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near　home　as　he　can；　and　consequently　as　much　as　he　can　in　the

support　of　domestic　industry；　provided　always　that　he　can　thereby

obtain　the　ordinary；　or　not　a　great　deal　less　than　the　ordinary

profits　of　stock。

　　　　　Thus；　upon　equal　or　nearly　equal　profits；　every　wholesale

merchant　naturally　prefers　the　home　trade　to　the　foreign　trade　of

consumption；　and　the　foreign　trade　of　consumption　to　the　carrying

trade。　In　the　home　trade　his　capital　is　never　so　long　out　of　his

sight　as　it　frequently　is　in　the　foreign　trade　of　consumption。　He

can　know　better　the　character　and　situation　of　the　persons　whom

he　trusts；　and　if　he　should　happen　to　be　deceived；　he　knows

better　the　laws　of　the　country　from　which　he　must　seek　redress。

In　the　carrying　trade；　the　capital　of　the　merchant　is；　as　it

were；　divided　between　two　foreign　countries；　and　no　part　of　it　is

ever　necessarily　brought　home；　or　placed　under　his　own　immediate

view　and　command。　The　capital　which　an　Amsterdam　merchant　employs

in　carrying　corn　from　Konigsberg　to　Lisbon；　and　fruit　and　wine

from　Lisbon　to　Konigsberg；　must　generally　be　the　one　half　of　it

at　Konigsberg　and　the　other　half　at　Lisbon。　No　part　of　it　need

ever　come　to　Amsterdam。　The　natural　residence　of　such　a　merchant

should　either　be　at　Konigsberg　or　Lisbon；　and　it　can　only　be　some

very　particular　circumstances　which　can　make　him　prefer　the

residence　of　Amsterdam。　The　uneasiness；　however；　which　he　feels

at　being　separated　so　far　from　his　capital　generally　determines

him　to　bring　part　both　of　the　Konigsberg　goods　which　he　destines

for　the　market　of　Lisbon；　and　of　the　Lisbon　goods　which　he

destines　for　that　of　Konigsberg；　to　Amsterdam：　and　though　this

necessarily　subjects　him　to　a　double　charge　of　loading　and

unloading；　as　well　as　to　the　payment　of　some　duties　and　customs；

yet　for　the　sake　of　having　some　part　of　his　capital　always　under

his　own　view　and　command；　he　willingly　submits　to　this

extraordinary　charge；　and　it　is　in　this　manner　that　every　country

which　has　any　considerable　share　of　the　carrying　trade　becomes

always　the　emporium；　or　general　market；　for　the　goods　of　all　the

different　countries　whose　trade　it　carries　on。　The　merchant；　in

order　to　save　a　second　loading　and　unloading；　endeavours　always

to　sell　in　the　home　market　as　much　of　the　goods　of　all　those

different　countries　as　he　can；　and　thus；　so　far　as　he　can；　to

convert　his　carrying　trade　into　a　foreign　trade　of　consumption。　A

merchant；　in　the　same　manner；　who　is　engaged　in　the　foreign　trade

of　consumption；　when　he　collects　goods　for　foreign　markets；　will

always　be　glad；　upon　equal　or　nearly　equal　profits；　to　sell　as

great　a　part　of　them　at　home　as　he　can。　He　saves　himself　the　risk

and　trouble　of　exportation；　when；　so　far　as　he　can；　he　thus

converts　his　foreign　trade　of　consumption　into　a　home　trade。　Home

is　in　this　manner　the　centre；　if　I　may　say　so；　round　which　the

capitals　of　the　inhabitants　of　every　country　are　continually

circulating；　and　towards　which　they　are　always　tending；　though　by

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　augme