Simplified Wealth of Nations by Adam Smith, Book 4, Chapter 3d, Part 2: France & England; Balance of Produce & Consumption

Chapter 3d, Part 2: France & England; Balance of Produce & Consumption

41 Because of these maxims, the commerce between France and England has been subjected to so many discouragements and restraints. 42 The very same circumstances which would have rendered free commerce so advantageous to both, have created the principal obstructions to that commerce. 43 All European commercial countries were told by the pretended doctors of this system of the approaching ruin from an unfavourable balance of trade. 44 There is another balance which is very different from the balance of trade. 45 This balance of produce and consumption is entirely different from the balance of trade. 46 The balance of produce and consumption may be constantly in favour of a nation, even though the balance of trade is generally against it.
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