Opium has a harm. Opium is a poison, undermining our good customs and morality.So noted an Chinese imperial decree in 1810 in the build up to the opium wars of 1839-1842 . But the Chinese emperor’s concerns were not just social and moral. They were also economic. British and American merchants were shipping so much opium into China, the trade had begun to drain substantial amounts of silver out of China, turning Britain’s trade deficit with the continent into a surplus.America’s opioid epidemic — part illicit and part entirely legal — bears a not dissimilar economic cost. On Thursday, Goldman Sachs’s David Mericle, dug deeper into the ramifications of the opioid crisis for the American economy. But equally into whether a poor economy itself is the reason for the dramatic acceleration in
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Opium has a harm. Opium is a poison, undermining our...