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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