National wealth was traditionally measured by the amount of what?

National wealth was traditionally measured by the amount of treasure in royal vaults, which included gold, silver, and other precious materials. This approach originates from mercantilist economic theories that dominated European thought from the 16th to the 18th centuries. During this period, it was believed that a nation's prosperity was directly linked to its reserves of monetary wealth, which were often displayed in royal vaults. The possession of ample treasure was seen as a key indicator of national power and stability, as it enabled governments to fund wars, pay public servants, and conduct diplomacy.

While factors such as land holdings, population size, and commercial trade certainly contribute to a nation's wealth in a modern context, they did not hold the same weight in historical assessments of national power. The focus on tangible treasures in royal vaults reflects the priorities of monarchy and statecraft at the time, where physical wealth was essential for governance and asserting military might.