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Among its doctrines was that the trade balance must be favourable, meaning an excess of exports over imports.

It was, as the authors explain, a "mercantilist world where unilateral free trade and a pacific stance were not viable options" .

Although some parts of his analysis may appear too mercantilist to the Anglo-Saxon reader, his main thesis is all too convincing.

First, it would only make sense if the currency were to be unpegged from the dollar, in which case the mercantilist strategy would collapse.

Since the emergence of Google, quality information has never been so vulnerable to the power of commercialism.

For all these reasons, while China is likely to abandon mercantilism in the long run, it probably is sensible for it to do so gradually.

'China's mercantilist policies continue to undermine the health of U. S. industries, ' he said.

Allowing meaningful currency appreciation while exports are flagging would run counter to its mercantilist tradition.

Yet China had already begun to emphasize exporting. The reason may lie in John Maynard Keynes's analysis of mercantilism.