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object of investigation to be not the power which effects； but the
thing effected； namely； material wealth； or rather the value in
exchange which the thing effected possesses。 Materialism must come
to the aid of individualism； in order to conceal what an enormous
amount of power accrues to individuals from nationality； from
national unity； and from the national confederation of the
productive powers。 A bare theory of values must be made to pass
current as national economy； because individuals alone produce
values； and the State； incapable of creating values； must limit its
operations to calling into activity； protecting； and promoting the
productive powers of individuals。 In this combination； the
quintessence of political economy may be stated as follows； viz。：
Wealth consists in the possession of objects of exchangeable value；
objects of exchangeable value are produced by the labour of
individuals in combination with the powers of nature and with
capital。 By the division of labour； the productiveness of the
labour is increased； capital is accumulated by savings； by
production exceeding consumption。 The greater the total amount of
capital； so much the greater is the division of labour； and hence
the capacity to produce。 Private interest is the most effectual
stimulus to labour and to economy。 Therefore the highest wisdom of
statecraft consists in placing no obstacle in the way of private
industry； and in caring only for the good administration of
justice。 And hence also it is folly to induce the subjects of a
State； by means of State legislative measures； to produce for them
selves anything which they can buy cheaper from abroad。 A system so
consistent as this is； which sets forth the elements of wealth；
which so clearly explains the process of its production； and
apparently so completely exposes the errors of the previous
schools； could not fail； in default of any other； to meet with
acceptance。 The mistake has been simply； that this system at bottom
is nothing else than a system of the private economy of all the
individual persons in a country； or of the individuals of the whole
human race； as that economy would develop and shape itself； under
a state of things in which there were no distinct nations；
nationalities； or national interests no distinctive political
constitutions or degrees of civilisation no wars or national
animosities； that it is nothing more than a theory of values； a
mere shopkeeper's or individual merchant's theory not a
scientific doctrine； showing how the productive powers of an entire
nation can be called into existence； increased； maintained； and
preserved for the special benefit of its civilisation； welfare；
might； continuance； and independence。
This system regards everything from the shopkeeper's point of
view。 The value of anything is wealth； according to it； so its sole
object is to gain values。 The establishment of powers of
production； it leaves to chance； to nature； or to the providence of
God （whichever you please）； only the State must have nothing at all
to do with it； nor must politics venture to meddle with the
business of accumulating exchangeable values。 It is resolved to buy
wherever it can find the cheapest articles that the home
manufactories are ruined by their importation； matters not to it。
If foreign nations give a bounty on the export of their
manufactured goods； so much the better； it can buy them so much the
cheaper。 In its view no class is productive save those who actually
produce things valuable in exchange。 It well recognises how the
division of labour promotes the success of a business in detail；
but it has no perception of the effect of the division of labour as
affecting a whole nation。 It knows that only by individual economy
can it increase its capital； and that only in proportion to the
increase in its capital can it extend its individual trades； but it
sets no value on the increase of the productive power； which
results from the establishment of native manufactories； or on the
foreign trade and national power which arise out of that increase。
What may become of the entire nation in the future； is to it a
matter of perfect indifference； so long as private individuals can
gain wealth。 It takes notice merely of the rent yielded by land；
but pays no regard to the value of landed property； it does not
perceive that the greatest part of the wealth of a nation consists
in the value of its land and its fixed property。 For the influence
of foreign trade on the value and price of landed property； and for
the fluctuations and calamities thence arising； it cares not a
straw。 In short； this system is the strictest and most consistent
'mercantile system；' and it is incomprehensible how that term could
have been applied to the system of Colbert； the main tendency of
which is towards an 'industrial system' …i。e。 a system which has
solely in view the founding of a national industry a national
commerce without regarding the temporary gains or losses of
values in exchange。
Notwithstanding； we would by no means deny the great merits of
Adam Smith。 He was the first who successfully applied the
analytical method to political economy。 By means of that method and
an unusual degree of sagacity； he threw light on the most important
branches of the science； which were previously almost wholly
obscure。 Before Adam Smith only a practice existed； his works
rendered it possible to constitute a science of political economy；
and he has contributed a greater amount of materials for that
object than all his predecessors or successors。
But that very peculiarity of his mind by which； in analysing
the various constituent parts of political economy； he rendered
such important service； was the cause why he did not take a
comprehensive view of the community in its entirety； that he was
unable to combine individual interests in one harmonious whole；
that he would not consider the nation in preference to mere
individuals； that out of mere anxiety for the freedom of action of
the individual producers； he lost sight of the interests of the
entire nation。 He who so clearly perceived the benefits of the
division of labour in a single manufactory； did not perceive that
the same principle is applicable with equal force to entire
provinces and nations。
With this opinion； that which Dugald Stewart says of him
exactly agrees。 Smith could judge individual traits of character
with extraordinary acuteness； but if an opinion was needed as to
the entire character of a man or of a book； one cou