The party takes mercantilist positions in supporting protectionist policies on international trade. Mercantilist development theory also advocated colonialism. Thus mercantilist regulation was more akin to feudalism than capitalism. Mercantilist domestic policy was more fragmented than its trade policy. Some have said that China pursues a mercantilist economic policy. This school argues that rent-seeking merchants and governments developed and enforced mercantilist policies. Mercantilist writers emphasized the circulation of money and rejected hoarding. As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation. Unlike the mercantilist thinkers however, wealth was found not in trade but in human labor. High tariffs, especially on manufactured goods, were an almost universal feature of mercantilist policy. High tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. During his travels in Western Europe, Jacob became the eager proponent of mercantilist ideas. Steuart was one of the last representatives of the mercantilist school of economic thought. The Navigation Acts of the late 17th century provided the legal foundation for Mercantilist policy. British mercantilist writers were themselves divided on whether domestic controls were necessary.