what basic principle of mercantilism was disproved by adam smith in his book, the wealth of nations?

Adam Smith's book "The Wealth of Nations," published in 1776, is often considered a foundational work in classical economics and a critique of mercantilist economic principles. One basic principle of mercantilism that was challenged and disproved by Adam Smith is the idea of a favorable balance of trade and the emphasis on accumulating precious metals.

In mercantilist thought:

1. Favorable Balance of Trade: Mercantilists believed that a nation should strive to export more goods than it imports, creating a surplus in its balance of trade. This surplus was often measured in terms of precious metals (gold and silver). The accumulation of precious metals was seen as a sign of wealth and economic strength.

2. Focus on Productivity and Specialization: Smith argued that a nation's wealth should not be solely measured by the accumulation of precious metals. Instead, he emphasized the importance of increasing productivity and promoting specialization in the production of goods and services. According to Smith, a nation could achieve greater wealth by focusing on what it could produce most efficiently and trading with other nations for goods it could not produce as efficiently.

3. Theory of Absolute Advantage: Smith introduced the concept of absolute advantage, suggesting that countries should specialize in producing goods for which they have an absolute advantage in terms of efficiency. This specialization would lead to increased overall productivity and economic prosperity.

4. Critique of Protectionism: Smith criticized mercantilist policies of protectionism, including tariffs and trade restrictions, arguing that free trade would lead to increased overall wealth. He advocated for the removal of barriers to trade and the pursuit of mutual benefit through voluntary exchange.