This sentence is the summation of whole essay, Of the natural Progress of Opulence. Had human institutions, therefore, never disturbed the natural course of things, the progressive wealth and increase of the towns would, in every political society, be consequential, and in proportion to the improvement and cultivation of the territory of country. At the same time, he establishes his theories regarding history by making further comparisons with class struggles in earlier ages. But the price of the latter must, generally, not only pay the expense of raising it and bringing it to market, but afford, too, the ordinary profits of agriculture to the farmer. Thus, communism was an inevitable part of the process, and in the Manifesto he worked to clarify the reasons for its inevitability. It is this commerce which supplies the inhabitants of the town, both with the materials of their work, and the means of their subsistence.
Merchants, Adam Smith writes, are fond of becoming country gentleman, and are more likely to improve their land through brave innovations than a true country gentleman, who had not the income. The gains of both are mutual and reciprocal, and the division of labor is in this, as in all other cases, advantageous to all the different persons employed in the various occupations into which it is subdivided. But this order has been in many respects inverted. It is this commerce which supplies the inhabitants of the town, both with the materials of their work, and the means of their subsistence. Smith places a great deal of faith in the value of land for maintaining wealth. Smiths, carpenters, wheel-wrights, and plough-wrights, masons, and bricklayers, tanners, shoemakers, and tailors, are people, whose service the farmer has frequent occasion for. Such artificers, too, stand occasionally in need of the assistance of one another; and as their residence is not, like that of the farmer, necessarily tied down to a precise spot, they naturally settle in the neighbourhood of one another, and thus form a small town or village.
The butcher, the brewer, and the baker, soon join them, together with many other artificers and retailers, necessary or useful for supplying their occasional wants, and who contribute still further to augment the town. If human institutions had never thwarted those natural inclinations, the towns could no-where have increased beyond what the improvement and cultivation of the territory in which they were situated could support; till such time, at least, as the whole of that territory was completely cultivated and improved. I think the best-written paragraph in the essay is paragraph 8 which summed the whole idea about the creating wealth. Smith criticizes the system of primogeniture for encouraging a certain class of people to live beyond their means and not contribute to progress through investment and improvement. Such a sweeping generalization is likely to invite attack and skepticism, but he feels totally secure in his assertion and proceeds to argue his position point by point. The smith erects some sort of iron, the weaver some sort of linen or woollen manufactory.
In the last section paras. The capital of the landlord, on the contrary, which is fixed in the improvement of his land, seems to be as well secured as the nature of human affairs can admit of. He feels that an artificer is the servant of his customers, from whom he derives his subsistence; but that a planter who cultivates his own land, and derives his necessary subsistence from the labour of his own family, is really a master, and independent of all the world. The progress of our North American and West Indian colonies would have been much less rapid had no capital but what belonged to themselves been employed in exporting their surplus produce. Here I explore a more complex interplay between regulation and economic growth. He attended Glasgow University and received a degree from Oxford, after which he gave a successful series of lectures on rhetoric in his hometown.
Such artificers too stand, occasionally, in need of the assistance of one another; and as their residence is not, like that of the farmer, necessarily tied down to a precise spot, they naturally settle in the neighbourhood of one another, and thus form a small town or village. In our North American colonies, where uncultivated land is still to be had upon easy terms, no manufactures for distant sale have ever yet been established in any of their towns. After several more moves, Marx found his way to London, where he finally settled in absolute poverty; his friend Friedrich Engels 1820-1895 contributed money to prevent Marx and his family from starving. They take the product of the land and, with the surplus beyond their daily needs for food and sustenance, manufacture useful goods. Rather, with the proletariat defined as the class of the future, Marx tries to show that the Communist cause is the proletarian cause.
What would a wealthy person interpret as a secure or conservative capital investment? When an artificer has acquired a little more stock than is necessary for carrying on his own business in supplying the neighbouring country, he does not, in North America, attempt to establish with it a manufacture for more distant sale, but employs it in the purchase and improvement of uncultivated land. Smith depends on the clear, step-by-step argument to hold the attention of his reader. What would his advice to the old man and the young boy be? Journal Economic Affairs — Wiley Published: Jun 1, 2010. Throughout the selection Smith establishes a clear sense of the progress of nations toward the accumulation of wealth, and he provides the reader with a blueprint for financial success. But though this natural order of things must have taken place in some degree in every such society, it has, in all the modern states of Europe, been in many respects entirely inverted.
As the capital of the landlord or farmer is more secure than that of the manufacturer, so the capital of the manufacturer, being at all times more within his view and command, is more secure than that of the foreign merchant. In every period, indeed, of every society, the surplus part both of the rude and manufactured produce, or that for which there is no demand at home, must be sent abroad in order to be exchanged for something for which there is some demand at home. Regulation creates behavioural incentives that weaken or offset entirely the goal of the regulation. The rhythm is unending until all lands have already been utilized. How have things changed economically to render his arguments less valid or less applicable? According to the natural course of things, therefore, the greater part of the capital of every growing society is, first, directed to agriculture, afterwards to manufactures, and last of all to foreign commerce. Would he have thought they owned land? However, their freedom seemed still to exceed that of the people who occupied land in the country.
The prereading stuff involved besides helped me with what to concentrate on while reading the stuff. Hong Kong is one of those. The manners and customs which the nature of their original government introduced, and which remained after that government was greatly altered, necessarily forced them into this unnatural and retrograde order. Without the assistance of some artificers, indeed, the cultivation of land cannot be carried on, but with great inconveniency and continual interruption. The quantity of the finished work which they sell to the inhabitants of the country necessarily regulates the quantity of the materials and provisions which they buy.
Although the style is not dashing despite a few memorable lines , the rhetorical structure is extraordinarily effective for the purposes at hand. Or would he have thought they worked in manufacturing? I agree and disagree with Smith in the capital of growing societies. This system was far superior to the former one, in that people could directly benefit from their own labor, and thus were encouraged to work harder and more efficiently. The wealth of ancient Egypt, that of China and Indostan, sufficiently demonstrate that a nation may attain a very high degree of opulence, though the greater part of its exportation trade be carried on by foreigners. When an artificer has acquired a little more stock than is necessary for carrying on his own business in supplying the neighbouring country, he does not, in North America, attempt to establish with it a manufacture for more distant sale, but employs it in the purchase and improvement of uncultivated land. The rest of the second section contains a brief summary, and then Marx presents his ten-point program para. In the feudal order, wealth resided in the great landlords, or the noble class.