An Inquiry into the Nature and Causes of the Wealth of Nations
By Adam Smith
Adam Smith’s
An Inquiry into the Nature and Causes of the Wealth of Nations was first published in 1776. This edition of Smith’s work is based on Edwin Cannan’s careful 1904 compilation (Methuen and Co., Ltd) of Smith’s fifth edition of the book (1789), the final edition in Smith’s lifetime. Cannan’s preface and introductory remarks are presented below. His extensive footnotes, detailing the changes undergone by the book over its five editions during Smith’s lifetime, as well as annotated references to the book, are also included here. Only Cannan’s marginal notes, indexes, and contents are not presented here, because the wonders of electronic searches and the speed of the net replace most of the intended function of those features. Internal references by page numbers have been replaced by linked paragraph reference numbers appropriate for this online edition. Paragraph references typically have three parts: the book, chapter, and paragraph. E.g.,
IV.7.111 refers to Book IV, Chapter VII, paragraph 111. Like Cannan, we have chosen to preserve the occasional erratic spelling in Smith’s fifth edition, which reflects changes in the language going on at the time Smith was writing. Editor,
Library of Economics and Liberty
2000
Translator/Editor
Edwin Cannan, ed.
First Pub. Date
1776
Publisher
London: Methuen & Co., Ltd.
Pub. Date
1904
Comments
5th edition.
Copyright
The text of this edition is in the public domain. Picture of Adam Smith courtesy of The Warren J. Samuels Portrait Collection at Duke University.
- Preface
- Editor's Introduction
- B.I, Introduction and Plan of the Work
- B.I, Ch.1, Of the Division of Labor
- B.I, Ch.2, Of the Principle which gives Occasion to the Division of Labour
- B.I, Ch.3, That the Division of Labour is Limited by the Extent of the Market
- B.I, Ch.4, Of the Origin and Use of Money
- B.I, Ch.5, Of the Real and Nominal Price of Commodities
- B.I, Ch.6, Of the Component Parts of the Price of Commodities
- B.I, Ch.7, Of the Natural and Market Price of Commodities
- B.I, Ch.8, Of the Wages of Labour
- B.I, Ch.9, Of the Profits of Stock
- B.I, Ch.10, Of Wages and Profit in the Different Employments of Labour and Stock
- B.I, Ch.11, Of the Rent of Land
- B.II, Introduction
- B.II, Ch.1, Of the Division of Stock
- B.II, Ch.2, Of Money Considered as a particular Branch of the General Stock of the Society
- B.II, Ch.3, Of the Accumulation of Capital, or of Productive and Unproductive Labour
- B.II, Ch.4, Of Stock Lent at Interest
- B.II, Ch.5, Of the Different Employment of Capitals
- B.III, Ch.1, Of the Natural Progress of Opulence
- B.III, Ch.2, Of the Discouragement of Agriculture in the Ancient State of Europe after the Fall of the Roman Empire
- B.III, Ch.3, Of the Rise and Progress of Cities and Towns
- B.III, Ch.4, How the Commerce of the Towns Contributed to the Improvement of the Country
- B.IV, Introduction
- B.IV, Ch.1, Of the Principle of the Commercial or Mercantile System
- B.IV, Ch.2, Of Restraints upon the Importation from Foreign Countries
- B.IV, Ch.3, Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds
- B.IV, Ch.4, Of Drawbacks
- B.IV, Ch.5, Of Bounties
- B.IV, Ch.6, Of Treaties of Commerce
- B.IV, Ch.7, Of Colonies
- B.IV, Ch.8, Conclusion of the Mercantile System
- B.IV, Ch.9, Of the Agricultural Systems, or of those Systems of Political Oeconomy, which Represent the Produce of Land
- B.V, Ch.1, Of the Expences of the Sovereign or Commonwealth
- B.V, Ch.2, Of the Sources of the General or Public Revenue of the Society
- B.V, Ch.3, Of Public Debts
- Appendix
Introduction
Book IV
Of Systems of Political Œconomy
Book IV
Political œconomy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects: first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public services. It proposes to enrich both the people and the sovereign.
*1
The different progress of opulence in different ages and nations has given occasion to two different systems of political œconomy with regard to enriching the people. The one may be called the system of commerce, the other that of agriculture. I shall endeavour to explain both as fully and distinctly as I can, and shall begin with the system of commerce. It is the modern system, and is best understood in our own country and in our own times.
s.v.]
Voyage en Tartarie et à la Chine, chap. xxxiii. The great Khan’s secretaries, Rubruquis states, on one occasion displayed curiosity about France: ‘s’enquérant s’il y avait force bœufs, moutons, et chevaux, comme s’ils eussent déjà été tous prêts d’y venir et emmener tout’. Plano-Carpini and Rubruquis are both in Bergeron’s
Voyages faits principalement en Asie dans les xii., xiii., xiv. et xv. siècles, La Haye, 1735.]
Some Considerations (1696 ed.), and §§ 46-50 of
Civil Government. It was probably transferred bodily from the
Lectures without verification. See
Lectures, p. 198.]
England’s Treasure by Forraign Trade, or the Ballance of our Forraign Trade is the Rule of our Treasure, 1664, chap. iv.,
ad fin., which reads, however, ‘we will rather accompt him a mad man’.]
England’s Treasure chap. vi.]
New Discourse of Trade, 1694, p. 152, chap. ix., introducing an explanation. The term was used before Mun’s work was written. See Palgrave’s
Dictionary of Political Economy,s.v Balance of Trade, History of the theory.]
Present State of the Nation (see below, p. 465 and note), p. 28.]
Lectures, p. 199.]
The Present State of the Nation, particularly with respect to its Trade, Finances, etc., etc., addressed to the King and both Houses of Parliament, 1768 (written under the direction of George Grenville by William Knox), pp. 7, 8.]
History, chaps. xix. and xx., vol. iii., pp. 103, 104, 165 in ed. of 1773.]
Hellenica, vii., i., § 38.]