Perspectives on Development

M ercantilism was probably the first theory of economic development the European nation-states invented; it called for the development of industry, the promotion of exports, and the limitation of imports through protectionism. But as these policies were being pursued with a vengeance, a world of interdependence was slowly emerging and making mercantilism controversial. Adam Smith published his thesis The Wealth of Nations in 1776, which brought new economic ideas and paved the way for the development of the classical economic theory. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.