state intervention described mercantilism as constitutive of modernity, whereas liberals saw it as a necessary transitional phase on the path to modernity. Gustav Schmoller, one of the leading members of the widely influential German Historical School of economic thinking, 2 Frank Trentmann, Free Trade Nation: Commerce, Consumption, and Civil Society in Modern Britain (New York, 2008). rethinking mercantilism 5 believed that from the fifteenth century through the seventeenth most Europeans…
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