Able Quote by Adam Smith
“That a joint stock company should be able to carry on successfully any branch of foreign trade, when private adventurers can come into any sort of open and fair competition with them, seems contrary to all experience.”
About This Quote
Source Book: The Wealth of Nations, 1776
Smith argues that private competition is more effective than state‑run monopolies in foreign trade.
In simple terms: Private traders outperform state companies.
Key Takeaway
Prefer private enterprise over state control.
Themes
competition
trade
economics
government
monopolies
Mood
analytical
critical
Type
economic
philosophical
When to use this quote
- government policy
- business strategy
- international trade
- regulation
Key Concepts
classical economics
free market
comparative advantage
Questions to Reflect On
- How does competition improve trade outcomes?
- What are the risks of privatizing foreign trade?
A Different Perspective
State‑run firms may lack efficiency and innovation.
