https://mattstoller.substack.com/p/the-cantillon-effect-why-wall-street
This is approximately what has happened to Spain since the discovery of the Indies. As for the Portuguese, since the discovery of gold mines in Brazil, they have nearly always used foreign articles and manufactured goods; and it seems that they worked the mines only for the account and advantage of foreigners. All the gold and silver that these two states extract from the mines does not supply them with more precious metal in circulation than others. England and France usually have even more.
Our man Rodney kicked some real game in my favorite book of his. I lack the economic chops to really like these two ideas together.
Stoller says this
a kingdom discovering gold would in the long-run erode its own manufacturing base, that the non-neutrality of money also had geopolitical consequences.
https://mattstoller.substack.com/p/the-cantillon-effect-why-wall-street
Hmm, things to consider.