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HowDidAdamSmithCriticizeMercantilismMercantilistideasaboutwealthwerenonsensicalanduntenable.Mercantilists’effortsofaccumulatinggoldandsilverbytradesurpluswereinvain.Mercantilisttradetheorywasself-contradictoryandlogicallyconfused.Invisiblehandalsoguidedforeigntrade.WhatIsRealWealth?

Mercantilismvs.AdamSmithThebasicmistakeofmercantilistideasaboutwealth:Theyconfusedthepreciousmetals,suchasgoldandsilver,withtherealwealthofthenation.Whatisrealwealth:“Thewealthofthecountryconsists,notinitsgoldandsilveronly,butinitslands,houses,andconsumablegoodsofalldifferentkinds.”FunctionofTradetoaCountryWhydidAdamSmithreachhisconclusionaboutwealth?Onlybecauseheviewedforeigntradeintherightlight.AsAdamSmithrecognized,foreigntradecouldexploretheoverseasmarketandgreatlyencourageddevelopmentofproductioncapabilityofacountryandnecessarilyledtoincreaseoftherealwealthpossessedbythecountry.

SomeQuotationsofAdamSmith“Toimportthegoldandsilverwhichmaybewanted,intothecountrieswhichhavenomines,is,nodoubt,apartofthebusinessofforeigncommerce.Itis,however,amostinsignificantpartofit.”“Theimportationofgoldandsilverisnottheprincipal,muchlessthanthesolebenefitwhichanationderivesfromitsforeigntrade.”CommodityExchangesvs.

ExchangesofGoldandSilver

“Thetransportationofcommodities,whenproperlysuitedtothemarket,isalwaysattendedwithaconsiderableprofits;whereasthatofgoldandsilverisscarceeverattendedwithany.Whenthosemetalsaresentabroadinordertopurchaseforeigncommodities,themerchant’sprofitarises,notfromthepurchase,butfromthesailofthereturns.Butwhentheyaresentabroadmerelytopayadebt,hegetsnoreturns,andconsequentlynoprofit.”适应市场需求的商品与商品交换总是伴随着相当可观的利润,而黄金和白银交易却不能带来任何利润。当这些贵金属运到国外去是用于购买外国的商品,这只能导致进口商人的利润增加,当然这种利润的增加只是源于他们销售进口的商品,而不是源于他们的购买行为。但是,当黄金和白银运往国外仅仅是为了偿付债务,则不会有任何商品的流入,也就更谈不上利润了。MysteryofMoneyandaWidespreadFeintWhenpeopleexchangewitheachotherbyusingcurrencyasthemediumofexchangescurrencymerelystandsforpurchasingpowerswithwhichwhatevergoodsorservicescanbeboughtwhenevertheyaredesired.Thatfactwillbeeasilymisunderstoodasawidespreadfeintthatwealthisonlyandexclusivelyexpressedintermsofcurrency.ConclusionofAdamSmithonWealthOnthewhole,acountrywaswealthyonlybecauseithadfosteredatremendousproductioncapacitythuscouldproducealotofconsumablegoodsandservicesnotbecauseitpossessedsomeamountofgoldandsilver.Itmustbeofinsignificanceforacountrytomerelyaccumulategoldandsilver.Onlythoseenjoyingtheirlargecapacityofproduction,beingactiveinforeigntrade,andexportingmoreandmoregoodsandservicestotheirtradepartnerscouldbecomewealthycountriesintheworld.Therefore,theideasaboutwealthofmercantilistswerenonsensicalanduntenable.Specie-flowAdjustmentMechanism

BasedonQuantityTheoryofMoneyDavidHumeinitiatedSpecie-flowAdjustmentMechanism.Humearguedthatgeneralpricelevelinasocietyinwhichgoldorsilverwereusedasmoneywouldberigidlydeterminedbydividingthetotalamountofspeciewiththetotalamountofcommoditiesexchangedinmarket.

FormulaofDeterminingPriceWhenPstandsforthegeneralpricelevel,MstandsfortotalamountofmoneystockandWstandsfortotalamountofcommodities,respectively,thefollowingformulaisconcluded.TradeSurpluscanDoNothinginAccumulatingGoldandSilverEvenifmercantilistsweregladthatalargeamountofgoldandsilverhadbeenimportedfromabroadbecausethecountry’stradesurplusthatmustbetoobad,notgood,forthecountrysinceenlargementofitsstockofmoneyimpliedtheoverallincreaseinthegeneralpriceleveltakingthetotalamountofcommoditiesconstant.Competitivenessofitsexportswouldbereducedwhereasgoodsproducedinothercountrieswouldbemorecompetitiveinthehomemarket.Goldandsilveraccumulatedthroughinnumerabletrialsandhardshipswouldgraduallyout-flowtillthecountry’spoolofmoneydriedup.Consequentlythecountrywouldatlastinevitablysurfertradedeficits.Tosumup,AdamSmithwrote:“Whenthequantityofgoldandsilverimportedintoanycountryexceedstheeffectualdemand,novigilanceofgovernmentcanpreventtheirexportation.”Self-contradictionof

MercantilistTradeTheory

Accordingto“zero-or-sumgame”whatacountrygainedintradewasjustthelossesintradesufferedbytheothercountrysincethetotalwealth,intermsofgoldandsilver,oftheworldwasconstant.Itmustbeassumedthatallcountrieswillfollowthesameprinciplesofnationaleconomicegoismanddesiredtoearnintrade.SomeKeen-edgedQuestionsAllcountrieswanttobenefitfromtradewhoarewillingtosuffer.Nocountrywantstosufferfromtradethenhowcantheothercountriesacquirethepossibletradebenefits?Ifthatistrueisitpossiblefordifferentcountriestotradewitheachother?Fromwherecantheworldfindareasonablebasisfortrade?TheBasicTheoreticalFalsehoodofMercantilistTradeTheory

Asatheoryitentirelydidnotexplorewhatistrade,whytotrade,howtotrade,andaretheregenerallyexistingtradebenefits?Itwaslittlemorethanatheoreticaltoolofthefeudalistlords,rulersofthesovereigntiesandlargemerchantstoexercisecolonialexploitationanddilationflauntingthebanneroftrade.Trade,intheeyesofthemercantilists,wasnothingbutbald-facedspoliation.MercantilisttradetheorycouldonlyexplaintradebetweenthewesternEuropeanpowerswiththecolonies.Thatmustbeaveryspecialcaseoftrade.Thetheorywasnotofgeneralsignificance.InvisibleHandinForeignTrade

AdamSmithintroducedhistheoryoflaissezfaireintotheanalysisoftradeproblem.Hecriticizedmercantilisttradepolicyofinterveningandmonopolizingtradebusiness.Invisiblehandwouldalsoguidedtradejustlikeitdidindomesticeconomicperformances.AdamSmith’sConclusion“Whatisthespeciesofdomesticindustrywhichhiscapitalcanemploy,andofwhichtheproduceislikelytobeofthegreat

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