...than we ourselves can make it, better buy it of them."9 This is the core of Smith's economic theory: "Consumption is the sole end and purpose of all production;...necessary for promoting that of the consumer. The problem is that the system of mercantilism "seems to consider production, and not consumption, as the...

...prices. Monopoly of one kind or another, indeed, seems to be the sole engine of the mercantile system. Consumption is the sole end and purpose of all production;...may be necessary for promoting that of the consumer. ... But in the mercantile system, the interest of the consumer is almost constantly sacrificed to that...

...participated in the market economy.19 Market production was always to be driven by consumer demand. For Smith, "consumption is the sole end and purpose of all production;...far as it may be necessary for promoting that of the consumer."20 This belief that the satisfaction of consumer demand was the sole goal of production was...

...David Ricardo, and focus on the benefits to consumers of import competition. Indeed, he notes that: Consumption is the sole end and purpose of all production;...interest of the producer ought to be attended to, 9 Speeches on Question of Public Policy by Richard Cobden, MP (Pub. T. Fisher, Unwin, 1870), Free Trade,...