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"Virtue is more to be feared than vice, because
its excesses are not subject to the regulation of conscience."
"Directors of such companies, being the managers rather of other
people's money than of their own, it cannot be expected, that they watch over
it with the same anxious vigilance partners in a private copartnery frequently
watch over their own.
Negligence and profusion, therefore, must prevail,
in the management of affairs of such a company." - Adam Smith
A monopoly granted
either to an individual or a trading incorporation has the same effect as
a secret
in trade or manufacturing.
The monopolists, by keeping the market
constantly understocked, by never fully supplying the effectual demand, sell
their commodities much above the natural price, and raise their emoluments,
whether they consist in wages or
profit, greatly above their natural rate.
The price of monopoly is upon
every occasion the highest which can be got.
The natural price, or
the price of free
competition, on the contrary, is the lowest which can be taken, not upon
every occasion indeed, but for any considerable time altogether.
The
one is upon every occasion
the highest which can be
squeezed out of the buyer, or which, it is supposed, they will consent to
give: The other is the lowest which the sellers can commonly afford to take,
and at the same time continue their business.
In a market free from
monopolies and self-serving
public policies, normal competition among the self-interests of disparate
groups of consumers and producers produces a
stable expanding economy.
Country gentlemen and farmers
are, to their great honor, of all people, the
least subject to the wretched spirit of
monopoly.
The undertaker of a great manufactory is sometimes
alarmed if another manufacturer of the same category is established within
twenty miles of him.
The Dutch woollen manufacture at Abbeville
stipulated, that no work of the same category should be established within
thirty leagues of that city.
Farmers and country gentlemen, on the
contrary, are generally disposed rather to promote than to obstruct the
cultivation and improvement of their neighbors' farms and estates.
They
have no secrets, such as those of the greater part of manufacturers, but are
generally rather fond of communicating to their neighbors, and of extending as
far as possible any new practice which they have found to be
advantageous.
The great source of both the
misery and
disorders of human life,
seems to arise from over-rating the difference between one permanent situation
and another.
Some of those situation may,
no doubt, deserve to be
preferred to others: but none of them can deserve to be pursued with
the passionate ardour which
drives us to violate the
rules either of prudence or of justice; or
to corrupt the future tranquility
of our minds, either by shame from the
remembrance of our own folly, or by remorse
from the horror of our own injustice.
In modern war the great
expense of fire arms gives an evident advantage to the nation which can best
afford that expense; and consequently, to an
opulent and civilized,
over a poor and barbarous
nation.
In ancient times the
opulent and
civilized found it difficult to defend themselves against
the poor and barbarous nations.
In modern times the poor and
barbarous find it difficult to defend themselves against the
opulent and
civilized.
Such is the delicacy of man alone, that
no object is produced
to his liking.
He finds that in everything
there is need for improvement.
The whole industry of human life is
employed not in procuring the supply of our three humble necessities,
food,
clothes and
lodging, but in procuring the
conveniences of it according to the nicety and delicacy of our
tastes.
Finding nothing either in the animals or vegetables of the newly
discovered countries, which could justify a very advantageous representation of
them, Columbus turned his view towards their
minerals; and in the richness of the
production of this third kingdom, he flattered himself, he had found a full
compensation for the insignificance of those of the other two.
The
little bits of gold with which the inhabitants ornamented their dress, and
which, he was informed, they frequently found in the rivulets and torrents that
fell from the mountains, were sufficient to satisfy him that those mountains
abounded with the richest gold mines.
St. Domingo, therefore, was
represented as a country abounding with gold, and, upon that account
an inexhaustible source of
real wealth to the crown and kingdom of Spain.
Adam Smith
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This website defines a
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forged a populace unable to discern propaganda from reality and that this has
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gnostic mystery
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American social mores and values have
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