Adam Smith：The Wealth of Nations, Book I, Chapter XI, Paragraph 475

These three seem to exhaust all the possible combinations of events which can happen in the progress of improvement; and during the course of the four centuries preceding the present, if we may judge by what has happened both in France and Great Britain, each of those three different combinations seems to have taken place in the European market, and nearly in the same order, too, in which I have here set them down.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter XI, paragraph 475 · Verified：2026-10-19 · Verification：Exact match

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