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Three waves of mercantilism have arisen in the past few centuries. The first wave was countered by the classical economists. The second wave (neo-mercantilism) hit during the inter-war period. Today's third wave uses monetary policy. We explore the mercantilist waves and argue in favour of a free trade policy. We conclude that an international system of free banking best protects the economy from currency manipulation as a form of protectionism.
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Paul Cwik (2011) studied this question.
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