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The Adam Smith Review
Volume 1
The Adam Smith Review is a multidisciplinary scholarly annual review that covers
all aspects of research relating to Adam Smith, his writings, and his significance
for the modern world. It is the only publication of its kind and it aims to facilitate
debate between scholars working across the humanities and social sciences.
   This first volume contains contributions from a multidisciplinary range of
specialists, including Stephen Darwall, Samuel Fleischacker, Willie Henderson,
Takashi Negishi, Ian Simpson Ross, Emma Rothschild, Richard B. Sher, Ernst
Tugendhat, Gloria Vivenza and Patricia H. Werhane, who discuss such themes as:
Under the editorship of Vivienne Brown, this first volume sets the standard at an
impressively high level. Readers from a wide variety of backgrounds will want to
add this volume to their bookshelves.
Book Reviews
Edited by James R. Otteson
Department of Philosophy, University of Alabama, USA
Editorial Board
Neil De Marchi (Department of Economics, Duke University, USA); Stephen
Darwall (Department of Philosophy, University of Michigan, USA); Douglas Den
Uyl (Liberty Fund, USA); Samuel Fleischacker (Department of Philosophy,
University of Illinois, Chicago, USA); Charles L. Griswold (Department of
Philosophy, Boston University, USA); Knud Haakonssen (Department of
Philosophy, Boston University, USA); Hiroshi Mizuta (Japan Academy, Japan);
John Mullan (Department of English, University College London, UK); Takashi
Negishi (Japan Academy, Japan); Nicholas Phillipson (Department of History,
University of Edinburgh, UK); D.D. Raphael (Imperial College, London, UK);
Emma Rothschild (King’s College, Cambridge, UK); Ian Simpson Ross
(University of British Columbia, Canada); Richard B. Sher (Department of
History, New Jersey Institute of Technology/Rutgers University-Newark, USA);
Andrew S. Skinner (University of Glasgow, UK); Kathryn Sutherland (St Anne’s
College, Oxford, UK); Keith Tribe (King’s School, Worcester, UK); Gloria
Vivenza (Department of Economie, Società, Istituzioni, University of Verona,
Italy); Donald Winch (Graduate Research Centre in the Humanities, University of
Sussex, UK).
Edited by
Vivienne Brown
First published 2004
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
Simultaneously published in the USA and Canada
by Routledge
270 Madison Ave, New York, NY 10016
Routledge is an imprint of the Taylor & Francis Group
This edition published in the Taylor & Francis e-Library, 2004.
“To purchase your own copy of this or any of Taylor & Francis or Routledge’s
collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.”
Published in association with the International Adam Smith Society
© 2004 The International Adam Smith Society (www.adamsmithsociety.net)
All rights reserved. No part of this book may be reprinted or
reproduced or utilised in any form or by any electronic,
mechanical, or other means, now known or hereafter
invented, including photocopying and recording, or in any
information storage or retrieval system, without permission in
writing from the publishers.
British Library Cataloguing in Publication Data
A catalogue record for this book is available
from the British Library
Library of Congress Cataloging in Publication Data
A catalog record for this book has been requested
ISBN 0-203-50101-2 Master e-book ISBN
For details of membership of the International Adam Smith Society and reduced
rates for purchasing the Review, please contact the Membership Secretary, Ryan
Patrick Hanley ([email protected]).
Contents
Notes on contributors ix
Articles 1
Introduction                                                       127
RYAN PATRICK HANLEY
I
Since the bicentennial of the Wealth of Nations (WN) in 1976, significant
contributions have been made to our biographical and bibliographical knowledge
of Adam Smith and his most famous book. Yet, important aspects of the story of
the publication and reception of the WN remain untold or misunderstood, despite
the appearance of a number of stimulating revisionist studies during the past two
decades (Teichgraeber 1987, 2000; Rashid 1982, 1998). This article will revisit
this subject, using new documents as well as new interpretations of previously
known evidence. It will also attempt to show how the emerging discipline of book
history can throw new light on this topic.
