The Simplified Wealth of Nations of Adam Smith, Book 5, Chapter 1g: Government Expenses -- Commercial Institutions

Chapter 1g: Commercial Institutions

  90 Particular institutions are necessary to facilitate particular branches of commerce. 91 The commerce done with uncivilized nations needs extraordinary protection. 92 The extraordinary cost of protecting any particular branch of commerce should be defrayed by a moderate tax on that branch. 93 The protection of general trade was always:

Regulated Companies and Joint Stock Companies

94 These companies might have been useful to introduce some commerce. 95 Regulated companies are companies which: Joint stock companies are companies which: Regulated and joint stock companies sometimes have, sometimes do not have, exclusive privileges. 96 Regulated companies resemble the corporations of trades. 97 The regulated companies for foreign commerce presently in Great Britain are:

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