David Ricardo：On the Principles of Political Economy and Taxation, Excerpt 173

In the early states of society, when manufactures have made little progress, and the produce of all countries is nearly similar, consisting of the bulky and most useful commodities, the value of money in different countries will be chiefly regulated by their distance from the mines which supply the precious metals; but as the arts and improvements of society advance, and different nations excel in particular manufactures, although distance will still enter into the calculation, the value of the precious metals will be chiefly regulated by the superiority of those manufactures.

Source： https://www.gutenberg.org/ebooks/33310
Locator：Excerpt 173 · Verified：2026-10-19 · Verification：Short excerpt

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