Project Gutenberg #3300
The Wealth of Nations
Adam Smith
1776Smith's political economy classic, prepared chapter by chapter from Project Gutenberg HTML for vocabulary-focused reading.
Project Gutenberg #3300 Public domain in the United States Cover source Local typographic cover created for MojiMori from public-domain source metadata
Section 29 of 33 Page 5 of 5
Book IV, Chapter VIII: Conclusion of the Mercantile System
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Book IV, Chapter VIII: Conclusion of the Mercantile System Central question What is the final verdict on mercantilism? Main argument Smith sums up the mercantile system as a set of policies built around trade...
from the shops of our different producers, all the goods with which these could supply them. For the sake of that little enhancement of price which this monopoly might afford our producers, the home consumers have been burdened with the whole expense of maintaining and defending that empire. For this purpose, and for this purpose only, in the two last wars, more than two hundred millions have been spent, and a new debt of more than a hundred and seventy millions has been contracted, over and above all that had been expended for the same purpose in former wars. The interest of this debt alone is not only greater than the whole extraordinary profit which, it never could be pretended, was made by the monopoly of the colony trade, but than the whole value of that trade, or than the whole value of the goods which, at an average, have been annually exported to the colonies.
It cannot be very difficult to determine who have been the contrivers of this whole mercantile system; not the consumers, we may believe, whose interest has been entirely neglected; but the producers, whose interest has been so carefully attended to; and among this latter class, our merchants and manufacturers have been by far the principal architects. In the mercantile regulations which have been taken notice of in this chapter, the interest of our manufacturers has been most peculiarly attended to; and the interest, not so much of the consumers, as that of some other sets of producers, has been sacrificed to it.