Adam Smith, Book 3, Ch. 1, "Progress of Opulence."

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Now, we turn to Book 3
of "The Wealth of Nations."

This short chapter is called
"Of the Natural Progress of Opulence,"

and it's recapping some of the themes
with which Smith closed Book 2.

It's about the relationship
between the town and the countryside,

and the chapter starts with this passage,

"The great commerce
of every civilized society

is that carried on between the inhabitants
of the town and those of the country."

Here, Smith stresses
that agriculture is prior to urban life,

and that towns and cities must first be
based upon agricultural achievement.

There is thus a proper proportion
between the countryside and urban life,

but Smith stresses that, through policy,

towns and cities in Europe
have been overextended.

Using quite strong language for Smith,

he refers to this as an unnatural
and retrograde order.

We're now going to look at
subsequent chapters

and unpack Smith's argument
in more detail.

Transcriber: Michel Smits
Reviewer: Maurício Kakuei Tanaka