Why Read Adam Smith Today?

Ludwig von Mises

Introduction and Plan of the Work

Book I. Of the Causes of Improvement in the Productive Powers of Labour, and of the Order according to which its Produce is naturally distributed among the different Ranks of the People

Of the Division of Labour

Of the Principle which gives occasion to the Division of Labour

That the Division of Labour is limited by the Extent of the Market

Of the Origin and Use of Money

Of the real and nominal Price of Commodities, or of their Price in Labour, and their Price in Money

Of the component Parts of the Price of Commodities

Of the natural and market Price of Commodities

Of the Wages of Labour

Of the Profits of Stock

Of Wages and Profit in the different Employments of Labour and Stock

Inequalities arising from the Nature of the Employments themselves

Inequalities occasioned by the Policy of Europe

Of the Rent of Land

Of the Produce of Land which always affords Rent

Of the Produce of Land which sometimes does, and sometimes does not, afford Rent

Of the Variations in the Proportion between the respective Values of that Sort of Produce which always affords Rent, and of that which sometimes does and sometimes does not afford Rent

Digression concerning the Variations in the Value of Silver during the Course of the Four last Centuries

First Period

Second Period

Third Period

Variations in the Proportion between the respective Values of Gold and Silver

Grounds of the Suspicion that the Value of Silver still continues to decrease

Different Effects of the Progress of Improvement upon the real Price of three different Sorts of rude Produce

First Sort

Second Sort

Third Sort

Conclusion of the Digression concerning the Variations in the Value of Silver

Effects of the Progress of Improvement upon the real Price of Manufactures

Conclusion of the Chapter

Book II. Of the Nature, Accumulation, and Employment of Stock

Introduction

Of the Division of Stock

Of Money considered as a particular Branch of the general Stock of the Society, or of the Expence of maintaining the National Capital

Of the Accumulation of Capital, or of productive and unproductive Labour

Of Stock lent at Interest

Of the different Employment of Capitals

Book III. Of the different Progress of Opulence in different Nations

Of the natural Progress of Opulence

Of the Discouragement of Agriculture in the ancient State of Europe after the Fall of the Roman Empire

Of the Rise and Progress of Cities and Towns, after the Fall of the Roman Empire

How the Commerce of the Towns contributed to the Improvement of the Country

Book IV. Of Systems of political Oeconomy

Introduction

Of the Principle of the Commercial, or Mercantile System

Of Restraints upon the Importation from foreign Countries of such Goods as can be produced at Home

Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be disadvantageous

Of the Unreasonableness of those Restraints even upon the Principles of the Commercial System

Digression concerning Banks of Deposit, particularly concerning that of Amsterdam

Of the Unreasonableness of those extraordinary Restraints upon other Principles

Of Drawbacks

Of Bounties

Digression concerning the Corn Trade and Corn Laws

Of Treaties of Commerce

Of Colonies

Of the Motives for establishing new Colonies

Causes of the Prosperity of new Colonies

Of the Advantages which Europe has derived from the Discovery of America, and from that of a Passage to the East Indies by the Cape of Good Hope

Conclusion of the Mercantile System

Of the Agricultural Systems, or of those Systems of Political Oeconomy, which represent the Produce of Land as either the sole or the principal Source of the Revenue and Wealth of every Country

Book V. Of the Revenue of the Sovereign or Commonwealth

Of the Expences of the Sovereign or Commonwealth

Of the Expence of Defence

Of the Expence of Justice

Of the Expence of Public Works and Public Institutions

Article 1st. Of the Public Works and Institutions for facilitating the Commerce of Society. 1st. For Facilitating the general Commerce of the Society. 2dly. For facilitating particular Branches of Commerce

Article 2d. Of the Expence of the Institutions for the Education of Youth

Article 3d. Of the Expence of the Institutions for the Instruction of People of all Ages

Of the Expence of supporting the Dignity of the Sovereign

Conclusion of the Chapter

Of the Sources of the general or public Revenue of the Society

Of the Funds or Sources of Revenue which may peculiarly belong to the Sovereign or Commonwealth

Of Taxes

Article 1st. Taxes upon Rent; Taxes upon the Rent of Land

Taxes which are proportioned, not to the Rent, but to the Produce of Land

Taxes upon the Rent of Houses

Article 2d. Taxes upon Profit, or upon the Revenue arising from Stock

Taxes upon the Profit of Particular Employments

Appendix to Articles 1st and 2d. Taxes upon the Capital Value of Lands, Houses, and Stock

Article 3d. Taxes upon the Wages of Labour

Article 4th. Taxes which, it is intended, should fall indifferently upon every different Species of Revenue

Capitation Taxes

Taxes upon consumable Commodities

Of Public Debts

Appendix

Index