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The Economic Case for Sovereignty : A nation with its own laws and a strong sense of shared cultural identity makes good economic sense.
The Economic Case for Sovereignty

From ‘Wealth of Nations’, by Adam Smith (1723-1790).

Adam Smith argues that preferring to live in a sovereign nation, with a strong sense of shared cultural identity and well-drafted, homemade laws, is not a matter of prejudice. It is a matter of sound economic reasoning, for every country of the world.

EVERY individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society.

First, every individual endeavours to employ his capital as near home as he can, and consequently as much as he can in the support of domestic industry, provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock.*

In the home trade, his capital is never so long out of his sight as it frequently is in the foreign trade of consumption. He can know better the character and situation of the persons whom he trusts; and if he should happen to be deceived, he knows better the laws of the country from which he must seek redress.

* An important reservation: if an overseas market could safely supply the same quality at a significantly better price, a free trader such as Adam Smith would cheerfully invest there and expect benefits to himself and his own country. See The Repeal of the Corn Laws and The Jealousy of Trade.

From ‘Wealth of Nations’, by Adam Smith (1723-1790).

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Picture: © Jonathan Billinger, Geograph. Licence: CC-BY-SA 2.0. View original
A stall selling fruit and vegetables in the market of Ross-on-Wye in Herefordshire. Adam Smith argued that people tend to buy domestic products because they feel they know the people they are buying from, and because they have more confidence in laws made by their own Parliament to enforce contracts and prevent fraud.
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By Adam Smith
(1723-1790)

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