Introduction, 441. — I. Profit inflation during the price revolution, 443; variations in wage lags among European countries, 444; the deflation of industrial profit inflation, 445; agricultural windfalls, 449; other effects of the inflow of specie, 450. — II. Profit inflation in the era of the Industrial Revolution, 1750–1800, 451; profit inflation in France, 451; profit inflation in Spain, 453; profit inflation in England, 454. — III. Hamilton's tour d'horizon, 457. — IV. Profit inflation in underdeveloped countries, 459; inflationary pressures from agriculture, 459; foreign exchange earnings and inflation, 460. — V. Conclusion, 462.