Of the Advantages which Europe has derived 
from the Discovery of America, and from 
that of a Passage to the East Indies by the 
Cape of Good Hope
Such are the advantages which the colonies 
of America have derived from the policy of 
What are these which Europe has derived 
from the discovery and colonization of America
Those advantages may be divided, first, into 
the general advantages which Europe, considered 
as one great country, has derived from 
those great events; and, secondly, into the 
particular advantages which each colonizing 
country has derived from the colonies which 
particularly belong to it, in consequence of 
the authority or dominion which it exercises 
over them. 
The general advantages which Europe, considered 
as one great country, has derived from 
the discovery and colonization of America
consist, first, in the increase of its enjoyments
and, secondly, in the augmentation of its industry
The surplus produce of America imported 
into Europe, furnishes the inhabitants of this 
great continent with a variety of commodities 
which they could not otherwise have possessed; 
some for conveniency and use, some for 
pleasure, and some for ornament; and thereby 
contributes to increase their enjoyments
The discovery and colonization of America
it will readily be allowed, have contributed 
to augment the industry, first, of all 
the countries which trade to it directly, such 
as Spain, Portugal, France, and England
and, secondly, of all those which, without 
trading to it directly, send, through the 
medium of other countries, goods to it of their 
own produce, such as Austrian Flanders, and 
some provinces of Germany, which, through 
the medium of the countries before mentioned, 
send to it a considerable quantity of linen and 
other goods. All such countries have evidently 
gained a more extensive market for 
their surplus produce, and must consequently 
have been encouraged to increase its quantity
But that those great events should likewise 
have contributed to encourage the industry 
of countries such as Hungary and Poland
which may never, perhaps, have sent a single 
commodity of their own produce to America
is not, perhaps, altogether so evident. That 
those events have done so, however, cannot 
be doubted. Some part of the produce of 
America is consumed in Hungary and Poland
and there in some demand there for the 
sugar, chocolate, and tobacco, of that new 
quarter of the world. But those commodities 
must be purchased with something which is 
either the produce of the industry of Hungary 
and Poland, or with something which had 
been purchased with some part of that produce
Those commodities of America are 
new values, new equivalents, introduced into 
Hungary and Poland, to be exchanged there 
for the surplus produce of these countries. 
By being carried thither, they create a new 
and more extensive market for that surplus 
produce. They raise its value, and thereby 
contribute to encourage its increase. Though 
no part of it may ever be carried to America
it may be carried to other countries, which 
purchase it with a part of their share of the 
surplus produce of America, and it may find 
a market by means of the circulation of that 
trade which was originally put into motion 
by the surplus produce of America
Those great events may even have contributed 
to increase the enjoyments, and to augment 
the industry, of countries which not only 
never sent any commodities to America, but 
never received any from it. Even such countries 
may have received a greater abundance 
of other commodities from countries, of which 
the surplus produce had been augmented by 
means of the American trade. This greater 
abundance, as it must necessarily have increased 
their enjoyments, so it must likewise 
have augmented their industry. A greater 
number of new equivalents, of some kind or 
other, must have been presented to them to 
be exchanged for the surplus produce of that 
industry. A more extensive market must 
have been created for that surplus produce, so 
as to raise its value, and thereby encourage 
its increase. The mass of commodities annually 
thrown into the great circle of European 
commerce, and by its various revolutions 
annually distributed among all the different 
nations comprehended within it, must have 
been augmented by the whole surplus produce 
of America. A greater share of this 
greater mass, therefore, is likely to have fallen 
to each of those nations, to have increased 
their enjoyments, and augmented their industry
The exclusive trade of the mother countries 
tends to diminish, or at least to keep down below 
what they would otherwise rise to, both 
the enjoyments and industry of all those nations 
in general, and of the American colonies 
in particular. It is a dead weight upon the 
action of one of the great springs which puts 
into motion a great part of the business of 
mankind. By rendering the colony produce 
dearer in all other countries, it lessens its consumption, 
and thereby cramps the industry of 
the colonies, and both the enjoyments and the 
industry or all other countries, which both enjoy 
less when they pay more for what they enjoy
and produce less when they get less for 
what they produce. By rendering the produce