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particular causes they may sometimes be driven off and repelled

from it towards more distant employments。 But a capital employed

in the home trade; it has already been shown; necessarily puts

into motion a greater quantity of domestic industry; and gives

revenue and employment to a greater number of the inhabitants of

the country; than an equal capital employed in the foreign trade

of consumption: and one employed in the foreign trade of

consumption has the same advantage over an equal capital employed

in the carrying trade。 Upon equal; or only nearly equal profits;

therefore; every individual naturally inclines to employ his

capital in the manner in which it is likely to afford the

greatest support to domestic industry; and to give revenue and

employment to the greatest number of people of his own country。

     Secondly; every individual who employs his capital in the

support of domestic industry; necessarily endeavours so to direct

that industry that its produce may be of the greatest possible

value。

     The produce of industry is what it adds to the subject or

materials upon which it is employed。 In proportion as the value

of this produce is great or small; so will likewise be the

profits of the employer。 But it is only for the sake of profit

that any man employs a capital in the support of industry; and he

will always; therefore; endeavour to employ it in the support of

that industry of which the produce is likely to be of the

greatest value; or to exchange for the greatest quantity either

of money or of other goods。

     But the annual revenue of every society is always precisely

equal to the exchangeable value of the whole annual produce of

its industry; or rather is precisely the same thing with that

exchangeable value。 As every individual; therefore; endeavours as

much as he can both to employ his capital in the support of

domestic industry; and so to direct that industry that its

produce may be of the greatest value; every individual

necessarily labours to render the annual revenue of the society

as great as he can。 He generally; indeed; neither intends to

promote the public interest; nor knows how much he is promoting

it。 By preferring the support of domestic to that of foreign

industry; he intends only his own security; and by directing that

industry in such a manner as its produce may be of the greatest

value; he intends only his own gain; and he is in this; as in

many other cases; led by an invisible hand to promote an end

which was no part of his intention。 Nor is it always the worse

for the society that it was no part of it。 By pursuing his own

interest he frequently promotes that of the society more

effectually than when he really intends to promote it。 I have

never known much good done by those who affected to trade for the

public good。 It is an affectation; indeed; not very common among

merchants; and very few words need be employed in dissuading them

from it。

     What is the species of domestic industry which his capital

can employ; and of which the produce is likely to be of the

greatest value; every individual; it is evident; can; in his

local situation; judge much better than any statesman or lawgiver

can do for him。 The statesman who should attempt to direct

private people in what manner they ought to employ their capitals

would not only load himself with a most unnecessary attention;

but assume an authority which could safely be trusted; not only

to no single person; but to no council or senate whatever; and

which would nowhere be so dangerous as in the hands of a man who

had folly and presumption enough to fancy himself fit to exercise

it。

     To give the monopoly of the home market to the produce of

domestic industry; in any particular art or manufacture; is in

some measure to direct private people in what manner they ought

to employ their capitals; and must; in almost all cases; be

either a useless or a hurtful regulation。 If the produce of

domestic can be brought there as cheap as that of foreign

industry; the regulation is evidently useless。 If it cannot; it

must generally be hurtful。 It is the maxim of every prudent

master of a family never to attempt to make at home what it will

cost him more to make than to buy。 The tailor does not attempt to

make his own shoes; but buys them of the shoemaker。 The shoemaker

does not attempt to make his own clothes; but employs a tailor。

The farmer attempts to make neither the one nor the other; but

employs those different artificers。 All of them find it for their

interest to employ their whole industry in a way in which they

have some advantage over their neighbours; and to purchase with a

part of its produce; or what is the same thing; with the price of

a part of it; whatever else they have occasion for。

     What is prudence in the conduct of every private family can

scarce be folly in that of a great kingdom。 If a foreign country

can supply us with a commodity cheaper than we ourselves can make

it; better buy it of them with some part of the produce of our

own industry employed in a way in which we have some advantage。

The general industry of the country; being always in proportion

to the capital which employs it; will not thereby be diminished;

no more than that of the above…mentioned artificers; but only

left to find out the way in which it can be employed with the

greatest advantage。 It is certainly not employed to the greatest

advantage when it is thus directed towards an object which it can

buy cheaper than it can make。 The value of its annual produce is

certainly more or less diminished when it is thus turned away

from producing commodities evidently of more value than the

commodity which it is directed to produce。 According to the

supposition; that commodity could be purchased from foreign

countries cheaper than it can be made at home。 It could;

therefore; have been purchased with a part only of the

commodities; or; what is the same thing; with a part only of the

price of the commodities; which the industry employed by an equal

capital would have produced at home; had it been left to follow

its natural course。 The industry of the country; therefore; is

thus turned away from a more to a less advantageous employment;

and the exchangeable value of its annual produce; instead of

being increased; according to the intention of the lawgiver; must

necessarily be diminished by every such regulation。

     By means of such regulations; indeed; a particular

manufacture may sometimes be acquired sooner than it could have

been otherwise; and after a certain time may be made at home as

cheap or cheaper than in the foreign country。 But though the

industry of the society may be thus carried with advantage into a

particular channel sooner than it could have been otherwise; it

will by no means follow that the sum total; either of its

industry; or of its revenue; can ever be augmented by any such

regulation。 The industry of the society can augment only in

proportion as its capital augments; and its capital can augment

only in proportion to what can be gradually saved out of its

revenue。 But the immediate effect of every such regulation is to

diminish its revenue; and what diminishes its revenue is

certainly not very likely to augment its capital faster than it

would have augmented of its own accord had both capital and

industry been left to find out their natural employments。

     Though for want of such regulations the society should never

acquire the proposed manufacture; it would not; upon that

account; necessarily be the poorer in any one period of its

duration。 In every period of its duration its whole capital and

industry might still have been employed; though upon different

objects; in the manner that was most advantageous at the time。 In

every period its revenue might have been the greatest which its

capital could afford; and both capital and revenue might have

been augmented with the greatest possible rapidity。

     The natural advantages which one country has over another in

producing particular commodities are sometimes so great that it

is acknowledged by all the world to be in vain to struggle with

them。 By means of glasses; hotbeds; and hot walls; very good

grapes can be raised in Scotland; and very good wine too can be

made of them at about thirty times the expense for which at least

equally good can be brought from foreign countries。 Would it be a

reasonable law to prohibit the importation of all foreign wines

merely to encourage the making of claret and burgundy in

Scotland? But if there would be a manifest absurdity in turning

towards any employment thirty times more of the capital and

industry of the country than would be necessary to purchase from

foreign countries an equal quantity of the commodities wanted;

there must be an absurdity; though not altogether so glaring; yet

exactly of the same kind; in turning towards any such employment

a thirtieth; or even a three…hundredth part more of either。

Whether the advantages which one country has over another be

natural or acquir

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