12. * MERCANTILISTS STRESSED THE IMPORTANCE OF A FAVORABLE TRADE BALANCE MERCANTILISM PROTECTIONISM =
13.
14. ADAM SMITH ● CRITICIZED MERCANTILISM ● THE WEALTH OF THE NATION IS NOT MEASURED BY GOLD AND SILVER, INSTEAD THE WEALTH OF THE NATION IS BEING MEASURED ON THE GOODS AND SERVICES AVAILABLE FOR THE CONSTITUENTS OF THE SOCIETY