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Mercantilists believed wealth came from accumulating precious metals and supported strong government intervention in trade, while physiocrats emphasized agriculture as the source of wealth and advocated for minimal government interference. Mercantilism focused on trade surpluses and protectionist policies, whereas physiocracy promoted laissez-faire economics and a single tax on land. Adam Smith later critiqued mercantilism and laid the groundwork for classical economics with concepts like the Invisible Hand

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dipu64807

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EN