Was European colonization of the New World beneficial?

The answer to this question revolves around another
question; "beneficial to who?"

If we are talking about the
Native Americans, the European colonization of the New World was in no way beneficial. 
The colonization killed off a huge percentage of the natives who were living at the time
of European contact.  It took away the natives' land and made them, at best, second
class citizens of the new countries that were created.

For
the Europeans, and indeed for us today, the colonization was beneficial.  They
benefitted (and we benefit today) from the riches of the New World.  In the United
States, we are able to live in freedom because the colonization of the New World helped
to lead to the rise of democracy in what is now the United
States.

So, the legacy of European colonization is very
different depending on the point of view from which we look at
it.