A LESSON FOR OUR TIMES?
MURRAY N. ROTHBARD
MERCANTILISM has had a "good
press" in recent decades, in con
trast to nineteenth century opin
ion. In the days of Adam Smith
and the classical economists, mer
cantilism was properly regarded
as a blend of economic fallacy and
state creation of special privilege.
But in our ce~tury, the general
view of mercantilism has changed
drastically: Keynesians hail mer
cantilists as prefiguring their own
economic insights; Marxists, con