Mercantilism

Doctrine that national power grows through trade surpluses and accumulation of bullion; what Smith overturned.

Specifications & Metrics

era

16th-18th century

founders

Thomas Mun, Jean-Baptiste Colbert

signature

National wealth as bullion amassed through trade surpluses

Core Principles & Analysis

• Thomas Mun's England's Treasure by Forraign Trade (published 1664) argued for a favorable balance of trade.
• Colbert's France ran codified production controls and tariff walls in its name.
• Adam Smith attacked its zero-sum view of trade at length in The Wealth of Nations.

Sources

• Econlib Concise Encyclopedia of Economics: Mercantilism