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.Mercantilism is an economic theory, considered to be a form of economic nationalism,[1] that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is "unchangeable". Economic assets (or capital) are represented by bullion (gold, silver, and trade value) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports).^ Bullionism dictated a favorable balance of trade.
  • Mercantilism 16 January 2010 22:022 UTC mars.wnec.edu [Source type: Original source]
  • MERCANTILISM 16 January 2010 22:022 UTC www.fcahomeschool.com [Source type: Original source]

^ According to mercantilist theory, a nation's wealth depended on the acquisition of gold and silver through increased exports and internal self-sufficiency.
  • Democracy Web | Economic Freedom: History 16 January 2010 22:022 UTC democracyweb.org [Source type: Original source]

^ Favorable balance of trade - For a nation to have more bullion, it must export more than it imports.
  • History of Management 16 January 2010 22:022 UTC www.mgmtguru.com [Source type: Original source]
  • Teaching Note: Mgt History 16 January 2010 22:022 UTC www.mgmtguru.com [Source type: FILTERED WITH BAYES]

The theory assumes that wealth and monetary assets are identical. .Mercantilism suggests that the ruling government should advance these goals by playing a protectionist role in the economy by encouraging exports and discouraging imports, notably through the use of tariffs and subsidies.^ These also play a role in Texas history.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ So these government subsidies are intentionally directing market forces--this is subsidy mercantilism.
  • Jeff Vail - Rhizome 16 January 2010 22:022 UTC www.jeffvail.net [Source type: General]

^ Encouragement of imports with the purpose of re-export; 5.
  • http://www.maths.tcd.ie/pub/econrev/ser/html/tommy.html 16 January 2010 22:022 UTC www.maths.tcd.ie [Source type: Original source]

[2] .The theory dominated Western European economic policies from the 16th to the late-18th century.^ T his economic theory was practiced by most European nations in the 17th and 18th centuries.

^ The theory drove economic exchange throughout Europe between the 16th and 18th centuries.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ A 6 1/2 point ID: A Mercantilism: An economic policy used by many European countries during the 17th-18th centuries, including France.
  • How to Answer Test Questions for Professor Popkin 16 January 2010 22:022 UTC www.uky.edu [Source type: General]

[1]

Contents

Influence

.Mercantilism was the dominant school of thought in Europe throughout the late Renaissance and early modern period (from the 15th to the 18th century).^ Mercantilism was the dominant school of economics throughout the early modern period (from the 16th to the 18th century, which roughly corresponded to the emergence of the nation-state).

^ Mercantilism was the dominant economic system that ruled Europe from the 15th to 18th century.
  • Mercantilism is alive and well in Mexico 16 January 2010 22:022 UTC www.mexidata.info [Source type: FILTERED WITH BAYES]

^ Mercantilism:     A school of thought which was dominant in Europe (roughly in the 16`h century through the I 8d' century).
  • Chapter 3 16 January 2010 22:022 UTC www.wright.edu [Source type: FILTERED WITH BAYES]

.Mercantilism encouraged the many inter-European wars of the period and fueled European expansion and imperialism both in Europe and throughout the rest of the world until the 19th century or early 20th century.^ Capitalism in the late 19th and early 20th centuries .
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

^ Internationally, mercantilism encouraged the many European wars of the period, and fueled European imperialism, as the European powers fought over "available markets".

^ But this is a much milder version of the two World Wars of the 20th century.
  • Project Syndicate - Mercantilism Reconsidered 16 January 2010 22:022 UTC www.project-syndicate.org [Source type: FILTERED WITH BAYES]

.Arguments have been made for the historical promotion of mercantilism in Europe since recorded history with authors noting the trade policies of Athens and its Delian League specifically mention control of value of trade in bullion as necessary for the promotion of the Greek polis.^ What policies did mercantilism promote?
  • What is economics 16 January 2010 22:022 UTC unr.edu [Source type: Original source]

^ In the early modern period, changing attitude of Medieval Europe towards trade as an outcome of encounter with Muslim scholars and rulers and consequently emergence of 'mercantilism' was a turning point in the history of economic thought.
  • The emergence of mercantilism as a reaction against Muslim power: some of the evidences from history - Munich RePEc Personal Archive 16 January 2010 22:022 UTC mpra.ub.uni-muenchen.de [Source type: Academic]

^ This period of transition was marked by a break with the former “mercantilist” or “camerialist” system as it is termed in its specific German form of promotion of trade and industry by the state in the 18th century.
  • Mercantilism in the Reign of Frederick II and Prussian Industrial Politics in Upper Silesia 1740-1786 16 January 2010 22:022 UTC ideas.repec.org [Source type: Reference]

.Additionally, the noted competition of Medieval Monarchs for control of the market town trade and the Spice trade, as well as the copious documentation of Venice, Genoa, and Pisa regarding control of the Mediterranean Sea trade of bullion clearly points to an early understanding of mercantalistic principles.^ In the early modern period, changing attitude of Medieval Europe towards trade as an outcome of encounter with Muslim scholars and rulers and consequently emergence of 'mercantilism' was a turning point in the history of economic thought.
  • The emergence of mercantilism as a reaction against Muslim power: some of the evidences from history - Munich RePEc Personal Archive 16 January 2010 22:022 UTC mpra.ub.uni-muenchen.de [Source type: Academic]

^ For the developed economies, the belief that free trade and competition at the company level increases GDP at the national level is an article of faith: the market polices the tautology.
  • Sovereign Wealth Funds and Corporate Governance: A Minimalist Solution to the New Mercantilism | The Legal Workshop 16 January 2010 22:022 UTC legalworkshop.org [Source type: Original source]

^ There are four main idealized market structures that have been used in trade theory: perfect competition , monopoly , oligopoly , and monopolistic competition .
  • International Economics Glossary: M 16 January 2010 22:022 UTC www-personal.umich.edu [Source type: FILTERED WITH BAYES]

.However, as a codified school, Mercantilism's real birth is marked by the Empiricism of the Renaissance, which first began to qualify large scale trade accurately.^ First, the recent large hoarding of reserves in Japan and Korea occurred in the aftermath of the growth strategy that combined export promotion and credit subsidization (financial mercantilism).
  • Econbrowser: International Reserves: Messages from the ASSA 16 January 2010 22:022 UTC www.econbrowser.com [Source type: FILTERED WITH BAYES]

^ Mercantilism, however, did greatly benefit large merchant enterprises such as the British East India Company, which shipped home goods over trade routes protected and maintained by the state.

^ The modern apologies for mercantilism, however, are also supported by several arguments which do not clash directly with the propositions of modern trade and monetary theory, and these arguments are entitled to more respectful treatment.
  • Online Library of Liberty - III. Some Modern Interpretations of English Mercantilism - Studies in the Theory of International Trade 16 January 2010 22:022 UTC oll.libertyfund.org [Source type: Original source]

.England began the first large scale and integrative approach to mercantilism during the Elizabethan Era.^ First, the recent large hoarding of reserves in Japan and Korea occurred in the aftermath of the growth strategy that combined export promotion and credit subsidization (financial mercantilism).
  • Econbrowser: International Reserves: Messages from the ASSA 16 January 2010 22:022 UTC www.econbrowser.com [Source type: FILTERED WITH BAYES]

^ By 1860, England removed the last vestiges of the mercantile era.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ An American academic economist, born in Russia, and educated largely in England, Lerner was one of the first and most enthusiastic converts to Keynesian economics.

.The period featured various but often disjointed efforts by the court of Queen Elizabeth to develop a naval and merchant fleet capable of challenging the Spanish stranglehold on trade and expanding the growth of bullion at home.^ Answers.com says that the term historically refers to policies designed to accumulate bullion, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade.
  • Economics - OECD Economies 16 January 2010 22:022 UTC www.tutor2u.net [Source type: News]

^ Adam Smith, himself, for instance praised the Navigation Acts as they greatly expanded the British merchant fleet, and played a central role in turning Britain into the naval and economic superpower that it was for several centuries.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Mercantilism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ Mercantilism : "Theory & system of political economy in Europe after the decline of feudalism, based on national policies of accumulating bullion, establishing colonies, and a merchant marine, and developing industries and mining to attain a favorable balance of trade."

.Queen Elizabeth promoted the expansion of the Trade and Navigation Acts in Parliament and gave orders-in-council to her Admiralty for the protection and promotion of English shipping.^ To implement a mercantilist economic policy, the English Parliament, beginning in1660, passed a series of Navigation Acts designed to make sure colonial goods actually were shipped to England.

^ Mercantilist Economics: From the mid-seventeenth century, the British passed a succession of Navigation Acts and Acts of Trade aimed at the following imperial goals: .

^ Another Navigation Act ordered the colonies to export certain 'enumerated commodities' only to England or other British ports.

.These efforts organized national resources sufficiently in the defense of England from the far larger and more powerful Spanish Empire, and in turn paved the foundation for establishing the most successful global empire in history.^ Each of these nations in its turn had established an empire to expand its overseas trade the better to fund its political aspirations (a subject not developed by Heckscher), the most successful of the lot being Great Britain.
  • Mercantilism | Book Reviews | EH.Net 16 January 2010 22:022 UTC eh.net [Source type: FILTERED WITH BAYES]

^ To complement such outward-looking efforts, the federal government needs to take even more robust steps to improve the nation’s competitive readiness.
  • Issues in Science and Technology, Winter 2007, Deep Competitiveness 16 January 2010 22:022 UTC www.issues.org [Source type: FILTERED WITH BAYES]

^ (Ekelund 43 ) The most important concern of mercantile writers was the desire to see that a nation's resources were used to the utmost of their ability to promote the economic and political power of the nation.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

.The authors noted most for establishing the English mercantilist system include Gerard de Malynes and Thomas Mun, who first articulated the Elizabethan System, which in turn was then developed further by Josiah Child.^ Gerard de Malynes , c.1586-1641.

^ "Liberal" English Mercantilists Sir Josiah Child , 1630-1699.

^ Each of these nations in its turn had established an empire to expand its overseas trade the better to fund its political aspirations (a subject not developed by Heckscher), the most successful of the lot being Great Britain.
  • Mercantilism | Book Reviews | EH.Net 16 January 2010 22:022 UTC eh.net [Source type: FILTERED WITH BAYES]

.The English era provided the bulk of surveys and evidence of mercantilism, and its success spurred the French into developing their own system.^ The second school, supported by scholars such as Robert B. Ekelund, contends that mercantilism was not a mistake, but rather the best possible system for those who developed it.

^ As mercantilism developed into a formal economic theory, such as in the work of Jean Baptiste Colbert, chief minister of the French king from 1661 to 1683, it took on the the following characteristics: .
  • History of Management 16 January 2010 22:022 UTC www.mgmtguru.com [Source type: Original source]

^ The acts were an outgrowth of mercantilism , and followed principles laid down by Tudor and early Stuart...Shaken by the American Revolution, the system, along with mercantilism , fell into decline.
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

.Numerous French authors helped cement French policy around mercantilism in the 17th century.^ Mercantilism was at its height in the 17th and 18th centuries.

^ A 6 1/2 point ID: A Mercantilism: An economic policy used by many European countries during the 17th-18th centuries, including France.
  • How to Answer Test Questions for Professor Popkin 16 January 2010 22:022 UTC www.uky.edu [Source type: General]

^ Mercantilism was an economic policy, popular in the 17th and 18th centuries in Europe, which stated that a country's wealth and power was best served through the accumulation of gold and silver and raw materials.
  • History of Quebec and Canada/Study Guide/Topic 2: Mercantilism - Wikiversity 16 January 2010 22:022 UTC en.wikiversity.org [Source type: Reference]

.This French mercantilism is best articulated by Jean-Baptiste Colbert.^ Jean Baptiste Colbert , 1619-1683.

