The Wealth of Nations

Adam Smith, 1776

Adam Smith's inquiry into how nations grow rich, through the division of labour, free markets and the accumulation of capital, with his case against the mercantile system of trade restrictions and his account of what government should do and pay for.

Start reading61 chapters, about 381,000 words

Famous quotes

The greatest improvements in the productive powers of labour, and the greater part of the skill, dexterity, and judgment, with which it is anywhere directed, or applied, seem to have been the effects of the division of labour.
Book I, Chapter IIn context
- Economics
- Work
Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog.
Book I, Chapter II, p. 14.In context
- Animals
- Economics
Man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only.
Book I, Chapter II, p. 19.In context
It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own self-interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own neccessities but of their advantages.
Book I, Chapter II, p. 19.In context
- Economics
The difference between the most dissimilar characters, between a philosopher and a common street porter, for example, seems to arise not so much from nature, as from habit, custom, and education.
Book I, Chapter II, p. 17.In context
A gardener who cultivates his own garden with his own hands, united in his own person the three different characters, of landlord, farmer, and labourer. His produce, therefore, should pay him the rent of the first, the profit of the second, and the wages of the third.
In context
- Money
- Work
In the long-run the workman may be as necessary to his master as his master is to him, but the necessity is not so immediate.
Book I, Chapter VIII, p. 80.In context
- Economics
- Work
We rarely hear, it has been said, of the combinations of masters, though frequently of those of workmen. But whoever imagines, upon this account, that masters rarely combine, is as ignorant of the world as of the subject.
Book I, Chapter VIIIIn context
- Business
- Work
No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed, and lodged.
Book I, Chapter VIIIIn context
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
Book I, Chapter X, Part II, p. 152.In context
- Business
- Economics
The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of administration. Like the unknown principle of animal life, it frequently restores health and vigour to the constitution, in spite, not only of the disease, but of the absurd prescriptions of the doctor.
In context
- Economics
It is the highest impertinence and presumption, therefore, in kings and ministers to pretend to watch over the economy of private people, and to restrain their expense, either by sumptuary laws, or by prohibiting the importation of foreign luxuries.
Book II, Chapter IIIIn context
- Government
- Money
A merchant, it has been said very properly, is not necessarily the citizen of any particular country.
Book III, Chapter IV, p. 456.In context
- Business
Every individual…generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
Book IV, Chapter II, p. 488-489.In context
By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.
Book IV, Chapter II, p. 488-489.In context
- Economics
I have never known much good done by those who affected to trade for the public good.
Book IV, Chapter IIIn context
- Business
- Economics
The statesman who should attempt to direct people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.
Book IV, Chapter IIIn context
- Economics
- Government
To found a great empire for the sole purpose of raising up a people of customers, may at first sight, appear a project fit only for a nation of shopkeepers.
Book IV, Chapter VII (4 of 5)In context
- Business
- Government
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
Book IV, Chapter VIII, p. 719.In context
- Economics
If a nation could not prosper without the enjoyment of perfect liberty and perfect justice, there is not in the world a nation which could ever have prospered.
In context
- Justice
- Liberty
Civil government, so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all.
Book V, Chapter I, Part II, 775.In context
- Economics
- Government

Introduction and Plan of the Work

Book I

Chapter IOf the Division of Labour
Chapter IIOf the Principle Which Gives Occasion to the Division of Labour
Chapter IIIThat the Division of Labour Is Limited by the Extent of the Market
Chapter IVOf the Origin and Use of Money
Chapter VOf the Real and Nominal Price of Commodities, or of Their Price in Labour, and Their Price in Money
Chapter VIOf the Component Part of the Price of Commodities
Chapter VIIOf the Natural and Market Price of Commodities
Chapter VIIIOf the Wages of Labour
Chapter IXOf the Profits of Stock
Chapter X (1 of 3)Of Wages and Profit in the Different Employments of Labour and Stock
Chapter X (2 of 3)
Chapter X (3 of 3)
Chapter XI (1 of 6)Of the Rent of Land
Chapter XI (2 of 6)
Chapter XI (3 of 6)
Chapter XI (4 of 6)
Chapter XI (5 of 6)
Chapter XI (6 of 6)

Book II

Introduction
Chapter IOf the Division of Stock
Chapter II (1 of 3)Of Money, Considered as a Particular Branch of the General Stock of the Society, or of the Expense of Maintaining the National Capital
Chapter II (2 of 3)
Chapter II (3 of 3)
Chapter IIIOf the Accumulation of Capital, or of Productive and Unproductive Labour
Chapter IVOf Stock Lent at Interest
Chapter VOf the Different Employments of Capitals

Book III

Chapter IOf the Natural Progress of Opulence
Chapter IIOf the Discouragement of Agriculture in the Ancient State of Europe, After the Fall of the Roman Empire
Chapter IIIOf the Rise and Progress of Cities and Towns, After the Fall of the Roman Empire
Chapter IVHow the Commerce of Towns Contributed to the Improvement of the Country

Book IV

Introduction
Chapter IOf the Principle of the Commercial or Mercantile System
Chapter IIOf Restraints upon Importation from Foreign Countries of Such Goods as Can Be Produced at Home
Chapter IIIOf the Extraordinary Restraints upon the Importation of Goods of Almost All Kinds, from Those Countries with Which the Balance Is Supposed to Be Disadvantageous
Chapter IVOf Drawbacks
Chapter V (1 of 2)Of Bounties
Chapter V (2 of 2)
Chapter VIOf Treaties of Commerce
Chapter VII (1 of 5)Of Colonies
Chapter VII (2 of 5)
Chapter VII (3 of 5)
Chapter VII (4 of 5)
Chapter VII (5 of 5)
Chapter VIIIConclusion of the Mercantile System
Chapter IXOf the Agricultural Systems, or of Those Systems of Political Economy Which Represent the Produce of Land, as Either the Sole or the Principal Source of the Revenue and Wealth of Every Country
Appendix to Book IV

Book V

Chapter I (1 of 6)Of the Expenses of the Sovereign or Commonwealth
Chapter I (2 of 6)
Chapter I (3 of 6)
Chapter I (4 of 6)
Chapter I (5 of 6)
Chapter I (6 of 6)
Chapter II (1 of 5)Of the Sources of the General or Public Revenue of the Society
Chapter II (2 of 5)
Chapter II (3 of 5)
Chapter II (4 of 5)
Chapter II (5 of 5)
Chapter III (1 of 3)Of Public Debts
Chapter III (2 of 3)
Chapter III (3 of 3)