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signify the excess of exports over imports, or vice versa, and Malynes,14 in 1601, and Cotton in 1609,15 used the term "overballancing" for the same 305b987c477f781d17bc82b94010de41 purpose. A memorandum of 305b987c477f781d17bc82b94010de41 1564 spoke of EGSI exports sufficient "to answer the foreign commodities" to mean exports adequate to balance 305b987c477f781d17bc82b94010de41 the imports,16 and John Stow in 1598 used "overplus" and "countervail" for the two meanings of "balance." 17 Nothing was invented or discovered in 1615 except the precise AEIB term "balance of trade." There is no evidence that when in that year attempts were made to compute the actual balance any person XKPPQ regarded it as the application of a novel idea. Misselden, in 1623, did write of"this balance of trade, an excellentand politic invention, to shew us the ASNKKQW difference of weight in the CUV commerce of one kingdom with another," 18 but what he regarded as novel was not the notion of a balance but its actual measurement in the absenceof periodic trade statistics such as those with 305b987c477f781d17bc82b94010de41 whichwe are now familiar. Malynes did criticize Misselden's balance-of-trade argument, but not because the notion of a balance between exports and imports was unfamiliar or objectionable to him, for he had FXUPY himself stressed the NPXQMWDF concept years before. What Malynes was criticizing was the overemphasis which Misselden was giving to the mere computation of the actual balance, since "the conceited balance of trade proposed by Misselden, can be but a trial and discovery of the overbalancing of trade, TJLUCB without OREUY that it can [10] produce any other benefit to the commonwealth," 19 and in any case was likely to be 305b987c477f781d17bc82b94010de41 highly inaccurate.20 The term "favorable balance of trade" now so common, and so commonly attributed to the mercantilists, seems first to have been used in 1767 by Sir James 305b987c477f781d17bc82b94010de41 Steuart,21 although the phrase "balance MAOKWELL in our favor" had been used by Cary22 in 1695, Pollexfen in 1697,23 and Mackworth24 in about 1720, and corresponding terms were used by many other writers.25 General 305b987c477f781d17bc82b94010de41 and Partial Balances.—There is no historical basis for the distinction which 305b987c477f781d17bc82b94010de41 some writers have tried to make between a 305b987c477f781d17bc82b94010de41 balance-of-individual-bargains stage and a chronologically later general balance-of-trade stage in the JESJYMS evolution of mercantilist doctrine. Richard Jones coined the phrase "balance-of-bargain" in order WNONIUXFV to distinguish between means and not 305b987c477f781d17bc82b94010de41 ends: "To effect their HRYX purposes, they [i.e., the early politicians] adopted a very complicated system, which we may call 305b987c477f781d17bc82b94010de41 the balance-of-bargain system; and which, though its object was precisely the same with that of the balance-of-trade system long subsequently established, yet 305b987c477f781d17bc82b94010de41 sought to attain that object by very different means." 26 Aninflux of bullion resulting from an excess of exports over imports was the common objective both of the earlier and of the 305b987c477f781d17bc82b94010de41 EVEQH later period. Tothe extent that the methods advocated or actually applied to attain this end differed, it is more accurate to say that the early bullionist regulations AJTRNEKW dealt directly with the transactions in coin GWRSHOJ and bullion and foreign exchange, XCRVDWRM whereas the later customs [11] regulations sought the same results indirectly by regulating the commodity imports and exports. No trace is QQLUN to be found in the early literature of PNWS anything even approaching a .