^ Articulated by Jean Baptiste Colbert (mercantalism in it's most severe form is called Colbertism),...
  • Stormfront - Blog Entries 16 January 2010 22:022 UTC www.stormfront.org [Source type: FILTERED WITH BAYES]

^ As mercantilism developed into a formal economic theory, such as in the work of Jean Baptiste Colbert, chief minister of the French king from 1661 to 1683, it took on the the following characteristics: .
  • History of Management 16 January 2010 22:022 UTC www.mgmtguru.com [Source type: Original source]

.In later years, the United States took mercantilism to its most advanced and fully developed level as an economic policy when Alexander Hamilton enunciated the Hamiltonian economic program, and Abraham Lincoln finally solidified a trade and industrial policy which was to guide American economic policy into 1972. Paradoxically, during the 19th and early 20th centuries, at a time when America's pursuit of mercantilism made it the greatest economic power in the world, Europe, by contrast, with the noteworthy exception of Germany, began abandoning mercantilism.^ The end game for them is world leadership in most advanced industrial sectors.
  • Robert D. Atkinson, Ph.D.: Why China Needs To End Its Economic Mercantilism 16 January 2010 22:022 UTC www.huffingtonpost.com [Source type: General]

^ For “pure” mercantilism, the ruling principle is not economic but the promotion of the power of the state.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ In the seventeenth century all European states practiced the policy of mercantilism.
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

.In Europe, academic belief in mercantilism began to fade in the late 18th century, especially in England, as the arguments of Adam Smith and classical economists rose in conjunction with the expansion and international banking infrastructure of financial capitalism and the practical power and influence it had on policy.^ Adam Smith This article is about the 18th-century economist.
  • Mercantilism Trade Gold Theory Economic Mercantilist Smith 16 January 2010 22:022 UTC www.economicexpert.com [Source type: FILTERED WITH BAYES]

^ Mercantile theory died with Adam Smith.
  • Reconsider mercantilism? | The Economist 16 January 2010 22:022 UTC www.economist.com [Source type: General]

^ In the seventeenth century all European states practiced the policy of mercantilism.
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

.The confluence of these movements peaked with the defeat of national patriotism in Europe following World War Two and the end of European colonialism during the Cold War.^ These two nations account for at least a third of the worlds population.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]

^ These two nations account for at least a third of the world's population.
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

^ Which rivers were important during World War 1?
  • WikiAnswers - What was mercantilism 16 January 2010 22:022 UTC wiki.answers.com [Source type: General]

.Each of the main European powers that had struggled to maintain mercantalistic policies as means of promoting their national supremacy had been defeated or occupied in turn, including France, Netherlands, Italy, Germany, whilst the United Kingdom was indebted to the United States.^ United Kingdom: Conflict abroad ) American colonies ( in United States: Imperial organization ) India ( in India: The British, 1600–1740 ) early modern Europe ( in history of Europe: Political and cultural influences on the economy ) 18th-century Europe ( in history of Europe: Innovation and development ) European powers in the West Indies ( in West Indies: Plantation slavery ) France .
  • mercantilism (economics) -- Britannica Online Encyclopedia 16 January 2010 22:022 UTC www.britannica.com [Source type: FILTERED WITH BAYES]

^ A 6 1/2 point ID: A Mercantilism: An economic policy used by many European countries during the 17th-18th centuries, including France.
  • How to Answer Test Questions for Professor Popkin 16 January 2010 22:022 UTC www.uky.edu [Source type: General]

^ Since the end of World War II, the United States has promoted free trade in the General Agreement on Tariffs and Trade, the World Trade Organization, and regional agreements like the North American Free Trade Agreement.
  • Dr Peter Morici: Confronting China to save Free Trade and more 16 January 2010 22:022 UTC www.finfacts.com [Source type: News]

.Comparatively, the two most powerful victors, the Soviet Union and the United States pursued differing variants of internationalism, communism and capitalism.^ In the United States there is the constant growth of the power of government, and the consistently impotent movements to harness that growth.
  • Archive | April 1999 | The return of mercantilism 16 January 2010 22:022 UTC www.enterstageright.com [Source type: Original source]

^ But the two most belligerent countries in the world are, by a wide margin, Israel and the United States (closely followed by the United Kingdom).
  • The Democratic Ideal and New Colonialism - Democracy and Empire 16 January 2010 22:022 UTC samvak.tripod.com [Source type: Original source]

^ The most powerful group in the Northeast were six tribes united as the Iroquois League, a confederation that operated under a legislative system with formal courts.

.In turn, the supremacy of the United States gave it the opportunity to force its allies into accepting a new multi-national economic system of free-trade under America's corporate and financial dominance, thereby displacing the royal and nationalist centers of power in Europe.^ England and New England, and France and New France, were different economic systems, in Europe and in America.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ Free trade is slowing reducing America to the level of the nations with which we are trading.
  • MERCANTILISM... GLOBALISTS HATE IT AND SO DOES LEW ROCKWELL 16 January 2010 22:022 UTC www.etherzone.com [Source type: FILTERED WITH BAYES]

^ Based on what he wrote, one can define mercantilism as a set of policies, regulations and laws, developed over the sixteenth through the eighteen centuries, to support the rising nation states of Atlantic Europe by subordinating private economic behavior to national purposes.
  • Mercantilism | Book Reviews | EH.Net 16 January 2010 22:022 UTC eh.net [Source type: FILTERED WITH BAYES]

.However, throughout the rest of the world, mercantilism or neo-mercantilism has been pursued, most successfully in Asia.^ However, Colbert was a practical politician intent on the welfare of the middle class to which he belonged, not a doctrinaire theorist; for him mercantilism was the most convenient method of attaining his end.
  • Mercantilism 16 January 2010 22:022 UTC mars.wnec.edu [Source type: Original source]
  • MERCANTILISM 16 January 2010 22:022 UTC www.fcahomeschool.com [Source type: Original source]

^ Chinas rise is potentially even more unsettling to the world order, especially if it continues to pursue its mercantile-imperialist course in league with rogue states.
  • China Pursues 'Manifest Destiny' Through Mercantilism and Imperialism 16 January 2010 22:022 UTC americaneconomicalert.org [Source type: News]

^ Throughout the 17th and 18th centuries, most of the governments of Europe established a set of economic policies which became known as mercantilism.
  • Democratized Privilege: The New Mercantilism 16 January 2010 22:022 UTC www.fff.org [Source type: Original source]

.Neo-mercantalism and its related school of economic nationalism, which emphasizes the nation and government intervention but deemphasizes bullion in favor of productive capacity, has been and continues to be a dominant model of development economics, throughout the non-Western world.^ Related subjects: Economics ; Politics and government .

^ Mercantilism was the dominant European economic model from the 16th to 18th centuries and it's very essence was the belief in government intervention and control of the economy.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

^ The revolution in the government's relations with business and labor, inaugurated in 1933 and gaining increased momentum in the course of the Second World War, does not mark the first appearance in this country of a system of elaborate governmental controls over the economic order.
  • (Type a title for your page here) 16 January 2010 22:022 UTC www.ditext.com [Source type: FILTERED WITH BAYES]

.Many of these nations seek to practice either neo-mercantalism or economic nationalism in relation to the policies of Western economic powerhouses.^ Many of these projects are in developing nations.
  • Issues in Science and Technology, Winter 2007, Deep Competitiveness 16 January 2010 22:022 UTC www.issues.org [Source type: FILTERED WITH BAYES]

^ These nations made a free decision to join the WTO and when they did they agreed to reduce — if not end — mercantilist practices.
  • The Rise of the New Mercantilism (Part I) by Robert D. Atkinson - The Globalist 16 January 2010 22:022 UTC www.theglobalist.com [Source type: FILTERED WITH BAYES]

^ The Bush Administration reasons, China will eventually conclude these practices do not serve its self interest and quit them, because western economists theorize that printing so many yuan will create inflation in China and protectionism will undermine growth.
  • Dr Peter Morici: Confronting China to save Free Trade and more 16 January 2010 22:022 UTC www.finfacts.com [Source type: News]

.Asian nations in particular study 19th century United States policy known as the National System, including the American System which was promoted by Henry Clay and Friedrich List whose ideas also began the foundations of Germany's rise to greatness in the Zollverein system.^ Based on what he wrote, one can define mercantilism as a set of policies, regulations and laws, developed over the sixteenth through the eighteen centuries, to support the rising nation states of Atlantic Europe by subordinating private economic behavior to national purposes.
  • Mercantilism | Book Reviews | EH.Net 16 January 2010 22:022 UTC eh.net [Source type: FILTERED WITH BAYES]

^ The multilateral trading system, one of the foundations of the rise in global prosperity in recent decades, is in enough difficulty already.
  • FT.com / Columnists / Wolfgang Munchau - Europe’s drift to mercantilism 16 January 2010 22:022 UTC www.ft.com [Source type: News]
  • Europe's drift into mercantilism 16 January 2010 22:022 UTC www.eurointelligence.com [Source type: Original source]
  • FT.com / UK - The madness of Europe's drift to mercantilism 16 January 2010 22:022 UTC www.ft.com [Source type: News]

^ Capitalism of the 19th century was the outgrowth, not of economic nationalism wherein the government charters monopolies and uses the power of government to maintain that monopoly - 19th century capitalism was the natural outgrowth of the industry of free people whose society has rejected all the ideas that mercantilism was based on - all powerful government, government enforced monopolies, and protectionism.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

.Countries most successful with these policies include Japan as it has practiced since the reforms of the 19th century, and as practiced in the late 20th and early 21st century by other Asian nations such as the Four Asian Tigers of Hong Kong, South Korea, Taiwan, and Singapore, and most significantly, China and India.^ The most important economist of the 20th century.

^ These have been policy objectives of mercantilism since the 15th Century.
  • RealClearMarkets - Articles - Economic Dichotomy in the Democratic Party 16 January 2010 22:022 UTC www.realclearmarkets.com [Source type: FILTERED WITH BAYES]

^ (Spain had no such policy until the late eighteenth century.
  • History 8A: Colonial Latin America 16 January 2010 22:022 UTC history.berkeley.edu [Source type: Original source]

.The export-led economies of present-day China, Japan, and Germany are cited as the most successful latter-day variants of mercantilism.^ The latter led to “the great upward movement in prices” and an increase in “the volume of merchant activity itself.” Prior to mercantilism, the most important economic work done in Europe was by the medieval scholastic theorists.

^ Whatever may be elaborated in theory, Newfoundland's experience points to the possibility that the success of the Canadian economy cannot be accounted for by staple exports alone, and, perhaps, not by staple exports primarily.
  • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

^ This article also quotes the author of the French report which condemns export credits: P. Messerlin, "Export-Credit Mercantilism à la Française" (1986) 9 The World Economy .
  • Odious Debts 16 January 2010 22:022 UTC www.odiousdebts.org [Source type: FILTERED WITH BAYES]

Theory

.Most of the European economists who wrote between 1500 and 1750 are today generally considered mercantilists; this term was initially used solely by critics, such as Mirabeau and Smith, but was quickly adopted by historians.^ European economists between 1500 and 1750 are today generally considered mercantilists; however, these economists did not see themselves as contributing to a single economic ideology.

^ It was initially used solely by critics, such as Mirabeau and Smith, but was quickly adopted by historians.

