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 ?
Liberal free traders emphasize consumption, while mercantilists emphasize production.
Admittedly Mun and the other mercantilists held some naive arguments, due partly to the improper way of expressing themselves, partly to the fact that their economic categories were still elementary.
Unlike the mercantilists who viewed money as wealth, Cantillon showed that an increase in the quantity of money had both seemingly beneficial effects as well as dangerous negative effects.
But there is no reason to think that mercantilists won't turn their sights on European leadership, just as they have done on American supremacy.
By taking full responsibility for Asian security, we are subsidizing the very mercantilists whose competitive inroads we're trying to reverse.
In contrary to mercantilists who regarded valuable mines as the source of wealth and gave big importance to trade in ultimate goods export way, in physiocratic thought wealth is not composed of foreign trade but in the activity areas such as farming, fishing and mining, namely of goods produced with the help of nature (earth) (Olmezogullari, 2003, pp.
China's pursuit of a high-saving, large-trade-surplus economy in recent years embodies mercantilist teachings.
Mercantilists believed in an active economic role for the state -- to promote exports, discourage finished imports, and establish trade monopolies that would enrich business and the crown alike.
In the vigorous contemporary debate over the prehistory of economics, most mainstream economic historians identify the birth of modern economics to be in Adam Smith, and, to a lesser extent, in his immediate predecessors the mercantilists and the physiocrats.
Mercantilists derived much of their doctrine from their strong sense of nationalism.