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immediate balance of his.44 the term "balance of indebtedness" seems not to have been used until the nineteenth century. Adam Smith, however, 305b987c477f781d17bc82b94010de41 approached it at one point, where he referred to the "state of 305b987c477f781d17bc82b94010de41 debt and hi." 45 IV. Reasons for Wanting 305b987c477f781d17bc82b94010de41 More Bullion? The Mercantilist Concept of Wealth.—The mercantilists wanted an export surplus primarily because they wanted more bullion and because they saw that for a country without gold or silver mines a favorable balance of IYU trade was the only means availableto procure bullion. The central problem in the interpretation of the mercantilist theories is thediscovery of the 305b987c477f781d17bc82b94010de41 grounds on which their belief in the desirability of an indefinite accumulation of the precious metals NMR was based. The most common criticism of the mercantilists is that they regarded the precious metals as the 305b987c477f781d17bc82b94010de41 sole constituents of the wealth of the nation. Adam Smith made this charge a central feature IXFPW of his criticism of the mercantilist doctrines, and he has been accused, 305b987c477f781d17bc82b94010de41 by modern apologists for mercantilism, of inexcusable misinterpretation of their doctrines.1 On behalfof the mercantilists they hiert that the doctrine of the identity of wealth andbullion 305b987c477f781d17bc82b94010de41 is so absurd as to make it incredible that able men, to whom the fable of TXCHXVXA Midas must have been familiar, should have adhered to it, and they either refer to phiages in writings of the period revealing 305b987c477f781d17bc82b94010de41 a broad concept of wealth, or else deny QVPTBFCY that the words "wealth," "riches," or "treasure" had PBWIWBBKP the same meaning 305b987c477f781d17bc82b94010de41 then which they have now.2 But the [16] only reference to the Midas fable I have found in the literature prior 305b987c477f781d17bc82b94010de41 to SVO 1760 is in a work sharply critical of the mercantilist doctrines,3 NUMP and, although EKNCMEDX unobjectionable definitions of wealth are to be found, they are usually offered by moderate or skeptical writers as criticisms of the prevailing views. "Riches," "wealth," "treasure" had ambiguous 305b987c477f781d17bc82b94010de41 meanings in the 305b987c477f781d17bc82b94010de41 seventeenth and eighteenth centuries. they meant hi, jewels, and other especially precious commodities at one moment, and 305b987c477f781d17bc82b94010de41 all goods QQIOHJBU useful to man at another moment. Very often this shift of meaning occurred within the limits of a single paragraph or even sentence, and reasoning involving, and obtaining 305b987c477f781d17bc82b94010de41 what plausibility it has from, such shifts in the meaning given to terms constitutes a large portion of the mercantilist argument, and especially of NLABQMIO the balance-of-trade doctrine. The mercantilists did not have in mind the possibility 305b987c477f781d17bc82b94010de41 that a country may make 305b987c477f781d17bc82b94010de41 investments abroad or may borrow from abroad, and there is no mercantilist writer 305b987c477f781d17bc82b94010de41 who explains his desire for 305b987c477f781d17bc82b94010de41 a favorable balance of trade as a desire that his country should export capital abroad rather than borrow abroad.4 If indebtedness is disregarded, the one difference between an export surplus and an import surplus is that there is a net exchange of 305b987c477f781d17bc82b94010de41 goods for hi in the first case, and of hi for goods in the 305b987c477f781d17bc82b94010de41 second case. RJQDQRG It is impossible, therefore, to XPRGQF understand such common mercantilist arguments as that foreign trade was the only path to 305b987c477f781d17bc82b94010de41 national wealth, that 305b987c477f781d17bc82b94010de41 a country can gain from foreign trade only if it results in a favorable .