Bullionism is an early economic theory that equates a nation's wealth directly with its accumulation of precious metals. Often considered a primitive precursor to mercantilism, this doctrine emphasizes the importance of maintaining a positive balance of trade to ensure the inflow of gold and silver.
The theory gained prominence during the 16th century based on observations of the Kingdom of England. Despite having no domestic mining operations for precious metals, England managed to accumulate significant reserves of bullion through its substantial trade surplus, demonstrating the perceived effectiveness of this economic strategy.