What were the predominant schools of economic thought before Adam Smith wrote The Wealth of Nations?

by td4999
elev57

The most famous one is mercantilism, though it was not regarded as such by its contemporaries. Adam Smith, who was a vigorous opponent of this system, was one of the first to call it as such. It is a system that seeks to maximize the precious metals (gold and silver) held by a state's central bank, promote exports, limit imports especially for manufactured/finished goods (high tariffs were very popular amongst mercantilists), promotion of trade via domestic rather than foreign ships, etc. The most prominent proponent of mercantilist policy was Jean Baptiste Colbert, adviser of Louis XIV of France. He promoted it as mercantilism is highly statist (i.e. state control of the economy) and he sought to further empower the already absolutist French state as wars in Europe remained common, but were becoming ever more expensive, especially with the development of colonialism. Many Enlightenment figures, above all Adam Smith, attacked mercantilism and promoted an economic system based on open markets, which became capitalism.

A competitor of mercantilism was physiocracy. Mercantilism, as mentioned above, highly valued collection of bullion and high trade surpluses, and basically saw maximizing the ruler's wealth as the goal of the economy, so that the ruler (who was often an absolutist) could carry out war. Physiocracy stated that the wealth of the state was solely based in the value of land and the development thereof, i.e. agricultural production. It basically thought that goods and services produced that weren't agricultural weren't truly valuable and took away from whatever surplus you had from agricultural production. Physiocrats were not as prominent as mercantilists and were especially undermined with the development of the industrial revolution, which basically disqualified their ideas.

There were others, like the School of Salamanca and Cameralism, but weren't necessarily as prominent as the other two, which say something as the former two were particularly codified or organized schools of thought for most of their implemented histories.

There are a lot of resources for economic history. A good one is The Growth of Economic Thought by Spiegel.