^ Adam Smith's Wealth of Nations, published in 1776, is generally considered the first capitalist manifesto, though the term "capitalism" didn't exist yet.
  • Hawaii Reporter: Hawaii Reporter 16 January 2010 22:022 UTC www.hawaiireporter.com [Source type: FILTERED WITH BAYES]

.Originally the standard English term was "mercantile system". The word "mercantilism" was introduced into English from German in the early 19th century.^ The word mercantilism was introduced into English from German in the early 20th century.

^ Originally, the standard English term was mercantile system .

^ Though less rigid than the French system, English mercantilism brought no fundamental changes to the colonial economy after the CONQUEST of New France (1760).

.The bulk of what is commonly called "mercantilist literature" appeared in the 1620s in Great Britain.^ Mercantilist regulation in the thirteen colonies began in the 1620s, when steps were taken to prevent the importation into Britain of tobacco from Spanish and Dutch colonies.

^ Englands Treasure has been used by many writers to show the so-called fallacies in the mercantilist literature.
  • http://www.maths.tcd.ie/pub/econrev/ser/html/tommy.html 16 January 2010 22:022 UTC www.maths.tcd.ie [Source type: Original source]

^ Pleas for special interests, whether open or disguised, constituted the bulk of the mercantilist literature.
  • Online Library of Liberty - III. Some Modern Interpretations of English Mercantilism - Studies in the Theory of International Trade 16 January 2010 22:022 UTC oll.libertyfund.org [Source type: Original source]

[3] .Smith saw English merchant Thomas Mun (1571–1641) as a major creator of the mercantile system, especially in his posthumously published Treasure by Foreign Trade (1664), which Smith considered the archetype of manifesto of the movement.^ England's Treasure by Forraign Trade , 1664.
  • MERCANTILISM 16 January 2010 22:022 UTC www.econlinks.uma.es [Source type: Original source]
  • $B=E>& 16 January 2010 22:022 UTC cruel.org [Source type: Academic]

^ Heckscher saw the mercantile system as embodying...
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ Thomas Mun , 1571-1641.

[4] Perhaps the last major mercantilist work was James Steuart’s Principles of Political Economy published in 1767.[3]
.Beyond England, Italy, France, and Spain produced noted writers who pursued mercantilist themes in their work, indeed the earliest examples of mercantilism are from outside of England: in Italy, Giovanni Botero (1544–1617) and Antonio Serra (1580–?^ As for historical examples of non-mercantile policy working, you have the Dutch Republic, Brittain in the 19th century, Hong Kong and Switzerland as good examples.
  • Reconsider mercantilism? | The Economist 16 January 2010 22:022 UTC www.economist.com [Source type: General]

^ Note first that the two can claim the label of New Mercantilism because indeed the original Mercantilists made both arguments in building their case in favor of accumulating large stocks of gold.
  • Roubini Global Economics - RGE Monitor -- Latin America EconoMonitor 16 January 2010 22:022 UTC www.roubini.com [Source type: FILTERED WITH BAYES]

^ Cunningham] saying: “The mercantile system is concerned with man solely as a being who pursues national power, and who is capable of judging the comparative efficacy of means to that end.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

), in .France, Jean Bodin, Colbert and some other precursors to the physiocrats, in Spain, the School of Salamanca writers Francisco de Vitoria (1480 or 1483–1546), Domingo de Soto (1494–1560), Martin de Azpilcueta (1491–1586), and Luis de Molina (1535–1600).^ The first school to completely reject mercantilism were the Physiocrats of France.

^ In France its chief exponent was Jean Baptiste Colbert .
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ Tags: Early Modern , Economic History , Europe , Middle Ages , Reading Notes , Catholicism , Economics , Francisco de Vitoria , History of economic thought .
  • Mercantilism — Blogs, Pictures, and more on WordPress 16 January 2010 22:022 UTC en.wordpress.com [Source type: General]

.Themes also existed in writers from the German historical school from List, as well as followers of the "American system" and British "free-trade imperialism," thus stretching the system into the nineteenth century.^ Free Trade in nineteenth century in, 338 .

^ Since the end of World War II, the United States has promoted free trade in the General Agreement on Tariffs and Trade, the World Trade Organization, and regional agreements like the North American Free Trade Agreement.
  • Dr Peter Morici: Confronting China to save Free Trade and more 16 January 2010 22:022 UTC www.finfacts.com [Source type: News]

^ Mercantilist regulations were steadily removed over the course of the eighteenth century in Britain, and during the 19th century the British government fully embraced free trade and Smith's laissez-faire economics.

.However, many British writers, including Mun and Misselden, were merchants, while many of the writers from other countries were public officials.^ However, many countries became in the red due to the innumerable payments to wars; for example, the sinking of Spanish Armada in some sense destroyed the empire.
  • Mercantilism Essay | Custom Essays, Term Papers, Research Papers, Writing Help and Writing Tips | Custom Writing Service Blog 16 January 2010 22:022 UTC www.customwritings.com [Source type: General]

^ After all the US went further and improved it somewhat and in turn created influence as beacon of hope & standard of living to other countries including UK. .

^ And in many cases, they’re including other “payments” into the transactions – direct investment, infrastructure development and trade agreements.

.Beyond mercantilism as a way of understanding the wealth and power of nations, Mun and Misselden are noted for their viewpoints on a wide range of economic matters.^ Nations accumulated wealth in several ways.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ In telling the tale of Europe's journey from medieval chaos to the modern nation state Heckscher's book ranged widely across the continent beginning in the late middle ages and ending "after mercantilism" with a discussion of nineteenth-century liberalism.
  • Mercantilism | Book Reviews | EH.Net 16 January 2010 22:022 UTC eh.net [Source type: FILTERED WITH BAYES]

^ International economics were seen as a zero sum gameat any given moment only a finite amount of wealth exists in the world; therefore, the only way for a nation to increase its wealth is to fight for bigger share.
  • The American Colonies and the British Empire 16 January 2010 22:022 UTC www.sagehistory.net [Source type: Original source]

[5]
Merchants in Venice
The Austrian lawyer and scholar Philipp Wilhelm von Hornick, in his Austria Over All, If She Only Will of 1684, detailed a nine-point program of what he deemed effective national economy, which sums up the tenets of mercantilism comprehensively:[6]
  • That every inch of a country's soil be utilized for agriculture, mining or manufacturing.
  • That all raw materials found in a country be used in domestic manufacture, since finished goods have a higher value than raw materials.
  • That a large, working population be encouraged.
  • That all export of gold and silver be prohibited and all domestic money be kept in circulation.
  • That all imports of foreign goods be discouraged as much as possible.
  • That where certain imports are indispensable they be obtained at first hand, in exchange for other domestic goods instead of gold and silver.
  • That as much as possible, imports be confined to raw materials that can be finished [in the home country].
  • That opportunities be constantly sought for selling a country's surplus manufactures to foreigners, so far as necessary, for gold and silver.
  • That no importation be allowed if such goods are sufficiently and suitably supplied at home.
.Other than Von Hornick, there were no mercantilist writers presenting an overarching scheme for the ideal economy, as Adam Smith would later do for classical economics.^ There were no mercantilist writers presenting an overarching scheme for the ideal economy, as Adam Smith would later do for classical (laissez-faire) economics.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ There were no mercantilist writers presenting an overarching scheme for the ideal economy, as Adam Smith would later do for classical economics.

^ Chapter 4: Economics before Adam Smith .

.Rather, each mercantilist writer tended to focus on a single area of the economy.^ It was one of the tendencies against which innumerable mercantilist writers thundered, and I do not think it would be possible to find a single dissentient voice.
  • Notes on Mercantilism, etc. 16 January 2010 22:022 UTC homepage.newschool.edu [Source type: Original source]
  • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

[7] .Only later did non-mercantilist scholars integrate these "diverse" ideas into what they called mercantilism.^ Only later did non-mercantilist scholars integrate these "diverse" ideas into what they called mercantilism .

^ Only later did non-mercantilist scholars integrate these "diverse" ideas into what they called mercantilism.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ The mercantilist idea that all trade was a zero sum game, in which each side was trying to best the other in a ruthless competition, was integrated into the works of Thomas Hobbes .

.Some scholars thus reject the idea of mercantilism completely, arguing that it gives "a false unity to disparate events". Smith saw the mercantile system as an enormous conspiracy by manufacturers and merchants against consumers, a view that has led some authors, especially Robert E. Ekelund and Robert D. Tollison to call mercantilism "a rent-seeking society". To a certain extent, mercantilist doctrine itself made a general theory of economics impossible.^ To a certain extent, mercantilist doctrine itself made a general theory of economics impossible.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Mercantilism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ The money economy: mercantilism , classical economics and Keynes' general theory.
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]

^ Like capitalism, mercantilism is an economic theory.
  • The Liberty Papers»Blog Archive » Mercantilism, Fascism, Corporatism — And Capitalism 16 January 2010 22:022 UTC www.thelibertypapers.org [Source type: Original source]

.Mercantilists viewed the economic system as a zero-sum game, in which any gain by one party required a loss by another.^ NOT a zero-sum game.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

^ Mercantilists viewed the economic system as a zero-sum game, in which any gain by one party required a loss by another.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Readers Respond to "Beyond a Dying Private Health Insurance Industry" 16 January 2010 22:022 UTC www.medscape.com [Source type: Academic]

^ Mercantilists viewed the economic system as a zero-sum game; where a gain by one party requires a loss by another.

[8] .Thus, any system of policies that benefited one group would by definition harm the other, and there was no possibility of economics being used to maximize the "commonwealth", or common good.^ Thus, any system of policies that benefited one group would by definition "harm the other", and there was no possibility of economics being used to maximize the commonwealth, or "common good".

^ Thus, any system of policies that benefited one group would by definition harm the other, and there was no possibility of economics being used to maximize the "commonwealth", or common good.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ In a truly capitalist system, one would have to aspire to aspirational goods.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

[9] .Mercantilists' writings were also generally created to rationalize particular practices rather than as investigations into the best policies.^ Mercantilists' writings were also generally created to rationalize particular practices rather than as investigations into the best policies.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ Mercantilists' writings were also generally created to 'justify' particular practices, rather than as investigations into the best policies.

^ The mercantilist idea that all trade was a zero sum game, in which each side was trying to best the other in a ruthless competition, was integrated into the works of Thomas Hobbes .

[10]
.Mercantilist domestic policy was more fragmented than its trade policy.^ Mercantilist domestic policy was more fragmented than its trade policy.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Mercantilism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ In order to make sure that Britain had more money coming in than going out of the country, Britain passed laws that set limits on business and trade.
  • K12Station - Middle & High School U.S. History - Colonial America 16 January 2010 22:022 UTC www.k12station.com [Source type: FILTERED WITH BAYES]

^ It was important, therefore, that the balance of trade be kept favorable, in order that more industrial and agricultural produce be exported than imported.
  • When Tolerance Became Profitable - My Jewish Learning 16 January 2010 22:022 UTC www.myjewishlearning.com [Source type: FILTERED WITH BAYES]

.While Adam Smith portrayed mercantilism as supportive of strict controls over the economy, many mercantilists disagreed.^ Adam Smith, mercantilism .
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ While Adam Smith portrayed mercantilism as supportive of strict controls over the economy, many mercantilists disagreed.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ While Adam Smith presented mercantilism as supporting strict controls over the economy, many mercantilists disagreed.