   I shall begin with some commonly accepted facts about the book’s earlier
publication history in Great Britain. An Inquiry into the Nature and Causes of the
Wealth of Nations was published in London in two quarto volumes on 9 March
1776 by the printer William Strahan and the bookseller Thomas Cadell, whose
publishing partnership was pre-eminent in its day. Although the Strahan printing
ledgers in the British Library contain no record of the first edition, subsequent
eighteenth-century editions are listed there, and some of that information is repro-
duced in the Glasgow Edition of the WN (Smith 1976; ‘Text and Apparatus’:
61–4). Contemporary advertisements reveal that the price of the first edition was
£1.16s. in boards (temporary covers that would hold the pages in place until the
book’s owner arranged to have it properly bound), which is to say, eighteen
shillings per volume, but it could also be purchased for two guineas (£2.2s.)
bound. The second edition appeared in London in February 1778, also in two
quarto volumes, and sold for the same price as the first. However, the third edi-
tion contained significant revisions and was published in London in November
1784 in the more economical format of three octavo volumes; this allowed the
price to be reduced to one half of the previous quarto editions, to eighteen
shillings in boards per set, or one guinea bound. The title pages of the first three
editions of the WN are shown in Figure 1.
The Adam Smith Review, 1: 3–29 © 2004 The International Adam Smith Society, ISSN 1743–5285,
ISBN 0–415–27863–5
4   Richard B. Sher
Figure 1 Title pages of the earliest authorized editions of the WN: the first edition,
         published in two quarto volumes in 1776 (top); the second edition of 1778, in the
         same format as the first edition (bottom left); and the three-volume octavo third
         edition of 1784 (bottom right). Courtesy of the Thomas Fisher Rare Book
         Library, University of Toronto.
II
Financial arrangements between authors and publishers in late eighteenth-century
Britain were often complex, and none more so than those concerning the WN.
Several pieces of evidence exist, but they are not always easy to reconcile with
each other. First, there is an exchange of letters between Smith and fellow-Scot
William Strahan, beginning about eight months after publication. In the first of
these letters, dated 13 November 1776, Smith tells Strahan that he has ‘received
£300 of the copy money of the first edition of my book’ and wonders ‘what bal-
ance may be due to me’ after the cost of the ‘good number of copies’ that he sent
as gifts has been deducted from his earnings. He also suggests that the second edi-
tion ‘should be printed in four vol. octavo; and I would propose that it should be
printed at your expense, and that we should divide the profits’ (Corr. Letter 179:
221–2). Strahan replies on 26 November: ‘Your Proposal to print the next Edition
of your Work in 4 vols Octavo, at our Expence, and to divide the Profits, is a very
fair one, and therefore very agreeable to Mr Cadell and me’ (Corr. Letter 180: 223).
   In an ingenious analysis of these passages, Smith’s late nineteenth-century biog-
rapher, John Rae, reasoned that the first edition could not have been undertaken on
the basis of ‘half-profits’ (i.e. an arrangement in which half the profits went to the
author and half to the publisher), because Smith seems to be proposing that
arrangement for the second edition ‘as if it were a new one, and [it] is accepted in
the same way by Strahan’. Another possible arrangement was for books to be
printed ‘for the author’, who paid the cost of paper, printing and advertising and
then received all the profits, if there were any, but risked losing his investment if
the book did not sell well. Rae argued that the first edition of the WN could not
have been published under those terms either because ‘the presentation copies
[Smith] gave away were deducted from the copy money he received’. Having elim-
inated both of these options to his satisfaction, Rae determined that Smith had sold
the rights to the book – which is to say, the copyright – to Strahan and Cadell ‘for
6   Richard B. Sher
a definite sum’. Since Smith mentioned receiving £300 and seemed to allude to
a further balance due to him once the cost of his presentation copies had been
deducted, Rae concluded that ‘one may reasonably conjecture that the full sum
was £500 – the same sum Cadell’s firm had paid for the last economic work they
had undertaken, Sir James Steuart’s Inquiry into the Principles of Political
Economy’, published in 1767 (Rae 1895: 285). Like Rae, Smith’s modern biog-
rapher, Ian Simpson Ross, has interpreted Smith’s letter of 13 November 1776 to
mean that Smith sold the copyright of the WN to his publishers in advance for a
fixed sum, which he gives as £300 rather than £500. Although his choice of words –
‘Smith was paid £300 from copy money, that is, the price paid by the booksellers
for the copyright of the book’ (Ross 1995: 270; emphasis added) – does not
explicitly rule out the possibility that £300 was merely a partial payment, nothing
more is said of the matter.
