From treating of revenue Adam Smith was very naturally led on to deal with national debts, and this led him into a discussion of the causes of the rise and fall of stocks and the practice of stock-jobbing.
Under Arms he taught that at first the whole people goes out to war: then only the upper classes go and the meanest stay to cultivate the ground. But afterwards the introduction of arts and manufactures makes it inconvenient for the rich to leave their business, and the defence of the state falls to the meanest. “This is our present condition in Great Britain.” Discipline now becomes necessary and standing armies are introduced. The best sort of army is “a militia commanded by landed gentlemen in possession of the public offices of the nation,” which “can never have any prospect of sacrificing the liberties of the country.” This is the case in Sweden.
Now let us compare with this the drift of the Wealth of Nations , not as it is described in the “Introduction and Plan,” but as we find it in the body