what did merchants believe

Merchants believed that money equals wealth. They claimed that if they sent out more goods in value than they bring to the country, the surplus could come in coin. Therefore, if the British exports exceed imports other countries have to pay the balance in treasure and the nation grows rich.
However, to David Hulme more exports than imports is not as helpful for the economy as merchants think. He believed that although money can increase output in the short run , it causes inflation
The term “European Union” has evolved as the organisation has evolved. At first, the organisation was known as the “European Economic Community”(EEC) or “Common Market” but, after the Single European Act was passed in 1986, the name changed to “ European Community” (EC). In 1993, after the ratification of the Maastricht Treaty, the name changed again from European Community to “European Union”(EU).

Three factors are central to origins of the EEC. First of all, at the end of the Sec...