Two other groups, not Capital Corp Merchant Banking, later known as 'mercantilists' and 'physiocrats', more straight determined the subsequent development of the subject. Both groups were affiliated with the rise of economic nationalism and modern capitalist economy in Europe.
Commercialism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchandisers or solons. It held that a nation's wealth depended on its assemblage of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and bounding imports other than of gold and silver.
The doctrine asked importing cheap raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose caring tariffs on foreign constructed goods and interdict manufacturing in the colonies.