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
When we observe, that the many bloody wars that have been waged in the
different parts of the world for these two last centuries, and even the
present war, in many points of view, have had, as their principal end,
the maintenance of some monopoly, contrary even to the interest of the
nation armed to protect it; we shall feel the full importance of those
benefits which the illustrious author of the 'Wealth of Nations' has
endeavoured to confer upon mankind, by victoriously combating such
strong and baneful prejudices. But we cannot help deeply lamenting, to
see how slowly, and with what difficulty, reason in all its strength,
and truth in all its clearness, regain the possession of these
territories which error and passion have so rapidly overrun.
The prejudices so successfully attacked by Dr. Smith, appear again and
again, with undiminished assurance, in the tribunals of legislature, in
the councils of administration, in the cabinets of ministry, and in the
writings of politicians. They still talk of the importance of foreign
and colonial commerce; they still attempt to determine the balance of
trade; they renew all the reveries of political arithmetic, as if these
questions had not been determined by Smith, in a way which renders them
no longer capable of controversy.
It was in the midst of a country, the most deeply imbued with mercantile
prejudices; the most completely subjected to its prohibitory policy,
that Dr. Smith sapped the foundations of this absurd and tyrannical
system; it was at the very moment when England, in alarm, saw, with
terror, the possibility of a separation from her American colonies: it
was then that he derided the universal fear, and proudly prophesied the
success of the colonists, and their approaching independence; and that
he confidently announced, what experience has since completely affirmed,
the happy consequences which this separation and this independence, so
much dreaded, would produce upon the prosperity, both of Great Britain
and her colonies--book 4, chap. vii. part 3.
The wealth of communities is so intimately connected with their civil
and political existence, that the author has been drawn by his subject
into numerous other discussions, which seem more or less removed from
it; and in which we discover the same sagacity of observation, the same
depth of research, and the same force of reasoning.
The advantages of a complete and permanent freedom in the corn trade
have never been better shown; and they have been proved by Dr. Smith, to
arise from that fruitful source of wealth, the division of labour--book
4, chap. v.
The national defence and public education, two objects of very high
importance, have also been discussed at length by our author.
Public-domain text, read in full here on John Shaqi.
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