.The early modern era was one of letters patent and government-imposed monopolies; some mercantilists supported these, but others acknowledged the corruption and inefficiency of such systems.^ Acknowledgement maybe that their system is compromised and corrupt?
  • LibertyGuys 16 January 2010 22:022 UTC www.libertyguys.org [Source type: FILTERED WITH BAYES]
  • libertyvini archive at LibertyGuys 16 January 2010 22:022 UTC www.libertyguys.org [Source type: FILTERED WITH BAYES]

^ The early modern era was one of letters patent and government-imposed monopolies; some mercantilists supported these, but others acknowledged the corruption and inefficiency of such systems.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ Some mercantilists supported these; but others acknowledged the corruption and inefficiency of such systems.

.Many mercantilists also realized that the inevitable results of quotas and price ceilings were black markets.^ It describes many real-world markets.
  • Economics A-Z | Economist.com 16 January 2010 22:022 UTC www.economist.com [Source type: FILTERED WITH BAYES]

^ Many mercantilists also realized the inevitable result of quotas and price ceilings were black markets.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Mercantilism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ The net benefit realized by consumers when they are able to buy a good at the prevailing market price.

.One notion mercantilists widely agreed upon was the need for economic oppression of the working population; laborers and farmers were to live at the "margins of subsistence". The goal was to maximize production, with no concern for consumption.^ Laborers and farmers were to live at the "margins of subsistence".

^ One element mercantilists agreed upon was the economic oppression of the working population.

^ The goal was to maximize production, with no concern for consumption.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Mercantilism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

.Extra money, free time, or education for the "lower classes" was seen to inevitably lead to vice and laziness, and would result in harm to the economy.^ Extra money, free time, or education for the " lower classes" was seen to inevitably lead to 'vice' and laziness, and would result in 'harm' to the economy .

^ Extra money, free time, or education for the "lower classes" was seen to inevitably lead to vice and laziness, and would result in harm to the economy.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ Allowing for the free flow of money, at this time mostly gold, it was argued, would tend to result in a balance of trade equilibrium.

[11]

Causes

.Scholars are divided on why mercantilism was the dominant economic ideology for two and a half centuries.^ Scholars are divided on why mercantilism was the dominant economic ideology for two and a half centuries.

^ Scholars are also divided over the cause of mercantilism's end.

^ Adam Smith, the father of economic liberalism, had two centuries earlier attacked the era's dominant economic theory mercantilism which held that a country would get rich by subsidizing exports, restricting imports, and hence amassing gold, which was a currency of the day.
  • Odious Debts 16 January 2010 22:022 UTC www.odiousdebts.org [Source type: FILTERED WITH BAYES]

[12] .One group, represented by Jacob Viner, argues that mercantilism was simply a straightforward, common-sense system whose logical fallacies could not be discovered by the people of the time, as they simply lacked the required analytical tools.^ One group, represented by Jacob Viner, argues that mercantilism was simply a straightforward, common-sense system that the people of the time simply did not have the analytical tools to discover was actually deeply fallacious.

^ By agreeing to the English Bill of Rights, they supported a limited monarchy, a system in which they shared their power with Parliament and the people, and did not have absolute power, as James II had sought.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ Apparently, it's imperative to pass legislation that could have far-reaching ramifications on the American economy system for decades to come in a few days' time.
  • ROI, Paulson's Plan, and the Rise of Neo-Mercantilism -- Seeking Alpha 16 January 2010 22:022 UTC seekingalpha.com [Source type: Original source]

.The second school, supported by scholars such as Robert B. Ekelund, contends that mercantilism was not a mistake, but rather the best possible system for those who developed it.^ The second school, supported by scholars such as Robert B. Ekelund, contends that mercantilism was not a mistake, but rather the best possible system for those who developed it.

^ The government, he said, should do only those things the private sector would not, such as national defense and a judicial system.

^ In 1906 he retired to his estate near Celigny on Lake Geneva and occupied himself developing a rather peculiar system of sociology.

.This school argues that mercantilist policies were developed and enforced by rent-seeking merchants and governments.^ This school argues that mercantilist policies were developed and enforced by rent-seeking merchants and governments.

^ A school of economic thought that developed in opposition to post-1945 KEYNESIAN policies of DEMAND management, echoing earlier debates between MERCANTILISM and CLASSICAL ECONOMICS .
  • Economics A-Z | Economist.com 16 January 2010 22:022 UTC www.economist.com [Source type: FILTERED WITH BAYES]

^ Argued for government policies to maintain favorable trade balance to insure inflow of bullion.

.Merchants benefited greatly from the enforced monopolies, bans on foreign competition, and poverty of the workers.^ Merchants benefited greatly from the enforced monopolies, bans on foreign competition, and poverty of the workers.

^ The imperial monopoly created by the Navigation Acts allowed merchants to buy English and colonial exports cheap and sell them dear abroad, to buy foreign goods cheap and sell them dear in England.
  • D. Mercantilism, Colonialism, and the Creation of the "World Market" 16 January 2010 22:022 UTC www.mutualist.org [Source type: Original source]

.Governments benefited from the high tariffs and payments from the merchants.^ Governments benefited from the high tariffs and payments from the merchants.

^ The trusts that benefited from high tariffs have the Republicans to thank for their high tariff policy.
  • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

^ He also believed in the Fed's 'easy credit' policy of inflation, government-supervised competition, and the GOP sacred cow of high protectionist tariffs.
  • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

.Whereas later economic ideas were often developed by academics and philosophers, almost all mercantilist writers were merchants or government officials.^ Whereas later economic ideas were often developed by academics and philosophers, almost all mercantilist writers were merchants or government officials.

^ I will seek to show that the ideas of Aquinas were important to the development of later economic ideas.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

^ The mercantilist idea that all trade was a zero sum game, in which each side was trying to best the other in a ruthless competition, was integrated into the works of Thomas Hobbes .

[13]
A third explanation for mercantilism is monetary. .European trade exported bullion to pay for goods from Asia, thus reducing the money supply and putting downward pressure on prices and economic activity.^ The change in relative exchange rates would have reduced their trade surpluses with the United States by increasing U.S. exports to China and reducing U.S. imports from China.
  • The tax break China gets but you don't 16 January 2010 22:022 UTC www.wnd.com [Source type: Original source]

^ The goal was to increase this wealth by exporting as many goods as possible (thus bringing in wealth) while importing as little as possible (so that you dont have to pay out and loose wealth)in other words, success meant having a positive trade balance and being as self-sufficient as possible.
  • lect 2 West Civ Since 1650 16 January 2010 22:022 UTC facstaff.bloomu.edu [Source type: Original source]

^ Economic assets, or capital, are represented by bullion (gold, silver, and trade value) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports).
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]
  • ENGL 328: Imperialism - Keywords 16 January 2010 22:022 UTC depts.washington.edu [Source type: FILTERED WITH BAYES]

.The evidence for this hypothesis is the lack of inflation in the English economy until the Revolutionary and Napoleonic wars when paper money was extensively used.^ Unable to finance the war by taxation, the Patriots' Continental Congress also resorted to printing paper money and confiscating Loyalist property.

^ Money illusion, a phrase coined by KEYNES , is used by some economists to argue that a small amount of inflation may not be a bad thing and could even be beneficial, helping to “grease the wheels” of the economy.
  • Economics A-Z | Economist.com 16 January 2010 22:022 UTC www.economist.com [Source type: FILTERED WITH BAYES]

^ The money supply is useful as a policy target only if the relationship between money and nominal GDP , and hence inflation, is stable and predictable.
  • Economics A-Z | Economist.com 16 January 2010 22:022 UTC www.economist.com [Source type: FILTERED WITH BAYES]

.A fourth explanation lies in the increasing professionalisation and technification of the wars of the era, which turned the maintenance of adequate reserve funds in the prospect of war into a more and more expensive and eventually competitive business.^ The money could be used to purchase commodities and fund armies-- which, in turn, helped bring money into the country.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

^ Early mercantilism goes back to the seventeenth century: trade wars that turned into real wars, such as the Anglo-Dutch wars of the mid-seventeenth century.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

^ This "imperialism" turns out to consist of selling Americans wonderful TV sets, autos, microchips, etc., at prices more than competitive with American firms.
  • Neo-Mercantilism - Murray N. Rothbard - Mises Institute 16 January 2010 22:022 UTC mises.org [Source type: Original source]

.Mercantilism developed at a time when the European economy was in transition.^ Mercantilism developed at a time when the European economy was in transition.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Mercantilism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ Mercantilism was the dominant European economic model from the 16th to 18th centuries and it's very essence was the belief in government intervention and control of the economy.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

^ The Atlantic migration of Europeans and Africans to America and the commercial activities associated with it created an economy that for the first time in history could be called global.
  • AP Central - America, the Atlantic, and Global Consumer Demand, 1500-1800 16 January 2010 22:022 UTC apcentral.collegeboard.com [Source type: FILTERED WITH BAYES]

.Isolated feudal estates were being replaced by centralized nation-states as the focus of power.^ Isolated feudal estates were being replaced by centralized nation-states as the locus of power.

^ Isolated feudal estates were being replaced by centralized nation-states as the focus of power.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ The nation state in France nationalized feudal arrangements.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.Technological changes in shipping and the growth of urban centers led to a rapid increase in international trade.^ Technological changes in shipping and the growth of urban centers led to a rapid increase in international trade.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • Mercantilism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ If pursued, this will change the face of international trade.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

^ The change in relative exchange rates would have reduced their trade surpluses with the United States by increasing U.S. exports to China and reducing U.S. imports from China.
  • The tax break China gets but you don't 16 January 2010 22:022 UTC www.wnd.com [Source type: Original source]

[14] .Mercantilism focused on how this trade could best aid the states.^ Mercantilism focused on how this trade could best aid the states.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ Fortunately, the absurdity of worrying about the balance of payments is made evident by focusing on inter-state trade.
  • Neo-Mercantilism - Murray N. Rothbard - Mises Institute 16 January 2010 22:022 UTC mises.org [Source type: Original source]

^ Special Section: Trade Development - Mercantilism Today: How a Dead Philosophy Comes Back to Life...talking shop bedeviled by protests.
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

.Another important change was the introduction of double-entry bookkeeping and modern accounting.^ Another important positive effect of mercantilism was the introduction of double-entry bookkeeping and modern accounting.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ In discussing the evolving conceptualization of the early modern economy, it is important not only to recognize the commercial growth that occurred during the period, but also to take into account the demographic and environmental changes that were consequences of that growth.
  • AP Central - America, the Atlantic, and Global Consumer Demand, 1500-1800 16 January 2010 22:022 UTC apcentral.collegeboard.com [Source type: FILTERED WITH BAYES]

.This accounting made extremely clear the inflow and outflow of trade, contributing to the close scrutiny given to the balance of trade.^ This accounting made extremely clear the inflow and outflow of trade, contributing to the close scrutiny given to the balance of trade.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ Argued for government policies to maintain favorable trade balance to insure inflow of bullion.

^ Fortunately, the absurdity of worrying about the balance of payments is made evident by focusing on inter-state trade.
  • Neo-Mercantilism - Murray N. Rothbard - Mises Institute 16 January 2010 22:022 UTC mises.org [Source type: Original source]

[15] .Of course, the impact of the discovery of America cannot be ignored.^ Of course, the impact of the discovery of America can not be ignored.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

.New markets and new mines propelled foreign trade to previously inconceivable heights.^ New markets and new mines propelled foreign trade to previously inconceivable heights.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ New Englanders often evaded this cost through trading with foreign countries illegally.

