The Profitability of Imperialism : The British Experience in the West Indies 1768-1772

The controversy over the nature and extent of the gains from imperialism has been long and enduring, occupying, at one time or another, the attention of Adam Smith, Edmund Burke, David Ricardo, the Marxists, and contemporary observers. The assertion has been, and is still made, that the rich nations of the world derive much of their present affluence because they reaped the benefits of colonialism. The purpose of this paper is to test the proposition that colonies were a net economic benefit to the mother country. The empirical study concentrates upon the British West Indies colonies during the years 1768-1772 which was the apogee of the First British Empire