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Ever since the Physiocrats and Adam Smith, mercantilism has been described as the opposite of classical political economy. Lars Magnusson challenges this view by suggesting that there is a sharp distinction between mercantilism and the nineteenth century laissez-faire economics. He contends that the conventional view, which conflates the two economic ideologies, only further obfuscates the true nature of mercantilism and thereby disregards the...

In the nineteenth century Adam Smith and others gradually invented a 'tradition' of free trade. This was a towering achievement and has proved to be influential to this day. This book examines this construction of the free trade tradition. Showing how historical construction is a vital component in the writing of doctrinal history, Lars Magnusson argues that it is important for historians of economic thought to distance themselves from the pra...

not gentle to the capitalists" (Schumpeter, 1991). Thus, by instead portraying the conflict between entreprenuerial activity and the sociology of the modern state, he came quite close to the analysis carried out by Thorstein Veblen some decades earlier, who emphasized the conflict between p- gressive technology and the institutions of a contemporary "predatory dynastic State of early modern times, superficially altered by a suffusion of democr...