^ The appearance of these ships separated fishing from the trade in fish, and favoured the resident fishery which, in turn, created a market for New England supplies.
  • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

The latter led to “the great upward movement in prices” and an increase in “the volume of merchant activity itself.”[16]
.Prior to mercantilism, the most important economic work done in Europe was by the medieval scholastic theorists.^ The most important economic principles today are: .
  • Globalization 16 January 2010 22:022 UTC www.westga.edu [Source type: Original source]

^ Shipping: Most important to mercantilism was control of shipping.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

^ However, Colbert was a practical politician intent on the welfare of the middle class to which he belonged, not a doctrinaire theorist; for him mercantilism was the most convenient method of attaining his end.
  • Mercantilism 16 January 2010 22:022 UTC mars.wnec.edu [Source type: Original source]
  • MERCANTILISM 16 January 2010 22:022 UTC www.fcahomeschool.com [Source type: Original source]

.The goal of these thinkers was to find an economic system that was compatible with Christian doctrines of piety and justice.^ Christian critics of capitalism may not oppose capitalism entirely, but support a mixed economy in order to ensure adequate labor standards and relations, as well as economic justice.
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^ Moreover, Schmoller argued that the principal content of the system was not the doctrine of money, nor the balance of trade, but the replacing of a local and territorial economic policy by that of the national state.
  • http://www.maths.tcd.ie/pub/econrev/ser/html/tommy.html 16 January 2010 22:022 UTC www.maths.tcd.ie [Source type: Original source]

^ At around the same time, Adam Smith was defending trade on moral as well as economic grounds by enunciating his doctrine of how free trade was part of the system of "natural justice."
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

.They focused mainly on microeconomics and local exchanges between individuals.^ Despite their focused concerns along the northwest coast of Europe, they mediated between Asia and Europe.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.Mercantilism was closely aligned with the other theories and ideas that were replacing the medieval worldview.^ What man first proposed the idea of replacing mercantilism with a natural order of trade?
  • SparkNotes: The Enlightenment (1650–1800): Quiz 16 January 2010 22:022 UTC www.sparknotes.com [Source type: Academic]

^ In the 1600s and early 1700s, the dominant theory of how a state's economy should function was not based upon the culture of capitalism, though; it was based upon the idea of "Mercantilism."
  • lect 2 West Civ Since 1650 16 January 2010 22:022 UTC facstaff.bloomu.edu [Source type: Original source]

^ This new approach to power, called Absolutism, was closely linked to the ideas of mercantilism.
  • lect 2 West Civ Since 1650 16 January 2010 22:022 UTC facstaff.bloomu.edu [Source type: Original source]

This period saw the adoption of the very Machiavellian realpolitik and the primacy of the raison d'état in international relations. .The mercantilist idea that all trade was a zero sum game, in which each side was trying to best the other in a ruthless competition, was integrated into the works of Thomas Hobbes.^ The latter led to “the great upward movement in prices” and an increase in “the volume of merchant activity itself.” The mercantilist idea that all trade was a zero sum game, in which each side was trying to best the other in a ruthless competition, was integrated into the works of Thomas Hobbes.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ NOT a zero-sum game.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

^ It’s illogical even on the mercantilist assumption that trade is a zero-sum game.
  • Free trade, first movers and carbon mercantilism: why unilateralism is good – Crikey 16 January 2010 22:022 UTC www.crikey.com.au [Source type: FILTERED WITH BAYES]

.The dark view of human nature also fit well with the Puritan view of the world, and some of the most stridently mercantilist legislation, such as the Navigation Acts, were enacted by the government of Oliver Cromwell.^ When viewed as a single process, the European consumption of tribal society could be said to represent the greatest, most persistent act of human destructiveness ever recorded.
  • Cortes and Aztec Gold 16 January 2010 22:022 UTC www.american.edu [Source type: FILTERED WITH BAYES]

^ The early modern era was one of letters patent and government-imposed monopolies; some mercantilists supported these, but others acknowledged the corruption and inefficiency of such systems.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ On page 138, Equiano says, "In short, the fair as well as black people immediately styled me by a new appellation, tome the most desirable in the world, which was freeman."
  • ENGL 328: Imperialism - Keywords 16 January 2010 22:022 UTC depts.washington.edu [Source type: FILTERED WITH BAYES]

[17]

Policies

French finance minister and mercantilist Jean-Baptiste Colbert served for over 20 years.
.Mercantilist ideas were the dominant economic ideology of all of Europe in the early modern period, and most states embraced it to a certain degree.^ Life in early modern Europe (part 2) .
  • lect 2 West Civ Since 1650 16 January 2010 22:022 UTC facstaff.bloomu.edu [Source type: Original source]

^ The mercantilist period in Europe belonged to France.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ Mercantilism In the sixteenth through eighteenth centuries, the dominant economic theory in Europe, mercantilism, held that national prosperity depended on a nation’s supply of capital, which at the time was gold.
  • Random House, Inc. Academic Resources | Dangerous Business by Pat Choate 16 January 2010 22:022 UTC www.randomhouse.com [Source type: FILTERED WITH BAYES]

.Mercantilism was centered in England and France, and it was in these states that mercantilist polices were most often enacted.^ Between 1600 and 1800 most of the states of western Europe were heavily influenced by a policy usually known as mercantilism.
  • K12Station - Middle & High School U.S. History - Colonial America 16 January 2010 22:022 UTC www.k12station.com [Source type: FILTERED WITH BAYES]

^ While most of these ideas are quite old -- often pre-dating liberalism -- they appear most coherent if developed as critiques of liberal theory.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

^ "Most Catholic King" and his crusade ---- parallel to internal upheaval in England, France and HRE Decline under Philip III (1598-1622), Philip IV (1622-1665).
  • absolutism 16 January 2010 22:022 UTC cla.calpoly.edu [Source type: FILTERED WITH BAYES]

.Mercantilism arose in France in the early 16th century, soon after the monarchy had become the dominant force in French politics.^ Mercantilism was the dominant European economic model from the 16th to 18th centuries and it's very essence was the belief in government intervention and control of the economy.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

^ The earliest stages of modern capitalism, arising in the period between the 16th and 18th centuries, are commonly described as merchant capitalism and mercantilism (Burnham; EB).

^ Mercantilism was established during the early modern period (starting in the 16th to the 18th century, which roughly corresponded to the emergence of the nation-state).
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]
  • ENGL 328: Imperialism - Keywords 16 January 2010 22:022 UTC depts.washington.edu [Source type: FILTERED WITH BAYES]

In 1539, an important decree banned the importation of woolen goods from Spain and some parts of Flanders. .The next year, a number of restrictions were imposed on the export of bullion.^ Accordingly, mercantilist governments imposed extensive restrictions on their economies to ensure a surplus of exports over imports.
  • Some Future: Obama Advisor Preaches Tariffs, Wage Controls, Suppression of Secret Ballot | NewsBusters.org 16 January 2010 22:022 UTC newsbusters.org [Source type: General]

^ Promoter of heavy restrictions on trade and supervision of the export of bullion.

^ The Canadian Export Development Corporation rarely announces a new deal without estimating the number of "person-years" of employment created.
  • Odious Debts 16 January 2010 22:022 UTC www.odiousdebts.org [Source type: FILTERED WITH BAYES]

[18] .Over the rest of the sixteenth century further protectionist measures were introduced.^ At the end of the sixteenth century, cannon were introduced into naval warfare, and special warships were built.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.The height of French mercantilism is closely associated with Jean-Baptiste Colbert, finance minister for 22 years in the 17th century, to the extent that French mercantilism is sometimes called "Colbertism". Under Colbert, the French government became deeply involved in the economy in order to increase exports.^ Jean Baptiste Colbert , 1619-1683.

^ Over the next 500 years, mercantilism became what we now call capitalism.
  • Howstuffworks "Introduction to How Capitalism Works" 16 January 2010 22:022 UTC money.howstuffworks.com [Source type: FILTERED WITH BAYES]

^ Today government agencies called export credit agencies promote mercantilism.
  • Odious Debts 16 January 2010 22:022 UTC www.odiousdebts.org [Source type: FILTERED WITH BAYES]

.Protectionist policies were enacted that limited imports and favored exports.^ Argued, with Misselden , for government to keep favorable trade balance by promoting exports and restricting imports in order to bring more money into home country.

^ This meant striving for a favorable trade balance—that is, a surplus of exports over imports.
  • CAPITALISM, 16 January 2010 22:022 UTC www.history.com [Source type: FILTERED WITH BAYES]

^ Mercantilist states also favored maintaining low wages, believing that this would discourage imports, contribute to the export surplus, and thus swell the influx of gold.
  • CAPITALISM, 16 January 2010 22:022 UTC www.history.com [Source type: FILTERED WITH BAYES]

.Industries were organized into guilds and monopolies, and production was regulated by the state through a series of over a thousand directives outlining how different products should be produced.^ Industrial regulations, monopolies and tariffs were withdrawn.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

^ In the process, the government has encouraged foreign direct investment, joint ventures, the elimination of redundant production, the transformation of state industries into joint-stock ventures, the outright sale of some operations, and the liquidation of tens of thousands of failing ventures.
  • Random House, Inc. Academic Resources | Dangerous Business by Pat Choate 16 January 2010 22:022 UTC www.randomhouse.com [Source type: FILTERED WITH BAYES]

^ In our graph, these differences skew one country's production possibility curve toward producing wheat and the other country's toward producing cloth.  .
  • Chapter 3 16 January 2010 22:022 UTC www.wright.edu [Source type: FILTERED WITH BAYES]

To encourage industry, foreign artisans and craftsmen were imported. .Colbert also worked to decrease internal barriers to trade, reducing internal tariffs and building an extensive network of roads and canals.^ Richard Cobden was also influential in pushing through the Anglo-French treaty of 1860, which lowered French tariffs and helped put that country on the road to freer trade.
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

^ Colbert's reforms reduced internal tariffs, simplified administration, and raised protective duties against foreign manufactures.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ Its effect was to increase tariffs and non-tariff trade barriers on worldwide trade during 1929 -- 32.
  • Project Syndicate - Mercantilism Reconsidered 16 January 2010 22:022 UTC www.project-syndicate.org [Source type: FILTERED WITH BAYES]

.Colbert's policies were quite successful, and France's industrial output and economy grew considerably during this period, as France became the dominant European power.^ Mercantilism was the dominant European economic model from the 16th to 18th centuries and it's very essence was the belief in government intervention and control of the economy.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

^ For the beginnings of the end of mercantilism as the dominant doctrine during "the pre-classical period" prior to 1776, see Hutchison (1988).
  • Mercantilism | Book Reviews | EH.Net 16 January 2010 22:022 UTC eh.net [Source type: FILTERED WITH BAYES]

^ This gave Japanese investors considerable leverage in affecting the American economy, which partially offset Japanese military weakness whenever the relative power of these two states became an issue in foreign policy.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

.He was less successful in turning France into a major trading power, and Britain and the Netherlands remained supreme in this field.^ He organized four major overseas trading companies, including the West India Company, to which the trade and colonization of new France, the West Indies and Guiana were entrusted.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ Early mercantilism goes back to the seventeenth century: trade wars that turned into real wars, such as the Anglo-Dutch wars of the mid-seventeenth century.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

^ However, as the cold war came to an end in the 1980s and the former Soviet-bloc nations turned to free enterprise (though with mixed success at first), China was the only major power to retain a Marxist regime.
  • CAPITALISM, 16 January 2010 22:022 UTC www.history.com [Source type: FILTERED WITH BAYES]

