Mercantilism was an economic policy emphasizing exports to maximize national wealth through accumulating precious metals like gold and silver. It dominated European economies from the 15th century to the 18th century.
Thomas Mun published England's Treasure by Foreign Trade during the late 1620s as a primary text arguing for a positive balance of trade. Antonio Serra released A Short Treatise on the Wealth and Poverty of Nations in 1613 as one of the earliest works on political economy.
Jean-Baptiste Colbert served as France's finance minister starting in 1665 and revised tariff systems while expanding industrial policy. He organized industries into guilds, imported foreign artisans, and built roads and canals to reduce internal trade barriers between 1643 and 1715.
Parliament passed the first Navigation Acts regulating trade in 1651 and 1652 during the English Commonwealth. These laws forbade foreign ships from carrying England's domestic trade and removed foreign merchants from involvement to protect national interests.
Adam Smith published The Wealth of Nations in 1776 as a comprehensive attack on mercantile doctrine because he argued that consumption held prime significance over production prioritization. His work challenged the zero-sum game view where one nation's gain required another's loss.