Mercantilists, both ancient and modern, believe that a country's gains from trade arise primarily from having

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Mercantilists believe that a country's gains from trade come from exporting more than it imports, in order to accumulate precious metals which were thought to be the key to a country's wealth. This theory has been largely discredited, as it overlooks the benefits of comparative advantage and the gains from trade that come from specializing in the production of goods in which a country has a comparative advantage, even if its opportunity costs in producing those goods are high.

Mercantilists, Both Ancient and Modern, Believe That a Country's Gains