It Is Not By The Importation Of Gold And Silver, That The Discovery Of America Has Enriched Europe.

HomeFortune CookiesMiscellaneous Collections

It is not by the importation of gold and silver, that the discovery
of America has enriched Europe. ...The commodities of Europe were
almost all new to America, and many of those of America were new to
Europe. A new set of exchanges, therefore, began to take place which
had never been thought of before, and which should naturally have
proved as advantageous to the new, as it certainly did to the old
continent. The savage injustice of the Europeans rendered an event,
which ought to have been beneficial to all, ruinous and destructive
to several of those unfortunate countries.
-- Adam Smith, The Wealth of Nations, 1776

Related: