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The Mercantile System

In: Adam Smith’s Lost Legacy

Author

Listed:
  • Gavin Kennedy

Abstract

Wealth of Nations contains a long polemic in the whole of Book IV against what Smith called the mercantile system,1 a deformed variation of the commercial system characterised by state intervention in political economy, ostensibly to enrich the people, but really to enrich the State (i.e., the sovereign). Smith is more circumspect however; he says ‘It proposes to enrich both the people and the sovereign.’2

Suggested Citation

  • Gavin Kennedy, 2005. "The Mercantile System," Palgrave Macmillan Books, in: Adam Smith’s Lost Legacy, chapter 38, pages 162-164, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51119-4_38
    DOI: 10.1057/9780230511194_38
    as

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