OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS OF

LABOUR, AND OF THE ORDER ACCORDING TO WHICH ITS PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE,

PAGE

.

.

CHAPTER
I. Of the Division of Labour

5 II. Of the Principle which gives occasion to the Division of Labour

16 III. That the Division of Labour is limited by the Extent of the Market

20 IV. Of the Origin and the Use of Money .

24 V. Of the real and nominal Price of Commodities, or of their Price in Labour and their Price in Money

30 VI. Of the component Parts of the Price of Commodities

42 VII. Of the natural and market Price of Commodities

53 VIII. Of the Wages of Labour

66 IX. Of the Profits of Stock.

86 X. Of Wages and Profit in the different Employments of Labour and of Stock

99 PART I. Inequalities arising from the Nature of the

Employments themselves
PART II. Inequalities occasioned by the Policy of
Europe

IIO XI. Of the Rent of Land

128 PART I. Of the Produce of Land which always affords Rent

131 i The original table of contents is prefixed to indicate the relation of the selected chapters and passages to the whole treatise. Chapters entirely unrepresented here are bracketed.

CHAPTER

PAGE

XI. (Cont.)

[PART II. Of the Produce of Land which sometimes

does, and sometimes does not, afford Rent.]
[PART III. Of the Variations in the Proportion between

the respective Values of that sort of Produce which
always affords Rent, and of that which sometimes does,

and sometimes does not, afford Rent.]
(Digression concerning the Variations in the Value of

Silver during the course of the four last Centuries.

First Period. Second Period. Third Period.]
(Variations in the Proportion between the respective

Values of Gold and Silver.]
[Grounds of the Suspicion that the Value of Silver may

still continue to decrease.]
[Different Effects of the Progress of Improvement upon

the real Price of three different Sorts of rude Produce.

First Sort. Second Sort. Third Sort.]
[Conclusion of the Digression concerning the Variations

in the Value of Silver.]
Effects of the Progress of Improvement upon the real

Price of Manufactures
Conclusion of the Chapter .

139 140

BOOK II.

OF THE NATURE, ACCUMULATION, AND EMPLOYMENT OF STOCK.

146 149 X

Introduction

I. Of the Division of Stock [II. Of Money considered as a particular Branch of the general

Stock of the Society, or of the Expense of maintaining the

National Capital.]
III. Of the Accumulation of Capital, or of productive and unpro-

ductive Labour
IV. Of Stock lent at Interest
V. Of the different Employment of Capitals

160

172 180

BOOK III.

OF THE DIFFERENT PROGRESS OF OPULENCE IN DIFFERENT NATIONS.

189

I. Of the natural Progress of Opulence . [II. Of the Discouragement of Agriculture in the ancient State of

Europe, after the Fall of the Roman Empire.]

CHAPTER

PAGE

[III. Of the Rise and Progress of Cities and Towns, after the Fall of

the Roman Empire.] [IV. How the Commerce of the Towns contributed to the Improve

ment of the Country.]

BOOK IV.

OF SYSTEMS OF POLITICAL ECONOMY.

Introduction

1. Of the Principle of the Commercial or Mercantile System
II. Of the Restraints upon the Importation from Foreign countries

of such Goods as can be produced at Home
[III. Of the extraordinary Restraints upon the Importation of Goods

of almost all kinds, from those Countries with which the
Balance is supposed to be disadvantageous.
PART I. Of the Unreasonableness of those Restraints,

even upon the Principles of the Commercial System.
Digression concerning Banks of Deposit, particularly

concerning that of Amsterdam.
PART II. Of the Unreasonableness of those extraordi-

nary Restraints, upon other Principles.]
[IV. Of Drawbacks.]
[V. Of Bounties.

Digression concerning the Corn Trade and Corn Laws.]
(VI. Of Treaties of Commerce.]
(VII. Of Colonies.

PART I. Of the Motives for establishing new Colonies.
PART II. Causes of the Prosperity of new Colonies.
PART III. Of the Advantages which Europe has de-

rived from the Discovery of America, and from that
of a passage to the East Indies by the Cape of Good

Hope.]
VIII. Conclusion of the Mercantile System (in 3rd ed.)
IX. Of 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

233

234 X

BOOK V.

258

258

OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH. CHAPTER

PAGE 1. Of the Expenses of the Sovereign or Commonwealth

258
[PART I. Expense of Defence.]
[Part II. Of the Expense of Justice.]
PART III. Of the Expense of Public Works and Public
Institutions
[ARTICLE I. Of the Public Works and Institutions

for facilitating the Commerce of Society. ist. For
facilitating the general Commerce of the So-
ciety. 2d. For facilitating particular Branches of

Commerce.]
ARTICLE II. Of the Expense of the Institutions for

the Education of Youth [ARTICLE III. Of the Expense of the Institutions

for the Instruction of People of all Ages.]
[Part IV. Of the Expense of supporting the Dignity of

the Sovereign.] II. Sources of the General or Public Revenue of the Society, 260

[PART I. Of the Funds or Sources of Revenue which

may particularly belong to the Sovereign or Common

wealth.]
PART II. Of Taxes

261 ARTICLE I. Taxes upon Rent; upon the Rent of

262 Taxes which are proportioned not to the Rent, but to the Produce of Land

266 Taxes upon Rent of Houses

267 ARTICLE II. Taxes upon Profit, or upon the Revenue arising from Stock .

271 Taxes upon the Profit of particular Employments 274 [APPENDIX to Articles I. and II. Taxes upon the

capital Value of Lands, Houses, and Stock.] ARTICLE III. Taxes upon the Wages of Labour

276 ARTICLE IV. Taxes which, it is intended, should

Land.

.

.

.

.

AN INQUIRY INTO THE NATURE AND

CAUSES OF THE WEALTH OF

NATIONS.

INTRODUCTION AND PLAN OF THE WORK.

The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life which it annually consumes, and which consist 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 those who are to consume it, the nation will be better or worse supplied with all the necessaries and conveniencies for which it has occasion.

But this proportion must, in every nation, be regulated by two different circumstances; first, by the skill, dexterity, and judgment with which its labour is generally applied ; and, secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed. Whatever be the soil, climate, or extent of territory of any particular nation, the abundance or