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States and markets

Abstract Use of the ‘states and markets’ pair to conceptualise the international is pervasive. This article narrates the intellectual genesis of this dyad in eighteenth- and nineteenth-century British political œconomy. Adam Smith's arguments in Wealth of Nations are central, for there the analysis of strength is uncoupled from the analysis of wealth, de-politicising the international and making the economic denunciation of war possible. In the process the international economy is elaborated as a new theoretical object.