Adam Smith：The Wealth of Nations, Book IV, Chapter VII, Paragraph 1408

It subjects her to a relative disadvantage; because, in such branches of trade, it sets other countries, which are not subject to the same absolute disadvantage, either more above her or less below her, than they otherwise would be. It enables them both to enjoy more and to produce more, in proportion to what she enjoys and produces. It renders their superiority greater, or their inferiority less, than it otherwise would be. By raising the price of her produce above what it otherwise would be, it enables the merchants of other countries to undersell her in foreign markets, and thereby to justle her out of almost all those branches of trade, of which she has not the monopoly.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book IV, Chapter VII, paragraph 1408 · Verified：2026-10-19 · Verification：Exact match

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