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 Early economist Adam Smith did a cost/benefit analysis, with actual numbers, of Britain’s policy of maintaining the colonies, in which he totaled up the costs to Britain and estimated that these were well above the benefits. He then gave a simple explanation, by way of an analogy with shopkeepers, for why the British policy persisted despite the unfavorable cost/benefit ratio. Smith then advised the British government to give up its colonies and predicted that it would not do…

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Adam Smith’s Economic Case against Imperialism

"Adam Smith predicted that the nation that would arise from those colo