ABSTRACT
A spectre haunted Europe in the mercantilist period: the fear of ending up like Spain, rich in gold, poor in production and with a frighteningly unfavourable balance of trade. These three factors constituted in all Europe the negative example of Spain, which the mercantilists unanimously indicated as a model not to follow. According to Eisenhart, it was in fact the example set by Spain that made the seventeenth century economists shift their gaze from the earning of money to the strengthening of manufacturing.1 This statement is an exaggeration, since the English mercantile policies had been designed and introduced before the Spanish crisis became evident. However, the affirmation of mercantilism in Europe can be said to have been favoured by the negative example of Spain.