   Both biographers were on the wrong track, not only about the total amount of
copy money that Smith received for his book but also about the manner in which
he received it. Crucial evidence appears in a portion of the Strahan ledgers that
was not cited by the editors of the Glasgow Edition or Smith’s biographers, and
in a letter from Thomas Cadell of 21 December 1792, which refers to those
ledgers. The key sentence in Cadell’s letter occurs in the context of an offer being
made by Cadell and Andrew Strahan (William’s son and successor) to Henry
Mackenzie (representing Smith’s executors) to purchase the copyright of Smith’s
posthumous Essays on Philosophical Subjects for £300, and to pay £200 more in
the event of a second edition. Cadell writes: ‘On referring back to our former
agreement with Mr Smith we find that we shared the profits of the Quarto Edition
with the Author; that when the Book was established we paid for the property
£300 for the term of 14 Years, and a further sum of £300 in case the Author lived
to assign his second term of 14 Years which you know he did’ (Mackenzie 1989:
177). This sentence is quoted in full in Ross’s biography, but it is thought to refer
to the Theory of Moral Sentiments rather than the WN (Ross 1995: 410, 426,
n. 1). However, since the Theory of Moral Sentiments never appeared in quarto
and was not originally published under the imprint of the Strahan–Cadell pub-
lishing partnership, there can be no doubt that the reference is actually to the WN.
   More detailed evidence can be found in Andrew Strahan’s record of the WN
from the time of the fourth edition of 1786 (the first edition to appear after
Andrew assumed control of the family firm upon the death of his father in July
1785) until 1821 (Strahan Ledgers, Add. MS 48,814A, f. 8). The ledger reveals
                                                    1
that in April 1786 Strahan paid Cadell £100 ‘for 2 Copy Money for 4th. Edit.’, that
                                            1
on 16 July 1788 he paid Cadell £150 ‘for 2 Copy Money for the Wealth of Nations
                                                                         1
(in full)’, and that on 3 April 1790 he paid ‘Adam Smith Esqr. my 2 of £300 for
the Copy Right of the 2d. 14 Years’ (see Figure 2). It would seem, then, that Smith
negotiated separately for the first, second, third and fourth editions, after which, in
July 1788, he sold the copyright outright to Strahan and Cadell for £300.
   According to the terms of the Statute of Anne – the copyright act of 1710 that
was upheld as the law of the land on appeal to the House of Lords in 1774 – the
renewal of a copyright for a second period of fourteen years could only occur if
                                           New light on the Wealth of Nations      7
Figure 2 Andrew Strahan’s account of copy money payments for the WN, 1786–1815. The
         recto page, not shown, records Strahan’s income from sales of the book from
         August 1790 to 1821 (Strahan Ledgers, Add. MS 48,814A, f. 7). By permission
         of the British Library.
the author were still alive fourteen years after the original date of publication
(Rose 1993: 46–7). In this case, Smith became eligible to renew the copyright on
9 March 1790 and effected the renewal by early April, scarcely three months
before his death in mid-July. So Smith lived just long enough to ensure that his
publishers would receive a fourteen-year extension on the copyright, until April
1804, and that he himself would receive a second copyright payment of £300.
Cadell’s use of the phrase ‘which you know he did’ in his letter to Mackenzie is
probably a reference to the fact that Smith was failing rapidly during the first half
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