According to this theory the holdings of a country's treasure primarily in the form of gold constituted its wealth.

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Mercantilism is the economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism. It specifically posits that the wealth of a nation is augmented through a positive balance of trade, especially in precious metals like gold.

According to This Theory the Holdings of a Country's Treasure