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the immediate produce of our own industry； or for whatever is
purchased with that produce。 As a rich man is likely to be a
better customer to the industrious people in his neighbourhood
than a poor； so is likewise a rich nation。 A rich man； indeed；
who is himself a manufacturer； is a very dangerous neighbour to
all those who deal in the same way。 All the rest of the
neighbourhood； however； by far the greatest number； profit by the
good market which his expense affords them。 They even profit by
his underselling the poorer workmen who deal in the same way with
him。 The manufacturers of a rich nation； in the same manner； may
no doubt be very dangerous rivals to those of their neighbours。
This very competition； however； is advantageous to the great body
of the people； who profit greatly besides by the good market
which the great expense of such a nation affords them in every
other way。 Private people who want to make a fortune never think
of retiring to the remote and poor provinces of the country； but
resort either to the capital； or to some of the great commercial
towns。 They know that where little wealth circulates there is
little to be got； but that where a great deal is in motion； some
share of it may fall to them。 The same maxims which would in this
manner direct the common sense of one； or ten； or twenty
individuals； should regulate the judgment of one； or ten； or
twenty millions； and should make a whole nation regard the riches
of its neighbours as a probable cause and occasion for itself to
acquire riches。 A nation that would enrich itself by foreign
trade is certainly most likely to do so when its neighbours are
all rich； industrious； and commercial nations。 A great nation
surrounded on all sides by wandering savages and poor barbarians
might； no doubt； acquire riches by the cultivation of its own
lands； and by its own interior commerce； but not by foreign
trade。 It seems to have been in this manner that the ancient
Egyptians and the modern Chinese acquired their great wealth。 The
ancient Egyptians； it is said； neglected foreign commerce； and
the modern Chinese； it is known； bold it in the utmost contempt；
and scarce deign to afford it the decent protection of the laws。
The modern maxims of foreign commerce； by aiming at the
impoverishment of all our neighbours； so far as they are capable
of producing their intended effect； tend to render that very
commerce insignificant and contemptible。
It is in consequence of these maxims that the commerce
between France and England has in both countries been subjected
to so many discouragements and restraints。 If those two
countries； however； were to consider their real interest； without
either mercantile jealousy or national animosity； the commerce of
France might be more advantageous to Great Britain than that of
any other country； and for the same reason that of Great Britain
to France。 France is the nearest neighbour to Great Britain。 In
the trade between the southern coast of England and the northern
and north…western coasts of France； the returns might be
expected； in the same manner as in the inland trade； four； five；
or six times in the year。 The capital； therefore； employed in
this trade could in each of the two countries keep in motion
four； five； or six times the quantity of industry； and afford
employment and subsistence to four； five； or six times the number
of people； which an equal capital could do in the greater part of
the other branches of foreign trade。 Between the parts of France
and Great Britain most remote from one another； the returns might
be expected； at least； once in the year； and even this trade
would so far be at least equally advantageous as the greater part
of the other branches of our foreign European trade。 It would be；
at least； three times more advantageous than the boasted trade
with our North American colonies； in which the returns were
seldom made in less than three years； frequently not in less than
four or five years。 France； besides； is supposed to contain
twenty…four millions of inhabitants。 Our North American colonies
were never supposed to contain more than three millions； and
France is a much richer country than North America； though； on
account of the more unequal distribution of riches； there is much
more poverty and beggary in the one country than in the other。
France； therefore； could afford a market at least eight times
more extensive； and； on account of the superior frequency of the
returns； four…and…twenty times more advantageous than that which
our North American colonies ever afforded。 The trade of Great
Britain would be just as advantageous to France； and； in
proportion to the wealth； population； and proximity of the
respective countries； would have the same superiority over that
which France carries on with her own colonies。 Such is the very
great difference between that trade； which the wisdom of both
nations has thought proper to discourage； and that which it has
favoured the most。
But the very same circumstances which would have rendered an
open and free commerce between the two countries so advantageous
to both； have occasioned the principal obstructions to that
commerce。 Being neighbours； they are necessarily enemies； and the
wealth and power of each becomes； upon that account； more
formidable to the other； and what would increase the advantage of
national friendship serves only to inflame the violence of
national animosity。 They are both rich and industrious nations；
and the merchants and manufacturers of each dread the competition
of the skill and activity of those of the other。 Mercantile
jealousy is excited； and both inflames； and is itself inflamed；
by the violence of national animosity； and the traders of both
countries have announced； with all the passionate confidence of
interested falsehood； the certain ruin of each； in consequence of
that unfavourable balance of trade； which； they pretend； would be
the infallible effect of an unrestrained commerce with the other。
There is no commercial country in Europe of which the
approaching ruin has not frequently been foretold by the
pretended doctors of this system from an unfavourable balance of
trade。 After all the anxiety； however； which they have excited
about this； after all the vain attempts of almost all trading
nations to turn that balance in their own favour and against
their neighbours； it does not appear that any one nation in
Europe has been in any respect impoverished by this cause。 Every
town and country； on the contrary； in proportion as they have
opened their ports to all nations； instead of being ruined by
this free trade； as the principles of the commercial system would
lead us to expect； have been enriched by it。 Though there are in
Europe； indeed； a few towns which in some respects deserve the
name of free ports； there is no country which does so。 Holland；
perhaps； approaches the nearest to this character of any though
still very remote from it； and Holland； it is acknowledged； not
only derives its whole wealth； but a great part of its necessary
subsistence； from foreign trade。
There is another balance； indeed； which has already been
explained； very different from the balance of trade； and which；
according as it happens to be either favourable or unfavourable；
necessarily occasions the prosperity or decay of every nation。
This is the balance of the annual produce and consumption。 If the
exchangeable value of the annual produce； it has already been
observed； exceeds that of the annual consumption； the capital of
the society must annually increase in proportion to this excess。
The society in this case lives within its revenue； and what is
annually saved out of its revenue is naturally added to its
capital； and employed so as to increase still further the annual
produce。 If the exchangeable value of the annual produce； on the
contrary； fail short of the annual consumption； the capital of
the society must annually decay in proportion to this deficiency。
The expense of the society in this case exceeds its revenue； and
necessarily encroaches upon its capital。 Its capital； therefore；
must necessarily decay； and together with it the exchangeable
value of the annual produce of its industry。
This balance of produce and consumption is entirely
different from what is called the balance of trade。 It might take
place in a nation which had no foreign trade； but which was
entirely separated from all the world。 It may take place in the
whole globe of the earth； of which the wealth； population； and
improvement may be either gradually increasing or gradually
decaying。
The balance of produce and consumption may be constantly in
favour of a nation； though what is called the balance of trade be
generally against it。 A nation may import to a greater value than
it exports for half a century； perhaps； together； the gold and
silver which comes into it during an this time may be all
immediately sent out of it； its circulating coin may gradually
decay； different sorts of paper mo