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).
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.
This in part resulted from the British mercantile system which was aimed at having the colonies produce agricultural products sold at low prices, while purchasing manufactured goods at high prices from the mother country.