mercantilism

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mercantilism

a set of economic ideas and policies that became established in England during the 17th century, accompanying the rise of commercial capitalism. The mercantilists stressed the importance of trade and commerce as the source of the nation's wealth, and advocated policies to increase a nation's wealth and power by encouraging exports and discouraging imports in order to allow the country to amass quantities of GOLD. These protectionist ideas (see PROTECTIONISM) were criticized by later classical economists like Adam SMITH.
References in periodicals archive ?
Therefore, More presents an alternative to the mercantile system and capitalism by destroying the concept of an economy which is based on money (Southall, 1973).
But in the mercantile system, the interest of the consumer is almost constantly sacrificed to that of the producer; and it seems to consider production, and not consumption, as the ultimate end and object of all industry and commerce.
The onset of international commerce laid the groundwork for the mercantile system by creating a new class of merchants who explored the philosophy of economics in an attempt to ensure their own well being.
Not so Crowley, for whom Smith's analysis is the touchstone not only for economic liberalism, but also for mercantilism--a concept which, Crowley informs us in his preface, is to be equated with Smith's discussion of the "mercantile system" in book 4 of The Wealth of Nations.
To Barry's contemporaries, the image of the mercantile system as natural and inevitable was reassuring.