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THE FOURTH EDITION.

IN

N this Fourth Edition I have made no alterations of any kind. I now, however, find myself at liberty to acknowledge my very great obligations to Mr. HENRY HOPE of Amfterdam. To that Gentleman I owe the most diftinct, as well as liberal information, concerning a very interesting and important fubject, the Bank of Amfterdam; of which no printed account had ever appeared to me fatisfactory, or even intelligible. The name of that Gentleman is fo well known in Europe, the information which comes from him muft do fo much honour to whoever has been favoured with it, and my vanity is fo much interested in making this acknowledgement, that I can no longer refufe myself the pleasure of prefixing this Advertisement to this new Edition of my Book.

AN

AN

INQUIRY

INTO THE

NATURE AND CAUSES

OF THE

WEALTH OF NATIONS.

INTRODUCTION AND PLAN OF THE WORK.

HE annual labour of every nation is the Introduct. fund which originally fupplies it with all the neceffaries and conveniences of life which it annually confumes, and which confift always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.

According therefore, as this produce, or what is purchased with it, bears a greater or smaller proportion to the number of thofe who are to confume it, the nation will be better or worfe fupplied with all the neceffaries and conveniencies for which it has occafion.

But this proportion must in every nation be regulated by two different circumftances; first, by the skill, dexterity, and judgment with which

VOL. II.

B

its

Introduct. its labour is generally applied; and, fecondly, by the proportion between the number of those who are employed in ufeful labour, and that of those who are not fo employed. Whatever be the foil, climate, or extent of territory of any particular nation, the abundance or fcantiness of its annual fupply muft, in that particular fituation, depend upon those two circumftances.

The abundance or fcantinefs of this fupply too feems to depend more upon the former of those two circumstances than upon the latter. Among the favage nations of hunters and fishers, every individual who is able to work, is more or lefs employed in useful labour, and endeavours to provide, as well as he can, the neceffaries and conveniences of life, for himself, or fuch of his family or tribe as are either too old, or too young, or too infirm to go a hunting and fishing. Such nations, however, are fo miferably poor, that from mere want, they are frequently reduced, or, at least, think themselves reduced, to the neceffity fometimes of directly deftroying, and fometimes of abandoning their infants, their old people, and thofe afflicted with lingering difeafes, to perifh with hunger, or to be devoured by wild beafts. Among civilized and thriving nations, on the contrary, though a great number of people do not labour at all, many of whom confume the producè of ten times, frequently of a hundred times more labour than the greater part of those who work; yet the produce of the whole labour of the fociety is fo great, that all are often abundantly supplied, and a workman,

even of the loweft and pooreft order, if he is Introduct. frugal and industrious, may enjoy a greater share of the neceffaries and conveniences of life than it is poffible for any favage to acquire.

The caufes of this improvement, in the productive powers of labour, and the order, according to which its produce is naturally distributed among the different ranks and conditions of men in the fociety, make the subject of the First Book of this Inquiry.

Whatever be the actual ftate of the fkill, dexterity, and judgment with which labour is applied in any nation, the abundance or fcantinefs of its annual fupply muft depend, during the continuance of that ftate, upon the proportion between the number of thofe who are annually employed in ufeful labour, and that of those who are not fo employed. The number of useful and productive labourers, it will hereafter appear, is every where in proportion to the quantity of capital ftock which is employed in setting them to work, and to the particular way in which it is fo employed. The Second Book, therefore, treats of the nature of capital ftock, of the manner in which it is gradually accumulated, and of the different quantities of labour which it puts into motion, according to the different ways in which it is employed.

Nations tolerably well advanced as to skill, dexterity, and judgment, in the application of labour, have followed very different plans in the general conduct or direction of it; and those plans have not all been equally favourable to the

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Introduct. greatnefs of its produce. The policy of fome nations has given extraordinary encouragement to the industry of the country; that of others to the industry of towns. Scarce any nation has dealt equally and impartially with every fort of induftry. Since the downfal of the Roman empire, the policy of Europe has been more favourable to arts, manufactures, and commerce, the industry of towns; than to agriculture, the industry of the country. The circumstances which feem to have introduced and established this policy are explained in the Third Book,

Though thofe different plans were, perhaps, first introduced by the private interests and prejudices of particular orders of men, without any regard to, or forefight of, their confequences upon the general welfare of the fociety; yet they have given occafion to very different theories of political œconomy; of which fome magnify the importance of that industry which is carried on in towns, others of that which is carried on in the country. Those theories have had a confiderable influence, not only upon the opinions of men of learning, but upon the public conduct of princes and fovereign states. I have endeavoured in the Fourth Book, to explain, as fully and diftinctly as I can, thofe different theories, and the principal effects which they have produced in different ages and nations.

To explain in what has confifted the revenue of the great body of the people, or what has been the nature of thofe funds, which, in different ages and nations, have fupplied their an

nual

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