The Mercantilist School never presented a common front but is
associated with a common outlook: the idea of specie or bullion as
the essence of wealth and the notion that a positive balance of
trade is an index of national welfare. It is also associated with
an emphasis on population growth and low wages, a concern with full
employment and the far reaching denial of foreign trade as a source
of net gain to the world as a whole; that is, international trade
was regarded as a zero-sum gain and particular nations were thought
to benefit from international trade only at the expense of others.
The underlying idea that a permanent balance of trade surplus
should be beneficial to a nation has been a source of discussion
right down to the present day.
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