Topic summary
Industrial capitalism
Extracted from the Wikipedia article History of capitalism.
Industrial capitalism
Mercantilism declined in Great Britain in the mid-18th century, when a new group of economic theorists, led by Adam Smith, challenged fundamental mercantilist doctrines, such as that the world's wealth remained constant and that a state could increase its wealth only at the expense of another state. However, mercantilism continued in less developed economies, such as Prussia and Russia, with their much younger manufacturing bases.