On the Mercantilist and Monarchial Origins of the Concept of the ‘Balance of Trade’

As Adam Smith explained so brilliantly, if the goal of economic policy is – as it should be – the achievement of prosperity as great as possible for ordinary people, mercantilism fails. It impoverishes ordinary people rather than enriches them.

On the Mercantilist and Monarchial Origins of the Concept of the ‘Balance of Trade’