Jefferson pleaded for the rights of Americans to trade freely in international commerce, contrary to the crippling mercantilist system England practiced.
These colonies were founded as British possessions in the Americas, displacing Native Americans and subjecting civilians to a policy known as mercantilism.
Unwittingly or not, Mr Noda has thrust mercantilist Japan into a central position on a trade treaty in which free movement of everything except labour is on the table.
Some of the errors of the mercantilists, which have been largely expunged from the work of modern economists, still live on in popular beliefs and political rhetoric.
And that means trade exchange is not seen as something mutually beneficial, but pretty much in a kind of textbook simplified mercantilist view, it's a tit for tat.
THE MERCANTILISTS One of the earliest schools of thought on economics consisted of a group of writers called the mercantilists, who flourished from the sixteenth through the eighteenth centuries.
It is also 66 other countries, so we are talking about big developing countries that should be industrializing, are getting de-industrialized because of the mercantilist actions of countries like China.
The earlier mercantilists laid great emphasis on this and were often to be found opposing trade restrictions because on a long view they were liable to operate adversely to a favourable balance.
One of the consequences of Adam Smith's economic theories, developed in opposition to the theories of the mercantilists, was an emphasis on downplaying the role of money in the economy.
经济学百科 The Economics Book (Big Ideas Simply Explained)
In the field of economics, a new scientific approach was overturning the old mercantilist view of an economy driven by protected trade and reliant on exports as a means of preserving its wealth.
Let me first state in my own terms what now seems to me to be the element of scientific truth in mercantilist doctrine. We will then compare this with the actual arguments of the mercantilists.