Adam Smith：The Wealth of Nations, Book II, Chapter II, Paragraph 718

The circulating capital of a society is in this respect different from that of an individual. That of an individual is totally excluded from making any part of his neat revenue, which must consist altogether in his profits. But though the circulating capital of every individual makes a part of that of the society to which he belongs, it is not upon that account totally excluded from making a part likewise of their neat revenue. Though the whole goods in a merchant’s shop must by no means be placed in his own stock reserved for immediate consumption, they may in that of other people, who, from a revenue derived from other funds, may regularly replace their value to him, together with its profits, without occasioning any diminution either of his capital or of theirs.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter II, paragraph 718 · Verified：2026-10-19 · Verification：Exact match

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