It professes to be a study of the principles controlling the
laws of exchange. Reasoning from analogies existing in the natural
world, the author logically deduces his law that civilization moves
along lines of least resistance, and contends that this law holds true
throughout the phenomena of mind also. The law of the survival of the
fittest is but another expression of the subject under discussion. "Do
we not see civilization," asks the author, "advancing along those lines
where the tractive forces are the greatest, where the least labor will
produce the largest crops, and where the obstacles to complete living
are the fewest? Do not people invest their money where it will safely
bring the largest returns? Do we not buy in the cheapest, and sell in
the dearest market? Does not the tide of immigration set from least
favored nations to the most favored?" There is still one other
law,--that motion is always rhythmical. These two principles or laws Mr.
Smith applies to his theories regarding general business, the iron
industry, the building of railroads, immigration, stocks, exchange,
foreign trade, etc.
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