Introduction

This part introduction presents an overview of the key concepts discussed in the subsequent chapters. The part analyzes the effect of contemporary conceptions of international relations on those of economic policies in general and those of the utility of empire in particular. The Old Colonial System was part of the Mercantile System and the intimate connection between mercantilist conceptions of foreign trade and opinions on the utility of the colonies has been demonstrated. The conception of a fixed total of foreign trade for the largest comparative share, of which the various nations had to struggle, was another notion which had confused the minds of mercantilists as to the true benefits to be reaped from international commerce. In addition to all his other accomplishments, Adam Smith, in his Wealth of Nations, performed the useful function of the muckraker. Relentlessly he exposed the crafty and vicious activities of people possessed of “vested interests.”