I was listening to a lecture about Mercantilism where I heard a word that sounded like Welf. I tried to find if this word exists but I didn't find. In the lecture I heard this:
The amassing of gold in payment for exports in excess of imports would allow a nation to build the welf.
By the context I suppose that welf is an abbreviation of "welfare", but I'm not sure. Can you tell me what is the word heard? Or, if welf sure is an abbreviation of "welfare"?