Smith’s exposition of circulating and fixed capitals is standard, non-controversial and uncomplicated, as befits simple accounting for small businesses with few sources of borrowing, other than in small amounts. The accumulation of stock is a pre-condition for the division of labour and remains a pre-condition for continuing new sub-divisions of labour as stock continues to accumulate.1 Hence, Smith’s interest in economic growth and the forces that promoted it.
KeywordsSmall Business Industrial Revolution Productive Sector Current Consumption Economic History
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