CONTENTS.1 Introduction and Plan of the Work BOOK I. 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. 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 Of the real and nominal Price of Commodities, or of their V. VI. Of the component Parts of the Price of Commodities VII. Of the natural and market Price of Commodities VIII. Of the Wages of Labour IX. Of the Profits of Stock. X. Of Wages and Profit in the different Employments of Labour PART I. Inequalities arising from the Nature of the PART II. Inequalities occasioned by the Policy of XI. Of the Rent of Land PART I. Of the Produce of Land which always affords 1 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. SELECT CHAPTERS AND PASSAGES FROM THE WEALTH OF NATIONS OF ADAM SMITH 1776 New York THE MACMILLAN COMPANY LONDON: MACMILLAN & Co., LTD. All rights reserved Set up and electrotyped January, 1895. Reprinted January, 1902. Norwood Press J. S. Cushing & Co. - Berwick & Smith ADAM SMITH was born at Kirkcaldy in Fifeshire, Scotland, on June 5, 1723. In 1737 he went to the University of Glasgow, and thence, in 1740, to Balliol College, Oxford, with an exhibition on the Snell foundation. At Oxford he remained uninterruptedly for over six years. Returning to Kirkcaldy in 1746, he lived for two years with his widowed. mother, continuing his studies. In 1748 he delivered a course of lectures on rhetoric and belles lettres during the winter at Edinburgh, under the patronage of Lord Kames; and it was then that he formed his friendship with David Hume. In 1751 he became Professor of Logic in the University of Glasgow, and in 1752 Professor of Moral Philosophy. The publication of his Theory of Moral Sentiments in 1759 established his literary reputation. In 1763 he resigned his professorship to take charge of the young Duke of Buccleugh during his continental travels and he resided abroad, chiefly in Paris and Toulouse, for nearly three years. During this time he made the acquaintance of Quesnai and Turgot and others of the French "Économistes" or "Physiocrates." In 1766 he went home again to Kirkcaldy, and remained in retirement there for ten years, working at his Wealth of Nations, which appeared in 1776. Made famous by this book, he spent the next two years in the literary society of London, and joined the Club over |