e._, the "laws" by which a nation might increase its wealth, on
the lines suggested by Quesnay. Adam Smith's famous book _The Wealth
of Nations_ appeared in 1776, the year of American independence. It
was a declaration of independence for industry. Let each man, each
employer of labor, each seller of merchandise follow his own personal
business interests without let or hindrance, for in so doing he is "led
by an invisible hand" to promote the good of all. Let the government
abolish all monopolies, [Footnote: He was somewhat inconsistent in
approving joint-stock monopolies and shipping regulations.] all
restrictions on trade, all customs duties, all burdens on industry.
Thus only can the true wealth of a nation be promoted.
Smith's opinions were so plausible and his arguments so ingenious that
his doctrines steadily gained in influence, and in the first half of
the nineteenth century pretty generally triumphed. In actual practice
the abolition of restrictions on industry was destined to give free
rein to the avarice and cruelty of the most selfish employers, to
enrich the bourgeoisie, and to leave the lower classes more miserable
than ever.
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