Adam Smith：The Wealth of Nations, Book II, Chapter V, Paragraph 903

The capital employed in purchasing foreign goods for home consumption, when this purchase is made with the produce of domestic industry, replaces, too, by every such operation, two distinct capitals; but one of them only is employed in supporting domestic industry. The capital which sends British goods to Portugal, and brings back Portuguese goods to Great Britain, replaces, by every such operation, only one British capital. The other is a Portuguese one. Though the returns, therefore, of the foreign trade of consumption, should be as quick as those of the home trade, the capital employed in it will give but one half of the encouragement to the industry or productive labour of the country.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter V, paragraph 903 · Verified：2026-10-19 · Verification：Exact match

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