[19]
.In England, mercantilism reached its peak during the Long Parliament government (1640–1660).^ Sick Economies: Drama, Mercantilism , and Disease in Shakespeares England...Rowe Sick Economies: Drama, Mercantilism , and Disease in Shakespeares England...early English economic thought, mercantilism , which has remained offstage during...
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ The "Short Parliament" 1640 The "Long Parliament" and the Civil War 1640-49.
  • absolutism 16 January 2010 22:022 UTC cla.calpoly.edu [Source type: FILTERED WITH BAYES]

.Mercantilist policies were also embraced throughout much of the Tudor and Stuart periods, with Robert Walpole being another major proponent.^ Taking aggressive action against mercantilist policies is much harder.
  • The Rise of the New Mercantilism (Part II) by Robert D. Atkinson - The Globalist 16 January 2010 22:022 UTC www.theglobalist.com [Source type: FILTERED WITH BAYES]

^ Throughout the colonial period, governors and colonial assemblies attempted to capture part of these mercantilist rents for themselves.
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

^ It's unlikely that China or other nations will readily abandon mercantilist policies, as they are much easier politically than engaging in the hard struggle of building productivity.
  • Robert D. Atkinson, Ph.D.: Why China Needs To End Its Economic Mercantilism 16 January 2010 22:022 UTC www.huffingtonpost.com [Source type: General]

.In Britain, government control over the domestic economy was far less extensive than on the Continent, limited by common law and the steadily increasing power of Parliament.^ In order to make sure that Britain had more money coming in than going out of the country, Britain passed laws that set limits on business and trade.
  • K12Station - Middle & High School U.S. History - Colonial America 16 January 2010 22:022 UTC www.k12station.com [Source type: FILTERED WITH BAYES]

^ Mercantilism was the dominant European economic model from the 16th to 18th centuries and it's very essence was the belief in government intervention and control of the economy.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

^ Similar increases were seen in all industrialized capitalist economies, some of which, such as France, have reached even higher ratios of government expenditures to GNP than the United States.
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]
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  • Capitalism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

[20] .Government-controlled monopolies were common, especially before the English Civil War, but were often controversial.^ The period 1500-1800 was one of religious and commercial wars, and large revenues were needed to maintain armies and pay the growing costs of civil government.
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]

^ The period 1500–1800 was one of religious and commercial wars, and large revenues were needed to maintain armies and pay the growing costs of civil government.
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ The monarchy-parliamentary dispute over control of economic matters and the fruits of extending mercantilist privileges eventually erupted in the English Civil War (1642-51) (Middleton 1953: 83, Brooks 1952: 88).
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

[21] .British mercantilist writers were themselves divided on whether domestic controls were necessary.^ A British mercantilist writer of the 17th Century.

^ To Richard Cobden and John Bright, the leaders of the British Manchester School, free trade -- both domestically and internationally -- was a necessary prerequisite for the preservation of peace.
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

^ The British mercantilist restrictions helped to make colonial crop controls attractive.
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

.British mercantilism thus mainly took the form of efforts to control trade.^ Foreign trade was publicly controlled to produce the maximum possible surplus in the nation's trade balance, thus increasing the country's store of silver and gold, which constitute the ‘nation's wealth’.
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]

^ British mercantilism and crop controls in the tobacco colonies: a study of rent-seeking costs.
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]

^ British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs .
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

.A wide array of regulations was put in place to encourage exports and discourage imports.^ Their recommendation was that the state can only stem the outflow of gold not by restrictions on gold movements, but rather by encouraging exports and discouraging imports.

^ Mercantilist states also favored maintaining low wages, believing that this would discourage imports, contribute to the export surplus, and thus swell the influx of gold.
  • CAPITALISM, 16 January 2010 22:022 UTC www.history.com [Source type: FILTERED WITH BAYES]

^ If U.S. banks, spurred on by the Fed or previous forms of central banks, inflated money and credit, the American inflation would lead to higher prices in the U.S., and this would discourage exports and encourage imports.
  • Neo-Mercantilism - Murray N. Rothbard - Mises Institute 16 January 2010 22:022 UTC mises.org [Source type: Original source]

.Tariffs were placed on imports and bounties given for exports, and the export of some raw materials was banned completely.^ Second, export promotion may be as essential to some infant industries as import protection, because in some sectors a firm cannot be sustained by the market of a single country.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

^ The optimal formula had already been laid out years earlier by Jean Bodin : impose high tariffs and duties on the export of raw materials and the import of finished goods, and low tariffs and duties on the import of raw materials and the export of finished goods.

^ Mercantilists asserted that only raw materials that could not be extracted at home should be imported; and promoted government subsidies, such as the granting of monopolies and protective tariffs, were necessary to encourage home production of manufactured goods.
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

.The Navigation Acts expelled foreign merchants from England's domestic trade.^ Through a series of Navigation Acts England finally destroyed the commerce of Holland, its chief rival.
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ Consequently, the Trade and Navigation Acts were made even more oppressive, which imposed severe hardships on the American colonists and helped lead to revolution.
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

^ As the best means of acquiring bullion, foreign trade was favored above domestic trade, and manufacturing or processing, which provided the goods for foreign trade, was favored at the expense of the extractive industries (e.g., agriculture).
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

.The nation aggressively sought colonies and once under British control, regulations were imposed that allowed the colony to only produce raw materials and to only trade with Britain.^ A colony could provide the raw materials a nation would need, without having to pay someone else for them.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

^ And yes, the US continues to practice a good deal of protectionism with regard to raw materials (and you are right that is contrary to classical economics), but that is the opposite of colonial theft of raw materials.
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ Besides bullion, raw materials for domestic manufacturers were also sought, and duties were levied on the importation of such goods in order to provide revenue for the government.
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

.This led to friction with the inhabitants of these colonies, and mercantilist policies were one of the major causes of the American Revolution.^ These and other mercantilist policies provided some benefits to the colonies.

^ Some believe that the American revolution was an outgrowth of conflict between the colonies and England brought about by England's mercantilist policies .

^ Mercantilists were conscious that their policy, as Professor Heckscher puts it, 'killed two birds with one stone'.
  • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

.Over all, however, mercantilist policies had an important effect on Britain helping turn it into the world's dominant trader, and an international superpower.^ As the classical economists were later to point out, however, even a successful mercantilist policy was not likely to be beneficial, because it produced an oversupply of money and, with it, serious inflation.
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ All of the new mercantilist states were bullionist , that is, all adopted policies to maximize their intake of coins and monetary metals..
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ You could argue that a huge Chinese economy will translate into a huge Chinese military, and that this will mean the Chinese will politically dominate the world.
  • Marginal Revolution: Are economists just dirty, stinkin' liars? 16 January 2010 22:022 UTC www.marginalrevolution.com [Source type: General]

.One domestic policy that had a lasting impact was the conversion of "waste lands" to agricultural use.^ It wastes your valuable information will only be used on the rise in income levels, favourable government policies and templates that need to be retrieved and utilized.
  • cemca.org.mx » mercantilismo 16 January 2010 22:022 UTC cemca.org.mx [Source type: General]

^ The first stage uses a canonical one-sector model of an endowment economy that faces noninsurable shocks in domestic income.
  • FRB: Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism 16 January 2010 22:022 UTC www.federalreserve.gov [Source type: Academic]

^ It was evident in the extent to which mercantilist policies encouraged agriculture, manufacturing, domestic trade, and trade of a certain sort within their own colonial empires.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.Mercantilists felt that to maximize a nation's power all land and resources had to be used to their utmost, and this era thus saw projects like the draining of The Fens.^ Assumed in the following example is that each producer is fully employing all his or her resources and is using them as efficiently as it possible.

^ It is what should be the great object of public attention in all national movements, and in every negotiation we enter into with foreign powers.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ (Ekelund 43 ) The most important concern of mercantile writers was the desire to see that a nation's resources were used to the utmost of their ability to promote the economic and political power of the nation.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

[22]
Mercantilism helped create trade patterns such as the triangular trade in the North Atlantic, in which raw materials were imported to the metropolis and then processed and redistributed to other colonies.
.The other nations of Europe also embraced mercantilism to varying degrees.^ Various colonial exports were enumerated , that is, these goods had to be shipped to Britain, from which, if they were destined for other nations, they would be re-exported.

^ Thus was born mercantilism, which added to existing economic nationalism to the already existing antagonism engendered by religious differences and rivalry among the kings of the various nations.

^ Mercantilism was pervasive in Europe and America from the sixteenth to the eighteenth centuries, but, given the variety of its feudal antecedents, its evolving characteristics were different in different nation states.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.The Netherlands, which had become the financial center of Europe by being its most efficient trader, had little interest in seeing trade restricted and adopted few mercantilist policies.^ Between 1600 and 1800 most of the states of western Europe were heavily influenced by a policy usually known as mercantilism.
  • K12Station - Middle & High School U.S. History - Colonial America 16 January 2010 22:022 UTC www.k12station.com [Source type: FILTERED WITH BAYES]

^ Make no mistake about it --- this could potentially be the most radical change to American economic policy in the past few decades.
  • ROI, Paulson's Plan, and the Rise of Neo-Mercantilism -- Seeking Alpha 16 January 2010 22:022 UTC seekingalpha.com [Source type: Original source]

^ All of the new mercantilist states were bullionist , that is, all adopted policies to maximize their intake of coins and monetary metals..
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.Mercantilism became prominent in Central Europe and Scandinavia after the Thirty Years' War (1618–1648), with Christina of Sweden and Christian IV of Denmark being notable proponents.^ The impact of the Thirty Years War, 1618-1648.
  • absolutism 16 January 2010 22:022 UTC cla.calpoly.edu [Source type: FILTERED WITH BAYES]

^ In fact, in the last thirty years of the seventeenth century, it was virtually a free trade zone for all Europe and America.
  • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

^ The Habsburgs The last gasp of the feudal aristocracy --- the Fronde 1648-1652 Young Louis XIV and Reconsolidation under Mazarin, 1643-1661 The Age of Louis XIV 1643-1715 Hegemony in Europe Political: weakness in Central Europe and Civil War in England Economic: mercantilism successful in pre-industrial age.
  • absolutism 16 January 2010 22:022 UTC cla.calpoly.edu [Source type: FILTERED WITH BAYES]

.The Habsburg Holy Roman Emperors had long been interested in mercantilist policies, but the vast and decentralized nature of their empire made implementing such notions difficult.^ It is the thesis of this chapter, however, that such interests are extraordinarily difficult to identify, even for the parties themselves.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

^ Against Spanish Netherlands and Holy Roman Empire, 1672-1679.
  • absolutism 16 January 2010 22:022 UTC cla.calpoly.edu [Source type: FILTERED WITH BAYES]

^ Over this period, mercantilist self-sufficiency dictated as little trade as possible between colonial empires, though there were profits to be made in inter-empire trade.
  • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

.Some constituent states of the empire did embrace Mercantilism, most notably Prussia, which under Frederick the Great had perhaps the most rigidly controlled economy in Europe.^ Shipping: Most important to mercantilism was control of shipping.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

^ Mercantilism was the dominant European economic model from the 16th to 18th centuries and it's very essence was the belief in government intervention and control of the economy.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

^ Between 1600 and 1800 most of the states of western Europe were heavily influenced by a policy usually known as mercantilism.
  • K12Station - Middle & High School U.S. History - Colonial America 16 January 2010 22:022 UTC www.k12station.com [Source type: FILTERED WITH BAYES]

.During the economic collapse of the seventeenth century Spain had little coherent economic policy, but French mercantilist policies were imported by Philip V with some success.^ As the classical economists were later to point out, however, even a successful mercantilist policy was not likely to be beneficial, because it produced an oversupply of money and, with it, serious inflation.
  • mercantilism Facts, information, pictures | Encyclopedia.com articles about mercantilism 16 January 2010 22:022 UTC www.encyclopedia.com [Source type: Academic]

