Which theory contends that the amount of gold and silver a nation possesses determines its wealth?

Neo-mercantilism is a modern adaptation of mercantilist principles, focusing on state intervention to promote national economic interests. However, it does not strictly emphasize the accumulation of gold and silver as the sole determinant of wealth, instead advocating for broader economic strategies, including trade balances and domestic production.

Free trade is an economic theory that promotes unrestricted trade between countries without tariffs or barriers, arguing that such practices lead to mutual benefits and increased wealth for participating nations. This theory opposes the mercantilist view, which prioritizes national accumulation of gold and silver over open trade.

Protectionism is an economic policy aimed at shielding domestic industries from foreign competition through tariffs and other restrictions. While it can lead to increased national wealth by promoting local production, it does not assert that wealth is defined by the possession of gold and silver, which is a core tenet of mercantilism.