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force which； by inspiring mutual fear； can alone overawe the
injustice of independent nations into some sort of respect for
the rights of one another。 But nothing seems more likely to
establish this equality of force than that mutual communication
of knowledge and of all sorts of improvements which an extensive
commerce from all countries to all countries naturally； or rather
necessarily； carries along with it。
In the meantime one of the principal effects of those
discoveries has been to raise the mercantile system to a degree
of splendour and glory which it could never otherwise have
attained to。 It is the object of that system to enrich a great
nation rather by trade and manufactures than by the improvement
and cultivation of land； rather by the industry of the towns than
by that of the country。 But； in consequence of those discoveries；
the commercial towns of Europe； instead of being the
manufacturers and carriers for but a very small part of the world
（that part of Europe which is washed by the Atlantic Ocean； and
the countries which lie round the Baltic and Mediterranean seas）；
have now become the manufacturers for the numerous and thriving
cultivators of America； and the carriers； and in some respects
the manufacturers too； for almost all the different nations of
Asia； Africa； and America。 Two new worlds have been opened to
their industry； each of them much greater and more extensive than
the old one； and the market of one of them growing still greater
and greater every day。
The countries which possess the colonies of America； and
which trade directly to the East Indies； enjoy； indeed； the whole
show and splendour of this great commerce。 Other countries；
however； notwithstanding all the invidious restraints by which it
is meant to exclude them； frequently enjoy a greater share of the
real benefit of it。 The colonies of Spain and Portugal； for
example； give more real encouragement to the industry of other
countries than to that of Spain and Portugal。 In the single
article of linen alone the consumption of those colonies amounts；
it is said； but I do not pretend to warrant the quantity； to more
than three millions sterling a year。 But this great consumption
is almost entirely supplied by France； Flanders； Holland； and
Germany。 Spain and Portugal furnish but a small part of it。 The
capital which supplies the colonies with this great quantity of
linen is annually distributed among； and furnishes a revenue to
the inhabitants of； those other countries。 The profits of it only
are spent in Spain and Portugal； where they help to support the
sumptuous profusion of the merchants of Cadiz and Lisbon。
Even the regulations by which each nation endeavours to
secure to itself the exclusive trade of its own colonies are
frequently more hurtful to the countries in favour of which they
are established than to those against which they are established。
The unjust oppression of the industry of other countries falls
back； if I may say so； upon the heads of the oppressors； and
crushes their industry more than it does that of those other
countries。 By those regulations for example； the merchant of
Hamburg must send the linen which he destines for the American
market to London； and he must bring back from thence the tobacco
which he destines for the German market； because he can neither
send the one directly to America nor bring back the other
directly from thence。 By this restraint he is probably obliged to
sell the one somewhat cheaper； and to sell the one somewhat
cheaper； and to buy the other somewhat dearer than he otherwise
might have done； and his profits are probably somewhat abridged
by means of it。 In this trade； however； between Hamburg and
London； he certainly receives the returns of his capital much
more quickly than he could possibly have done in the direct trade
to America； even though we should suppose； what is by no means
the case； that the payments of America were as punctual as those
of London。 In the trade； therefore； to which those regulations
confine the merchant of Hamburg； his capital can keep in constant
employment a much greater quantity of German industry than it
possibly could have done in the trade from which he is excluded。
Though the one employment； therefore； may to him perhaps be less
profitable than the other； it cannot be less advantageous to his
country。 It is quite otherwise with the employment into which the
monopoly naturally attracts； if I may say so； the capital of the
London merchant。 That employment may； perhaps； be more profitable
to him than the greater part of other employments； but； on
account of the slowness of the returns； it cannot be more
advantageous to his country。
After all the unjust attempts； therefore； of every country
in Europe to engross to itself the whole advantage of the trade
of its own colonies； no country has yet been able to engross
itself anything but the expense of supporting in time of peace
and of defending in time of war the oppressive authority which it
assumes over them。 The inconveniencies resulting from the
possession of its colonies； every country has engrossed to itself
completely。 The advantages resulting from their trade it has been
obliged to share with many other countries。
At first sight； no doubt； the monopoly of the great commerce
of America naturally seems to be an acquisition of the highest
value。 To the undiscerning eye of giddy ambition； it naturally
presents itself amidst the confused scramble of politics and war
as a very dazzling object to fight for。 The dazzling splendour of
the object； however； the immense greatness of the commerce； is
the very quality which renders the monopoly of it hurtful； or
which makes one employment； in its own nature necessarily less
advantageous to the country than the greater part of other
employments； absorb a much greater proportion of the capital of
the country than what would otherwise have gone to it。
The mercantile stock of every country； it has been shown in
the second book； naturally seeks； if one may say so； the
employment most advantageous to that country。 If it is employed
in the carrying trade； the country to which it belongs becomes
the emporium of the goods of all the countries whose trade that
stock carries on。 But the owner of that stock necessarily wishes
to dispose of as great a part of those goods as he can at home。
He thereby saves himself the trouble； risk； and expense of
exportation； and he will upon that account be glad to sell them
at home； not only for a much smaller price； but with somewhat a
smaller profit than he might expect to make by sending them
abroad。 He naturally； therefore； endeavours as much as he can to
turn his carrying trade into a foreign trade of consumption。 If
his stock； again； is employed in a foreign trade of consumption；
he will； for the same reason； be glad to dispose of at home as
great a part as he can of the home goods； which he collects in
order to export to some foreign market； and he will thus
endeavour； as much as he can； to turn his foreign trade of
consumption into a home trade。 The mercantile stock of every
country naturally courts in this manner the near； and shuns the
distant employment； naturally courts the employment in which the
returns are frequent； and shuns that in which they are distant
and slow； naturally courts the employment in which it can
maintain the greatest quantity of productive labour in the
country to which it belongs； or in which its owner resides； and
shuns that in which it can maintain there the smallest quantity。
It naturally courts the employment which in ordinary cases is
most advantageous； and shuns that which in ordinary cases is
least advantageous to that country。
But if in any of those distant employments； which in
ordinary cases are less advantageous to the country； the profit
should happen to rise somewhat higher than what is sufficient to
balance the natural preference which is given to nearer
employments； this superiority of profit will draw stock from
those nearer employments； till the profits of all return to their
proper level。 This superiority of profit； however； is a proof
that； in the actual circumstances of the society； those distant
employments are somewhat understocked in proportion to other
employments； and that the stock of the society is not distributed
in the properest manner among all the different employments
carried on in it。 It is a proof that something is either bought
cheaper or sold dearer than it ought to be； and that some
particular class of citizens is more or less oppressed either by
paying more or by getting less than what is suitable to that
equality which ought to take place； and which naturally does take
place among all the different classes of them。 Though the same
capital never will maintain the same quantity of productive
labour in a distant as in a near employment； yet a distant
employment may be as necessary for the welfare of the society as
a near one； the goods which the distant employment deals i