The rise of the modern nation-state, with bullion hungry treasuries would no longer be able to rely on a medieval style feudal economy to ensure its existence. The new form of centralized government would come to recognize the growing strength of merchant capital, and a commercial revolution of sorts would be born.
No longer would Aristotle's ethical philosophies of 'natural exchange' and 'just price' be the dominate attitudes toward the economy. This new form of economic thought (Mercantilism) would focus on economics as statecraft and the promotion of
national wealth and power.…
