Louis XIV's minister of finances, Jean-Baptiste Colbert, started a mercantile system which used protectionism and state-sponsored manufacturing to promote the production of luxury goods over the rest of the economy.
12.
Smith saw the mercantile system as an enormous conspiracy by manufacturers and merchants against consumers, a view that has led some authors, especially Robert E . Ekelund and Robert D . Tollison, to call mercantilism " a rent-seeking society ".
13.
Thomas Wallace served as the vice-president of the British Board of Trade, who in 1821, cut the duties long imposed on Baltic timber; the act herald the end of the mercantile system that had existed since England had first established colonies.
14.
Smith saw the English merchant Thomas Mun ( 1571 1641 ) as a major creator of the mercantile system, especially in his posthumously published " Treasure by Foreign Trade " ( 1664 ), which Smith considered the archetype or manifesto of the movement.
15.
Adam Smith noted that at the core of the mercantile system was the " popular folly of confusing wealth with money ", that bullion was just the same as any other commodity, and that there was no reason to give it special treatment.
16.
Though English and Irish were not supposed to settle here, under the terms of the Treaty of Utrecht, they did settle, and by 1750 Fogo was a thriving part of the British mercantile system of fisheries, based out of West Country English towns such as Poole, in Dorset.
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