The Wealth of Nations

By
ADAM SMITH

Written: 1766 - 1776
First Published: 1776
Source: The Wealth of Nations, The Modern Library, © 1937
Publisher: Random House, Inc.
Transcription/Markup: Brian Baggins
Online Version: Adam Smith Reference Archive (marxists.org) 2000

Introduction

Having spent 10 years putting together this material in sum, Smith's 1776 Wealth of Nations had an enourmous impact among the rising bourgeois of Europe and the freshly independent United States of America.

The institutions of Feudalism, largely still surviving throughout Europe in 1776, placed a variety of restrictions and impedements on the rising industrial bourgeoisie — US revolutionists had ardently broken from it in the same year. Smith's work provided the theoretical cannon shot for the chorus of growing bourgeois to strike back against Feudalist bureacracy and philsophy; giving them a philosophical manifesto behind which to stand, and an idealised government towards which to fight for. Smith was convinced that Feudalism's controls over the further development of Europe's economies would strangle industrial growth; and explained that the only correct way to practice economics was to do it by the dictates of capitalism, not the now defunct feudalism.

This work has been transcribed from the revised fifth edition, the last print made in Adam Smith's lifetime. Footnotes may not be completely transcribed; the edition used to transcribe this work had the editor's footnotes integrated without any differential marking, making any distinguishing between the authors' and editors' notes nearly impossible. Note that the word "On" was used in place of the old-english word "Of" in Chapter beginnings.

Introduction

Book I: On the Causes of Improvement in the Productive Powers. On Labour, and on the Order According to Which its Produce is Naturally Distributed Among the Different Ranks of the People.

On the Division of Labour 21 k

On the Principle which gives occasion to the Division of Labour 11 k

That the Division of Labour is limited by the Extent of the Market 14 k

On the Origin and Use of Money 16 k

On the Real and Nominal Price of Commodities, or their Price in Labour,
and their Price in Money 41 k

On the Component Parts of the Price of Commodities 18 k

On the Natural and Market Price of Commodities 22 k

On the Wages of Labour 56 k

On the Profits of Stock 26 k

On Wages and Profit in the different Employments of Labour and Stock
(in three parts) 110 k

On the Rent of Land
(in six parts) 184 k

Book II: On the Nature, Accumulation, and Employment of Stock

Introduction 6 k
On the Division of Stock 19 k
On Money considered as a particular Branch of the general Stock of the
Society, or of the Expense of maintaining the National Capital
(in two pages) 113 k
On the Accumulation of Capital, or of Productive and Unproductive Labour 47 k
On Stock Lent at Interest 21 k
On the Different Employment of Capitals 39 k

Book III: On the different Progress of Opulence in different Nations

On the Natural Progress of Opulence 13 k
On the Discouragement of Agriculture in the ancient State of Europe
after the Fall of the Roman Empire 28 k
On the Rise and Progress of Cities and Towns after the Fall of the
Roman Empire 27 k
How the Commerce of the Towns Contributed to the Improvement
of the Country 32 k

Book IV: On Systems of political Economy

Introduction 2 k

On the Principle of the Commercial, or Mercantile System 55 k
On Restraints upon the Importation from Foreign Countries of such Goods
as can be produced at Home 49 k
On the extraordinary Restraints upon the Importation of Goods of almost all
kinds from those Countries with which the Balance is supposed to be
disadvantageous
(in two parts) 66 k
On Drawbacks 14 k
On Bounties
(in two pages) 99 k
On Treaties of Commerce 29 k

On the Motives for establishing new Colonies
(in four pages) 213 k
Conclusion of the Mercantile System 50 k
On 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 every Country 64 k

Appendix 10 k

Book V: On the Revenue of the Sovereign or Commonwealth

On the Expenses of the Sovereign or Commonwealth
(in six pages) 302 k

On the Sources of the General or Public Revenue of the Society
(in seven pages) 238 k
On Public Debts
(in three pages) 110 k

On the Division of Labour	21 k
On the Principle which gives occasion to the Division of Labour	11 k
That the Division of Labour is limited by the Extent of the Market	14 k
On the Origin and Use of Money	16 k
On the Real and Nominal Price of Commodities, or their Price in Labour, and their Price in Money	41 k
On the Component Parts of the Price of Commodities	18 k
On the Natural and Market Price of Commodities	22 k
On the Wages of Labour	56 k
On the Profits of Stock	26 k
On Wages and Profit in the different Employments of Labour and Stock (in three parts)	110 k
On the Rent of Land (in six parts)	184 k

Introduction	6 k
On the Division of Stock	19 k
On Money considered as a particular Branch of the general Stock of the Society, or of the Expense of maintaining the National Capital (in two pages)	113 k
On the Accumulation of Capital, or of Productive and Unproductive Labour	47 k
On Stock Lent at Interest	21 k
On the Different Employment of Capitals	39 k

On the Natural Progress of Opulence	13 k
On the Discouragement of Agriculture in the ancient State of Europe after the Fall of the Roman Empire	28 k
On the Rise and Progress of Cities and Towns after the Fall of the Roman Empire	27 k
How the Commerce of the Towns Contributed to the Improvement of the Country	32 k

Introduction	2 k
On the Principle of the Commercial, or Mercantile System	55 k
On Restraints upon the Importation from Foreign Countries of such Goods as can be produced at Home	49 k
On the extraordinary Restraints upon the Importation of Goods of almost all kinds from those Countries with which the Balance is supposed to be disadvantageous (in two parts)	66 k
On Drawbacks	14 k
On Bounties (in two pages)	99 k
On Treaties of Commerce	29 k
On the Motives for establishing new Colonies (in four pages)	213 k
Conclusion of the Mercantile System	50 k
On 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 every Country	64 k
Appendix	10 k

On the Expenses of the Sovereign or Commonwealth (in six pages)	302 k
On the Sources of the General or Public Revenue of the Society (in seven pages)	238 k
On Public Debts (in three pages)	110 k

An Inquiry into the Nature and Causes of

The Wealth of Nations

By ADAM SMITH

Introduction

By
ADAM SMITH