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.
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Liberal free traders emphasize consumption, while mercantilists emphasize production.
Trade Secrets: How economists kept their doubts about globalization quiet, and ushered in Trump
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.
Thomas Mun's England's Treasure by Forraign Trade: the 17th-century manifesto for economic development
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.
How entrepreneurship theory created economics
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.
Building the global innovation economy
By taking full responsibility for Asian security, we are subsidizing the very mercantilists whose competitive inroads we're trying to reverse.
The Pacific Pivot
Innovation mercantilists also manipulate government procurement practices to their advantage.
Fighting innovation mercantilism: a growing number of countries have adopted beggar-thy-neighbor innovation policies in an effort to attract or grow high-wage industries and jobs, making the global economy less prosperous in the process
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.
Adam Smith's conceptual contributions to international economics: based on the Wealth of Nations
China's pursuit of a high-saving, large-trade-surplus economy in recent years embodies mercantilist teachings.
With liberalism floundering, mercantilist ideas are back
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.
Mercantilism reconsidered
market in the face of the special treatment for China and other Asian mercantilists.
'Free' trade is only working one way: as long as the current administration refuses to stand up to China's economically, the U.S. will remain at a disadvantage
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.
Leonard Lessius and the prehistory of economics
Mercantilists derived much of their doctrine from their strong sense of nationalism.
Mid-18th century economic changes: the rise of Adam Smith and the decline of the mercantilists and physiocrats
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