^ Merchants and trade are as old as civilization itself, but capitalism as a coherent economic system had its origins in Europe in the 13th century, toward the close of the feudal era.
  • CAPITALISM, 16 January 2010 22:022 UTC www.history.com [Source type: FILTERED WITH BAYES]

^ Notes: 1.When Spain conquered Latin America the rulers had a well defined economic policy.
  • What were the positive and negative effects of Mercantilism? - Yahoo! Answers 16 January 2010 22:022 UTC answers.yahoo.com [Source type: FILTERED WITH BAYES]

.Russia under Peter I (Peter the Great) attempted to pursue mercantilism, but had little success because of Russia's lack of a large merchant class or an industrial base.^ Similarly, in Russia, Peter, and then Catherine the Great after him, sub-divided the country into provinces ( gubernii ) and counties ( uezdy ) for purposes of administration and taxation.
  • lect 2 West Civ Since 1650 16 January 2010 22:022 UTC facstaff.bloomu.edu [Source type: Original source]

^ In Orthodox Russia, Tsar Peter the Great subordinated the Church hierarchy to the State by establishing the state office of Holy Synod.
  • lect 2 West Civ Since 1650 16 January 2010 22:022 UTC facstaff.bloomu.edu [Source type: Original source]

^ Under the influence of these mercantilist policies, the Japanese economy in general -- and several specific export industries in particular -- achieved great technical sophistication and market success.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

.Mercantilism also fueled the intense violence of the 17th and 18th centuries in Europe.^ Mercantilism was the dominant European economic model from the 16th to 18th centuries and it's very essence was the belief in government intervention and control of the economy.
  • Moonbattery: Unlike ManBearPig, Pollution in China Is Real 16 January 2010 22:022 UTC www.moonbattery.com [Source type: General]

^ History of economic thought in Sweden and Europe, mainly 18th and 19th century .
  • Department of Economic History 16 January 2010 22:022 UTC www.ekhist.uu.se [Source type: Academic]

^ Mercantilism and Reform-mercantilismn: The Rise of Economic Discourse in Sweden during the 18th Century.
  • Department of Economic History 16 January 2010 22:022 UTC www.ekhist.uu.se [Source type: Academic]

.Since the level of world trade was viewed as fixed, it followed that the only way to increase a nation's trade was to take it from another.^ For it is the Interest of all Trading Nations whatsoever, that their Home-Consumption should be little, of a Cheap and Foreign Growth, and that their own Manufactures should be sold at the highest Markets, and spent Abroad; since by what is Consum'd at Home, one loseth only what another gets, and the Nation in General is not at all Richer; but all Foreign Consumption is a clear and certain Profit.

^ This increased during the Progressive movement on the local and state levels in the 1890s to 1900s, and on the national and international levels in the 1910s and 1920s.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ Following the war and the reimposition of trade restrictions, the colonies sank into another depression by the mid-fifties.
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

.A number of wars, most notably the Anglo-Dutch Wars and the Franco-Dutch Wars, can be linked directly to mercantilist theories.^ Early mercantilism goes back to the seventeenth century: trade wars that turned into real wars, such as the Anglo-Dutch wars of the mid-seventeenth century.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]

^ Since the war there has been a spate of heretical theories of under-consumption, of which those of Major Douglas are the most famous.
  • Notes on Mercantilism, etc. 16 January 2010 22:022 UTC homepage.newschool.edu [Source type: Original source]
  • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

.The unending warfare of this period also reinforced mercantilism as it was seen as an essential component to military success.^ England's relative success at industrialization and its military supremacy over France at the end of the Hundred Years War came with the decline of mercantilism after 1750.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.It also fueled the imperialism of this era, as each nation that was able attempted to seize colonies that would be sources of raw materials and exclusive markets.^ Colonies constituted not only sources of supply for raw materials but also markets for finished products.
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]
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  • Capitalism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ A colony could provide the raw materials a nation would need, without having to pay someone else for them.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

^ A monopsonist has the MARKET POWER to set the PRICE of whatever it is buying (from raw materials to LABOUR ).
  • Economics A-Z | Economist.com 16 January 2010 22:022 UTC www.economist.com [Source type: FILTERED WITH BAYES]

.During the mercantilist period, European power spread around the globe.^ A period of rapid industrial growth resulted, starting in Britain in the 1700s and then spreading around the world as more countries adopted mass production.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

.As with the domestic economy this expansion was often conducted under the aegis of companies with government-guaranteed monopolies in a certain part of the world, such as the Dutch East India Company or the Hudson's Bay Company (operating in present-day Canada).^ Neoliberalism refers to a more recent economic practice that de-emphasizes or rejects government intervention in the domestic economy and focuses on free-market methods, fewer restrictions on business operations, and private property rights.
  • Cortes and Aztec Gold 16 January 2010 22:022 UTC www.american.edu [Source type: FILTERED WITH BAYES]

^ Fourth, under this system a minimum of government supervision is required; if competition is present, economic activity will be self-regulating.
  • CAPITALISM, 16 January 2010 22:022 UTC www.history.com [Source type: FILTERED WITH BAYES]

^ The analogy for todays events isn't The USSR or even France; it's the East India Trading Company; an independent, for profit, business arm of the state.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

Criticisms

Much of Adam Smith's The Wealth of Nations is an attack on mercantilism
.Adam Smith and David Hume are considered to be the founding fathers of anti-mercantilist thought.^ Its major developers include Adam Smith, David Ricardo, Thomas Malthus and John Stuart Mill.
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ If every member of Congress and every president had the economic background and viewpoints of Adam Smith and David Ricardo (the great theorists of classical economics), we would not pursue such policies.

^ Opposition to mercantilism and state paternalism also motivated Adam Smith, father of...
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

.A number of scholars found important flaws with mercantilism long before Adam Smith developed an ideology that could fully replace it.^ Adam Smith, mercantilism .
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ Its major developers include Adam Smith, David Ricardo, Thomas Malthus and John Stuart Mill.
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ It is mercantilism that Adam Smith refuted in his Wealth of Nations which is a recognized treatise of capitalist theory.
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

.Critics like Hume, Dudley North, and John Locke undermined much of mercantilism, and it steadily lost favor during the 18th century.^ Mercantilism was at its height in the 17th and 18th centuries.

^ Classical liberals waged an ideological war against mercantilism during the eighteenth and nineteenth centuries, and scored some major victories for freedom.
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

^ During the 1730s, warehouses began to issue transferable tobacco notes denominated and convertible into pounds of tobacco, much like the silver certificates issued by the U.S. Treasury during the 20th century.
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

.In 1690, John Locke made perfectly clear that prices vary in proportion to the quantity of money, but in general, the mercantilists did not put this together[citation needed].^ The great Locke was, perhaps, the first to express in abstract terms the relationship between the rate of interest and the quantity of money in his controversy with Petty.
  • Notes on Mercantilism, etc. 16 January 2010 22:022 UTC homepage.newschool.edu [Source type: Original source]
  • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

^ Farmers did not want to accept Continental money in exchange for the food the army needed.

^ In so far as mercantilists sought to discover objective reasons for the height of the rate of interest—and they did so more and more during this period—they found such reasons in the total quantity of money.
  • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

.Locke's Second Treatise also points towards the heart of the anti-mercantilist critique: that the wealth of the world is not fixed, but created by human labor (represented embryonically by Locke's labor theory of value).^ The labor theory of value is .

^ Neoclassical economists, which today are the majority of economists, consider value to be subjective, varying from person to person and for the same person at different times, and thus reject the labor theory of value.

^ However, this argument is intertwined with Marx's labor theory of value asserting that labor is the source of all value, and thus of profit.

.Mercantilists failed to understand the notions of absolute advantage and comparative advantage (although this idea was only fully fleshed out in 1817 by David Ricardo) and the benefits of trade[citation needed].^ He developed the concept of absolute and comparative advantage.

^ In The Principles of Political Economy and Taxation (1817) he developed the law of comparative advantage, which explains why it is profitable for two parties to trade, even if one of the trading partners is more efficient in every type of economic production.
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

^ David Ricardo's remarkable theory of comparative advantage, a brilliant elaboration and extension of Smithian ideas, remains at the core of the liberal case for free trade.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

.For instance, suppose Portugal was a more efficient producer of both wine and cloth than England, yet in England it was relatively cheaper to produce cloth compared to wine.^ Suppose, then, that Portugal specializes completely in the production of wine while England shifts entirely to cloth.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

^ Portugal is said to have a comparative advantage in wine, because its workers can produce 2/3 as much wine but only 1/6 as much cloth as a worker in England.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

^ In England, 100 labor-hours devoted to the production of cloth and 200 hours to the production of wine would yield 600 yards of cloth and 600 gallons of wine.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

.Thus if Portugal specialized in wine and England in cloth, both states would end up better off if they traded.^ Suppose, then, that Portugal specializes completely in the production of wine while England shifts entirely to cloth.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

^ They can’t both be right, of course, and these critics would take the country in completely different directions if given a chance.
  • Mercantilism rears its ugly head 16 January 2010 22:022 UTC deanesmay.com [Source type: Original source]

^ It established a system for setting up governments in the western territories so they could eventually join the Union on an equal footing with the original 13 states.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

.This is an example of the reciprocal benefits of trade due to a comparative advantage.^ Perhaps a trade deficit is a fairly real-world indicator of low comparative advantage.
  • More of the Same Mercantilism 16 January 2010 22:022 UTC cafehayek.com [Source type: Original source]

^ How a country, business, or individual should decide what to provide themselves with and what obtain by trading is on the basis of comparative advantage.

^ This vast expansion of trade greatly facilitated the worldwide division of labor, greater specialization, and the benefits of comparative advantage.
  • Trade and the Rise of Freedom 16 January 2010 22:022 UTC www.calvinwlew.com [Source type: Original source]

.In modern economic theory, trade is not a zero-sum game of cutthroat competition because both sides can benefit.^ We do live in non-zero sum economics.
  • Jeff Vail - Rhizome 16 January 2010 22:022 UTC www.jeffvail.net [Source type: Original source]

^ NOT a zero-sum game.
  • The Last Psychiatrist: We Are All Mercantilists Now 16 January 2010 22:022 UTC thelastpsychiatrist.com [Source type: Original source]

^ It’s illogical even on the mercantilist assumption that trade is a zero-sum game.
  • Free trade, first movers and carbon mercantilism: why unilateralism is good – Crikey 16 January 2010 22:022 UTC www.crikey.com.au [Source type: FILTERED WITH BAYES]

.Hume famously noted the impossibility of the mercantilists' goal of a constant positive balance of trade[citation needed].^ Finally, mercantilists often emphasize a favorable balance of trade.
  • Ideas and Policies fromHocking/McGuire 16 January 2010 22:022 UTC www.lehigh.edu [Source type: Original source]

.As bullion flowed into one country, the supply would increase and the value of bullion in that state would steadily decline relative to other goods.^ Economic assets, or capital, are represented by bullion (gold, silver, and trade value) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports).
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ They incorporated this with their tendency to identify wealth with money, and with their doctrine that, as far as money was concerned, what mattered was not the absolute quantity but the relative quantity as compared with other countries.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ What the theory does not consider fully, which was rather my point , is that mercantilist policies--Keynesianism in one country--has adverse effects on others.
  • Dani Rodrik's weblog: Does mercantilism work in a Keynesian world? 16 January 2010 22:022 UTC rodrik.typepad.com [Source type: General]

.Conversely, in the state exporting bullion, its value would slowly rise.^ Economic assets, or capital, are represented by bullion (gold, silver, and trade value) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports).
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ Even if this were true it would not have gainsaid the value to Germany of this fast exapnding new export industry.
  • A Website on the U.S. Trade Policy Disaster || UNSUSTAINABLE.org 16 January 2010 22:022 UTC unsustainable.org [Source type: General]

^ Mercantilists argued that a state should export more goods than it imported so that foreigners would have to pay the difference in precious metals.
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]
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  • Capitalism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

.Eventually it would no longer be cost-effective to export goods from the high-price country to the low-price country, and the balance of trade would reverse itself.^ Production was carefully regulated with the object of securing goods of high quality and low cost, thus enabling the nation to hold its place in foreign markets.
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ High wage nations can still compete effectively with low wage nations in manufacturing by being capital intensive.
  • A Website on the U.S. Trade Policy Disaster || UNSUSTAINABLE.org 16 January 2010 22:022 UTC unsustainable.org [Source type: General]

^ A record of a country's exports and imports of goods and services.

