand for butcher's
meat. Mr Hume observes, that in the Saxon times, the fleece was
estimated at two-fifths of the value of the whole sheep, and that this
was much above the proportion of its present estimation. In some
provinces of Spain, I have been assured, the sheep is frequently killed
merely for the sake of the fleece and the tallow. The carcase is often
left to rot upon the ground, or to be devoured by beasts and birds of
prey. If this sometimes happens even in Spain, it happens almost
constantly in Chili, at Buenos Ayres, and in many other parts of Spanish
America, where the horned cattle are almost constantly killed merely for
the sake of the hide and the tallow. This, too, used to happen almost
constantly in Hispaniola, while it was infested by the buccaneers, and
before the settlement, improvement, and populousness of the French
plantations (which now extend round the coast of almost the whole
western half of the island) had given some value to the cattle of the
Spaniards, who still continue to possess, not only the eastern part of
the coast, but the whole inland mountainous part of the country.
Though, in the progress of improvement and population, the price of the
whole beast necessarily rises, yet the price of the carcase is likely to
be much more affected by this rise than that of the wool and the hide.
The market for the carcase being in the rude state of society confined
always to the country which produces it, must necessarily be extended in
proportion to the improvement and population of that country. But the
market for the wool and the hides, even of a barbarous country, often
extending to the whole commercial world, it can very seldom be enlarged
in the same proportion. The state of the whole commercial world can
seldom be much affected by the improvement of any particular country;
and the market for such commodities may remain the same, or very nearly
the same, after such improvements, as before. It should, however, in the
natural course of things, rather, upon the whole, be somewhat extended
in consequence of them. If the manufactures, especially, of which those
commodities are the materials, should ever come to flourish in the
country, the market, though it might not be much enlarged, would at
least be brought much nearer to the place of growth than before; and the
price of those materials might at least be increased by what had usually
been the expense of transporting them to distant countries. Though it
might not rise, therefore, in the same proportion as that of butcher's
meat, it ought naturally to rise somewhat, and it ought certainly not to
fall.
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