Part one of term paper
In the earlier days of recorded history, nations traded to obtain more goods, especially those they couldn't produce themselves, which seems like a logical enough motive. But by the 17th century, this motive for trade gradually eroded. The desire for goods was replaced by the desire to accumulate gold instead. This seemingly irrational mot ...

Part two of term paper
... of trading internationally was to export as much as possible while limiting imports and accumulating gold in return. They felt that gold (as supposed to goods) represented true wealth. By the 18th century it was generally acknowledged that a favorable balance of trade meant exporting more than importing and accumulating a surplus of gold in the process. But in the Wealth of Nations (first published in 1776), the Scottish economist-philosopher, Adam Smith argued that nations, as well as indiv ...