134 Of the CoDimerciat System. Bk. iii. 



constant object, both of individuals and countries, 

 to increase their capital ; and' we know, from the 

 past history of commercial states, that the chan- 

 nels of trade are not unfrequently taking a diffe- 

 rent direction. It is unreasonable therefore to 

 expect that any one country, merely by the force 

 of skill and capital, should remain in possession of 

 markets uninterrupted by foreign competition. 

 But, when a powerful foreign competition takes 

 place, the exportable commodities of the country 

 in question must soon fall to prices which will es- 

 sentially reduce profits; and the fall of profits will 

 diminish both the power and the will to save. 

 Under these circumstances the accumulation of 

 capital will be slow, and the demand for labour 

 proportionably slow, till it comes nearly to a 

 stand; while, perhaps, the new competitors either 

 by raising their own raw materials or by some 

 other advantages, may still be increasing their 

 capitals and population with some degree of rapi- 

 dity. 



But, secondly, even if it were possible for a 

 considerable time to exclude any formidable fo- 

 reign competition, it is found that domestic com- 

 petition produces almost unavoidably the same 

 effects. If a machine be invented in a particular 

 country, by the aid of which one man can do the 

 work of ten, the possessors of it will of course at 

 first make very unusual profits; but, as soon as 

 the invention is generally known, so much capital 

 and industry will be brought into this new and 

 profitable employment, as to make its products 



