Adam Smith：The Wealth of Nations, Book IV, Chapter VII, Paragraph 1439

The monopoly, indeed, raises the rate of mercantile profit and thereby augments somewhat the gain of our merchants. But as it obstructs the natural increase of capital, it tends rather to diminish than to increase the sum total of the revenue which the inhabitants of the country derive from the profits of stock; a small profit upon a great capital generally affording a greater revenue than a great profit upon a small one. The monopoly raises the rate of profit, but it hinders the sum of profit from rising so high as it otherwise would do.

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Locator：Book IV, Chapter VII, paragraph 1439 · Verified：2026-10-19 · Verification：Exact match

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