Domestic industry
Domestic industry is the industry in the home country, that produce for local market.
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Quotes
[edit]- The partial absorption of art by domestic industry and by domestic female crafts, that is to say, the fusion of artistic activity with other activities, is a retrogression from the standpoint of the division of labour and professional differentiation.
- Arnold Hauser. The Social History of Art, Volume I. From Prehistoric Times to the Middle Ages, 1999
- The backbone of the domestic industry is the independent producer. These are the people who maintain the marginal wells. If the domestic industry is going to be able to adequately respond to the energy needs of this nation, changes must occur.
- Frank H. Murkowski (2000). State of the Petroleum Industry: Congressional Hearing. p. 65
- As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.
- Adam Smith, The Wealth of Nations (1776), Book IV Chapter II, p. 488-489.
- To give the monopoly of the home-market to the produce of domestic industry, in any particular art or manufacture, is in some measure to direct private people in what manner they ought to employ their capitals, and must, in almost all cases, be either a useless or a hurtful regulation.
- Adam Smith, The Wealth of Nations (1776), Book IV Chapter II, p. 489.
- For 60 years Gross Domestic Product, or GDP for short, has been the yardstick by which the world has measured and understood economic and social progress. However, it has failed to capture some of the factors that make a difference in people’s lives and contribute to their happiness, such as security, leisure,income distribution and a clean environment–including the kinds of factors which growth itself needs to be sustainable.
