Adam Smith's Simplified Wealth of Nations, Book 4, Chapter 7k: Economic Karma

Chapter 7k: Economic Karma

166 The discovery of America and the Cape of Good Hope are the two greatest and most important events recorded in history. 167 In the meantime, those discoveries principally raised the mercantile system to the splendour and glory which it could never have attained. 168 The countries which possess the American colonies, and those which trade directly to the East Indies, enjoy the splendour of this great commerce.

Economic Karma

169 Even the regulations which secure to each nation the exclusive trade of its own colonies are frequently more hurtful to the beneficiary countries than to those countries which they are against. 170 After all the unjust attempts of every European country to engross to itself the trade of its own colonies, they only thing they engrossed was the cost of their oppressive authority. 171 At first sight, the monopoly of the American commerce naturally seems to the most valuable acquisition.
Next: Chapter 7l: Mercantile stock