According to Chapter 14 the state policy of mercantilism occurred only prior to the beginning of the free-trade period championed by Adam Smith.

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Chapter 14 discusses how mercantilism was the dominant economic policy in Europe from the 16th to the 18th centuries, but was challenged by free-trade advocates like Adam Smith in the late 18th century. Therefore, the state policy of mercantilism occurred both before and during the free-trade period.

According to Chapter 14 the State Policy of Mercantilism Occurred