Passage: The loss of such a large portion of British America, at the time Britain's most populous overseas possession, is seen by some historians as the event defining the transition between the "first" and "second" empires, in which Britain shifted its attention away from the Americas to Asia, the Pacific and later Africa. Adam Smith's Wealth of Nations, diterbitkan pada tahun 1776, berpendapat bahwa koloni-koloni itu berlebihan, dan bahwa perdagangan bebas harus menggantikan kebijakan-kebijakan merkantilis lama yang telah mencirikan periode pertama ekspansi kolonial, kembali ke proteksionisme Perang Spanyol dan Portugal.
Loyalis