This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1801 Excerpt: ... the same manner would draw nothing from the old one. The monopoly of the colony trade, on the contrary, by excluding the competition of other nations, and thereby raising the rate of profit both in the new market and in the new employment, draws produce from the old market and capital from the old employment. To augment our share of the colony trade beyond what it otherwise would be, is the avowed purpose of the monopoly. If our share of that trade were to be no greater with, than it would have been without the monopoly, there could have been' no reason for establishing the monopoly. But whatever forces into a branch of trade of which the returns are slower and more distant than those of the greater part of other trades, a greater proportion of the capital of any country, than what of its own accord would go to that branch, necessarily renders the whole quantity of productive labor annually maintained there, the whole annual produce of the land and labor of that country, less than they otherwise would be. It keeps down the revenue of the inhabitants of that country, below what it would naturally rife to, and thereby diminishes their power of accumulation. It not only hinders, at all times, their capital from maintaining so great a quantity of productive labor as it would otherwise maintain, but it hinders it from increasing so fast as it would otherwise increase, and consequently from maintaining a still greater quantity of productive labor. The natural good effects of the colony trade 9 however, more' than counterbalance to Great Britain the bad effects of the monopoly, so that, monopoly and all together, that trade, even as it is carried on at present, is not only advantageous, but greatly advantageous. The new market and the new employment which are ope...--This text refers to an alternate Paperback edition.
Adam Smith was born in Scotland, in 1723, and received his early education at the local burgh school. He subsequently attended Glasgow University (1737-1740), and Balliol College, Oxford (1740-1746). Two years after his return to Scotland, Smith moved to Edinburgh, where he delivered lectures on Rhetoric. In 1751 Smith was appointed Professor of Logic at Glasgow, but was translated to chair of Moral Philosophy in 1752. The Theory of Moral Sentiments was published in 1759, and The Wealth of Nations in 1776, the same year as the Declaration of Independence.