Introduction
Adam Smith argues that preferring to live in a sovereign nation, with a strong sense of shared cultural identity and well-drafted, homemade laws, is not a matter of prejudice. It is a matter of sound economic reasoning, for every country of the world.
EVERY individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society.
First, every individual endeavours to employ his capital as near home as he can, and consequently as much as he can in the support of domestic industry, provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock.*
In the home trade, his capital is never so long out of his sight as it frequently is in the foreign trade of consumption. He can know better the character and situation of the persons whom he trusts; and if he should happen to be deceived, he knows better the laws of the country from which he must seek redress.
An important reservation: if an overseas market could safely supply the same quality at a significantly better price, a free trader such as Adam Smith would cheerfully invest there and expect benefits to himself and his own country. See The Repeal of the Corn Laws and The Jealousy of Trade.
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Word Games
Sevens Based on this passage
Suggest answers to this question. See if you can limit one answer to exactly seven words.
Variations: 1.expand your answer to exactly fourteen words. 2.expand your answer further, to exactly twenty-one words. 3.include one of the following words in your answer: if, but, despite, because, (al)though, unless.
Spinners Find in Think and Speak
For each group of words, compose a sentence that uses all three. You can use any form of the word: for example, cat → cats, go → went, or quick → quickly, though neigh → neighbour is stretching it a bit.
This exercise uses words found in the accompanying passage.
1 Indeed. Out. Rather.
2 If. Little. Society.
3 Consumption. Industry. Less.
Variations: 1. include direct and indirect speech 2. include one or more of these words: although, because, despite, either/or, if, unless, until, when, whether, which, who 3. use negatives (not, isn’t, neither/nor, never, nobody etc.)
Opposites Find in Think and Speak
Suggest words or phrases that seem opposite in meaning to each of the words below. We have suggested some possible answers; see if you can find any others.
This exercise uses words found in the accompanying passage.
Variations: 1.instead of opposites, suggest words of similar meaning (synonyms). 2.use a word and its opposite in the same sentence. 3.suggest any 5 opposites formed by adding un-.
Add Vowels Find in Think and Speak
Make words by adding vowels to each group of consonants below. You may add as many vowels as you like before, between or after the consonants, but you may not add any consonants or change the order of those you have been given. See if you can beat our target of common words.
bttrs (5+1)
batteries. batters. betters. bitters. butters.
abattoirs.
