Melvyn Bragg and guests discuss how, between the 16th and 18th centuries, Europe was dominated by an economic way of thinking called mercantilism. The key idea was that exports should be as high as possible and imports minimised. For more than 300 years, almost every ruler and political thinker was a mercantilist. Eventually, economists including Adam Smith, in his ground-breaking work of 1776 The Wealth of Nations, declared that mercantilism was a flawed concept and it became discredited. However, a mercantilist economic approach can still be found in modern times and today’s politicians sometimes still use rhetoric related to mercantilism. WithD’Maris Coffman Professor in Economics and Finance of the Built Environment at University College London Craig Muldrew Professor of Social and Economic History at the University of Cambridge and a Member of Queens’ Collegeand Helen Paul, Lecturer in Economics and Economic History at the University of Southampton.Producer Luke Mulhall

Melvyn Bragg and guests discuss the system that flourished from 1870 when gold became dominant and more widely available, following gold rushes in California and Australia. Banknotes could be exchanged for gold at central banks, the coins in circulation could be gold (as with the sovereign in the image above, initially worth £1), gold could be freely imported and exported, and many national currencies around the world were tied to gold and so to each other. The idea began in Britain, where sterling was seen as good as gold, and when other countries rushed to the Gold Standard the confidence in their currencies grew, and world trade took off and, for a century, gold was seen as a vital component of the world economy, supporting stability and confidence. The system came with constraints on government ability to respond to economic crises, though, and has been blamed for deepening and prolonging the Great Depression of the 1930s. WithCatherine Schenk Professor of Economic and Social History at the University of OxfordHelen Paul Lecturer in Economics and Economic History at the University of SouthamptonAndMatthias Morys Senior Lecturer in Economic History at the University of YorkProduced by Eliane Glaser and Simon Tillotson

Melvyn Bragg and his guests discuss Adam Smith's celebrated economic treatise The Wealth of Nations. Smith was one of Scotland's greatest thinkers, a moral philosopher and pioneer of economic theory whose 1776 masterpiece has come to define classical economics. Based on his careful consideration of the transformation wrought on the British economy by the Industrial Revolution, and how it contrasted with marketplaces elsewhere in the world, the book outlined a theory of wealth and how it is accumulated that has arguably had more influence on economic theory than any other.With:Richard Whatmore Professor of Modern History and Director of the Institute of Intellectual History at the University of St AndrewsDonald Winch Emeritus Professor of Intellectual History at the University of SussexHelen Paul Lecturer in Economics and Economic History at the University of SouthamptonProducer: Thomas Morris.