Adam Smith Quotes
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To found a great empire for the sole purpose of raising up a people of customers, may at first appear a project fit only for a nation of shopkeepers. It is however, a project altogether unfit for a nation of shopkeepers; but extremely fit for a nation whose government is influenced by shopkeepers.
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The sneaking arts of underling tradesmen are thus erected into political maxims for the conduct of a great empire; for it is the most underling tradesmen only who make it a rule to employ chiefly their own customers. A great trader purchases his good always where they are cheapest and best, without regard to any little interest of this kind.
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As to love our neighbour as we love ourselves is the great law of Christianity, so it is the great precept of nature to love ourselves only as we love our neighbour, or what comes to the same thing, as our neighbour is capable of loving us.
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Though the profusion of Government must undoubtedly have retarded the natural progress of England to wealth and improvement, it has not been able to stop it.
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Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so.
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The importation of gold and silver is not the principal, much less the sole benefit which a nation derives from its foreign trade.
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The trade of insurance gives great security to the fortunes of private people, and by dividing among a great many that loss which would ruin an individual, makes it fall light and easy upon the whole society.
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But bounty and hospitality very seldom lead to extravagance; though vanity almost always does.
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This disposition to admire, and almost to worship, the rich and powerful, and to despise or, at least, neglect persons of poor and mean conditions, though necessary both to establish and to maintain the distinction of ranks and the order of society, is, at the same time, the great and most universal cause of the corruption of our moral sentiments.
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Thus the labour of a manufacture adds, generally, to the value of the materials which he works upon, that of his own maintenance, and of his masters profits. The labour of a menial servant, on the contrary, adds to the value of nothing.
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III. Every tax ought to be levied at the time, or in the manner, in which it is most likely to be convenient for the contributor to pay it.
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The act of navigation is not favourable to foreign commerce, or to the growth of that opulence which can arise from it. ... As defence, however, is of much more importance than opulence, the act of navigation is, perhaps, the wisest of all the commercial regulations of England.
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To hinder, besides, the farmer from selling his goods at all times to the best market, is evidently to sacrifice the ordinary laws of justice to an idea of public utility, to a sort of reasons of state; an act of legislative authority which ought to be exercised only, which can be pardoned only in cases of the most urgent necessity.
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Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods both at home and abroad. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.
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Monopoly of one kind or another, indeed, seems to be the sole engine of the mercantile system.
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What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom.
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Marriage is encouraged in China, not by the profitableness of children, but by the liberty of destroying them.
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The liberal reward of labour, therefore, as it is the affect of increasing wealth, so it is the cause of increasing population. To complain of it, is to lament over the necessary effect and cause of the greatest public prosperity.
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In reality, during the continuance of any one regulated proportion, between the respective values of the different values of the different metals in the coin, the value of the most precious metal regulates the value of the whole coin.
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No fixed capital can yield any revenue but by means of a circulating capital.
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The rulers of Great Britain have, for more than a century past, amused the people with the imagination that they possessed a great empire on the west side of the Atlantic. This empire, however, has hitherto existed in imagination only.
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The value of money is in proportion to the quantity of the necessaries of life which it will purchase.
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The tolls for the maintenance of a high road, cannot with any safety be made the property of private persons.
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By nature a philosopher is not in genius and disposition half so different from a street porter, as a mastiff is from a greyhound,