Page "Balance of trade" Paragraph 3

Early understanding of the functioning of balance of trade informed the economic policies of Early Modern Europe that are grouped under the heading mercantilism.

An early statement appeared in Discourse of the Common Wealth of this Realm of England, 1549: " We must always take heed that we buy no more from strangers than we sell them, for so should we impoverish ourselves and enrich them.

" Similarly a systematic and coherent explanation of balance of trade was made public through Thomas Mun's c1630 " England's treasure by forraign trade, or, The balance of our forraign trade is the rule of our treasure "