28.] Such summary, indeed, abridges the long process of release from which the eighteenth century had still to suffer; nor does it sufficiently insist upon the degree to which the old idea of state control still held sway in external policies of trade.

Mercantilism was still in the ascendant when Adam Smith came to write.

Few statesmen of importance before the younger Pitt had learned the secret of its fallacies; and, indeed, the chief ground for difference between Chatham and Burke was the former's suspicion that Burke had embraced the noxious doctrine of free trade.

Mercantilism, by the time of Locke, is not the simple error that wealth consists in bullion but the insistence that the balance of trade must be preserved.

Partly it was doubtless derived from the methods of the old political arithmetic of men like Petty and Davenant; the individual seeks a balance at the end of his year's accounting and so, too, the State must have a balance.