Adam Smith：The Wealth of Nations, Book IV, Chapter VII, Paragraph 1413

As the monopoly of the colony trade has drawn from those other branches a part of the British capital, which would otherwise have been employed in them, so it has forced into them many foreign capitals which would never have gone to them, had they not been expelled from the colony trade. In those other branches of trade, it has diminished the competition of British capitals, and thereby raised the rate of British profit higher than it otherwise would have been. On the contrary, it has increased the competition of foreign capitals, and thereby sunk the rate of foreign profit lower than it otherwise would have been. Both in the one way and in the other, it must evidently have subjected Great Britain to a relative disadvantage in all those other branches of trade.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book IV, Chapter VII, paragraph 1413 · Verified：2026-10-19 · Verification：Exact match

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