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 ?
Smith felt that mercantilism was an inefficient system that granted monopoly rights to select individuals.
Thanks to Adam Smith and other classical economists, mercantilism was supplanted in America by free markets.
These three chapters offer fascinating surveys of mercantilism, the Italian Tradition associated with its city-state and the later German economic traditions.
Mercantilism was a form of economic nationalism that was concerned primarily with questions of competition and the role that governments could play in protecting local merchants, generating employment opportunities in manufacturing, and promoting a more secure state.
Sax, in his key note address "The Not-So-Dire Future of Western Water Law" at a recent water law and policy conference at the University of Nebraska, at Lincoln (March 5-6), pointed out that western United States' water law regimes seem conceptually based on mercantilism. A primary tenet of mercantilism, the economic system of major trading nations during the sixteenth to eighteenth centuries, is that the success and well being of a nation is measured on the basis of accumulation of goods, in particular, precious metals.
Smith's op-ed, "Mercantilism Today: When politics trumps free trade, consumers lose," appeared at National Review Online Feb.
Mercantilism was the economic system that dominated Western Europe from around 1500 to the time of the Industrial Revolution.
Temple Beth Israel - "Amsterdam and the Age of Mercantilism: Mannassah ben Israel and Benedict Spinoza" is the title of a lecture and slide presentation by Judith Baskin, director of the Harold Schnitzer Program in Judaic studies at the University of Oregon, at 7 p.m.
He also accused France of peddling a leftover view "from ages of colonialism mercantilism".
When economic espionage co-mingles by design with a national industrial policy or an extensive subsidy program for defense-related industries, conspicuous similarities between traditional mercantilism and neo-mercantilism present themselves.
I was much taken by his observation that the Franciscan emphasis on poverty was a sharp critique of the emerging mercantilism of the twelfth century, represented by Pietro Bernadone, Francis's father.
As hit-and-run pirates were succeeded by professional managers, so mercantilism gave way to eugenics.