The established custom of states, expressed intellectually in the theory of mercantilism against which Adam Smith wrote his account of “The (True) Wealth of Nations,” prevented the expansion of trade between nations, a restriction which reacted to limit domestic industry.
Dewey discusses how mercantilism limited trade and affected domestic industry.
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For the very familiarity with the phenomena conceals their significance and blinds us to their relation to immediate political problems.
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