.Mercantilists fundamentally misunderstood this, long arguing that an increase in the money supply simply meant that everyone gets richer.^ As the money supply increases, prices tend to rise.
  • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

^ They increased the money supply in order to increase effective demand.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

^ Friedman, for example, argued that the Great Depression was result of a contraction of the money supply, controlled by the Federal Reserve , and not by the lack of investment as Keynes had argued.
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]

[23]
.The importance placed on bullion was also a central target, even if many mercantilists had themselves begun to de-emphasize the importance of gold and silver.^ Trade offered another method to accumulate the bullion (gold or silver formed into bars, ingots, or plates).
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ Among the major tenets of mercantilist theory was bullionism, a doctrine stressing the importance of accumulating precious metals.

^ Among the major tenets of mercantilist theory was bullionism , a doctrine stressing the importance of accumulating precious metals .
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]

.Adam Smith noted at the core of the mercantile system was the "popular folly of confusing wealth with money," bullion was just the same as any other commodity, and there was no reason to give it special treatment.^ Adam Smith, mercantilism .
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ There were other commodities, and money was involved.
  • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

^ MERCANTILISM Ever since the Physiocrats and Adam Smith, mercantilism or the mercantile system have been described as the...book.
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

[24] More recently, scholars have discounted the accuracy of this critique. .They believe Mun and Misselden were not making this mistake in the 1620s, and point to their followers Child and Davenant, who, in 1699, wrote: "Gold and Silver are indeed the Measure of Trade, but that the Spring and Original of it, in all nations is the Natural or Artificial Product of the Country; that is to say, what this Land or what this Labour and Industry Produces."^ They point out in their preface as follows the nature of the conclusions which they attack: .
  • Notes on Mercantilism, etc. 16 January 2010 22:022 UTC homepage.newschool.edu [Source type: Original source]
  • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

^ Byline: THE WASHINGTON TIMES Bruce Bartlett says Spanish mercantilism failed because the gold and silver mined...is the core of Adam Smiths criticism of mercantilism ; consumption is a false measure of wealth...
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ Davenant explained the extreme poverty of many Eastern nations who were believed to have more gold and silver than any other countries in the world by the fact that treasure "is suffered to stagnate in the Princes' Coffers".

[25] .The critique that mercantilism was a form of rent-seeking has also seen criticism, as scholars such Jacob Viner in the 1930s point out that merchant mercantilists such as Mun understood that they would not gain by higher prices for English wares abroad.^ As the classical economists were later to point out, however, even a successful mercantilist policy was not likely to be beneficial, because it produced an oversupply of money and, with it, serious inflation.
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ Because they sold most of their cotton to foreign merchants, southern cotton growers had foreign credit which they had to use to purchase higher priced foreign goods.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ If something like pottery clay or wheat were abundant locally but scarce in a distant town, merchants brought those goods to towns where they could fetch a higher price.
  • Howstuffworks "Introduction to How Capitalism Works" 16 January 2010 22:022 UTC money.howstuffworks.com [Source type: FILTERED WITH BAYES]

[26]
.The first school to completely reject mercantilism was the physiocrats, who developed their theories in France.^ A school of economic thought that developed in opposition to post-1945 KEYNESIAN policies of DEMAND management, echoing earlier debates between MERCANTILISM and CLASSICAL ECONOMICS .
  • Economics A-Z | Economist.com 16 January 2010 22:022 UTC www.economist.com [Source type: FILTERED WITH BAYES]

^ Mercantilism in France was more pervasive and successful than in England, and it was institutionally distinct, especially in the way in which it developed agriculture.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ But some influential men rejected this view, most notably Alexander Hamilton, who admired English mercantilism.
  • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

.Their theories also had several important problems, and the replacement of mercantilism did not come until Adam Smith published The Wealth of Nations in 1776. This book outlines the basics of what is today known as classical economics.^ Adam Smith, mercantilism .
  • Mercantilism: Free Encyclopedia Articles at Questia.com Online Library 16 January 2010 22:022 UTC www.questia.com [Source type: Academic]

^ It is mercantilism that Adam Smith refuted in his Wealth of Nations which is a recognized treatise of capitalist theory.
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

^ Nations accumulated wealth in several ways.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

.Smith spends a considerable portion of the book rebutting the arguments of the mercantilists, though often these are simplified or exaggerated versions of mercantilist thought.^ Heckscher cites mercantilist doctrine such as Adam Smith here criticizes as evidence that the mercantilists were not interested in economic welfare for its own sake, but subordinated it to considerations of power.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ On such doctrine, Adam Smith’s trenchant comment is deserved, although he exaggerates its role in mercantilist thought and practice: .
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ The omission of any one of these four propositions results in an incorrect interpretation of mercantilist thought, while additions of other propositions would probably involve internal dispute among mercantilists.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

[13]
.Scholars are also divided over the cause of mercantilism's end.^ Besides the limitation of mercantile labor rules is also a cause to its end.
  • Mercantilism Essay | Custom Essays, Term Papers, Research Papers, Writing Help and Writing Tips | Custom Writing Service Blog 16 January 2010 22:022 UTC www.customwritings.com [Source type: General]

.Those who believe the theory was simply an error hold that its replacement was inevitable as soon as Smith's more accurate ideas were unveiled.^ His ideas influenced those who proposed the Virginia Plan in the opening discussion of the Philadelphia Convention, held in 1787 to revise the Articles of Confederation.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ Those who believe that manufacturing is somehow more important than other sectors of the economy regard a decline in this as cause for concern.
  • International Economics Glossary: M 16 January 2010 22:022 UTC www-personal.umich.edu [Source type: FILTERED WITH BAYES]

^ When citing Adam Smith on the reasons why the English colonies advanced more rapidly than those of France, Spain, and Portugal, H.A. Innis wrote the following.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.Those who feel that mercantilism was rent seeking hold that it ended only when major power shifts occurred.^ The term "founding fathers" applies to those individuals who played a major role in declaring U.S. independence, fighting the Revolutionary War, or writing and adopting the U.S. Constitution.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ Cunningham] saying: “The mercantile system is concerned with man solely as a being who pursues national power, and who is capable of judging the comparative efficacy of means to that end.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs .
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

.In Britain, mercantilism faded as the Parliament gained the monarch's power to grant monopolies.^ Laissez-faire gained favor over mercantilism in Britain in the 1840s with the repeal of the Corn Laws and the Navigation Acts.
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

^ As Ekelund and Tollison have written, "The debate over monopolies was not a debate over free trade versus crown grants of patents, but rather over who would have the power to supply regulations."
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

^ Laissez-faire gained favour over mercantilism in Britain in the 1840s with the repeal of the Corn Laws and the Navigation Acts.

.While the wealthy capitalists who controlled the House of Commons benefited from these monopolies, Parliament found it difficult to implement them because of the high cost of group decision making.^ Both of these exceptions to the rule against usury could easily be bent and manipulated to the,benefit of those who lent money.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

^ Wage rates are high in the U.S. because American employers have bid these rates up.
  • Neo-Mercantilism - Murray N. Rothbard - Mises Institute 16 January 2010 22:022 UTC mises.org [Source type: Original source]

^ Because of this tendency either laissez-faire, or private property, or both, have drawn fire from critics who believe an essential aspect of economic freedom is the extension of the freedom to have meaningful decision-making control over productive resources to everyone.
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

[27]
.Mercantilist regulations were steadily removed over the course of the Eighteenth Century in Britain, and during the 19th century the British government fully embraced free trade and Smith's laissez-faire economics.^ Free Trade in nineteenth century in, 338 .

^ A British mercantilist writer of the 17th Century.

^ As many economic historians argue, the trade networks and profits that mercantilism provided for Britain may have been critical in launching the country’s industrial revolution around the middle of the eighteenth century.
  • Project Syndicate - Mercantilism Reconsidered 16 January 2010 22:022 UTC www.project-syndicate.org [Source type: FILTERED WITH BAYES]

On the continent, the process was somewhat different. .In France economic control remained in the hands of the royal family and mercantilism continued until the French Revolution.^ Prosperity wasn't restored until 1947 when wartime economic controls and government spending and employment levels fell drastically.
  • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

^ The economic order that emerged from these events was essentially commercial or mercantile; that is, its central focus remained on the exchange of goods rather than on their production.
  • CAPITALISM, 16 January 2010 22:022 UTC www.history.com [Source type: FILTERED WITH BAYES]

^ In part, this was to be explained by the lesser importance even economically of foreign trade to France and by the lesser role of French merchants in French politics.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

.In Germany mercantilism remained an important ideology in the 19th and early 20th centuries, when the historical school of economics was paramount.^ Mercantilism was a very important historical process.
  • Mercantilism Essay | Custom Essays, Term Papers, Research Papers, Writing Help and Writing Tips | Custom Writing Service Blog 16 January 2010 22:022 UTC www.customwritings.com [Source type: General]

^ The most important economist of the 20th century.

^ Capitalism in the late 19th and early 20th centuries .
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

[28]

Legacy

.In spite of Adam Smith's repudiation of mercantilism, it was favored in the United States by such prominent figures as Alexander Hamilton[29], Henry Clay, Henry Charles Carey, and Abraham Lincoln and in Britain by such figures as Thomas Malthus.^ In other words, if China does not change from its monetary mercantilist ways, the United States will have to counter it with some mercantilism of its own.
  • U.S. Mercantilism May Be Needed to End China's Mercantilism - BloggingStocks 16 January 2010 22:022 UTC www.bloggingstocks.com [Source type: News]

^ If every member of Congress and every president had the economic background and viewpoints of Adam Smith and David Ricardo (the great theorists of classical economics), we would not pursue such policies.

^ On such doctrine, Adam Smith’s trenchant comment is deserved, although he exaggerates its role in mercantilist thought and practice: .
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

.When Britain passed its Corn Laws in 1815, Malthus thought such restrictions were a good idea, but Ricardo disagreed.^ Laissez-faire gained favor over mercantilism in Britain in the 1840s with the repeal of the Corn Laws and the Navigation Acts.
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

^ Laissez-faire gained favour over mercantilism in Britain in the 1840s with the repeal of the Corn Laws and the Navigation Acts.

^ Laissez-faire gained favor over mercantilism in Britain in the 1840s with the repeal of the Corn Laws and the Navigation Acts .
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]

.Eventually Smith's view was accepted in the English-speaking world, and in 1849 the corn laws were repealed largely on "Free Market" arguments given by Sir Robert Peel.^ The English viewed it as a guarantee of law and justice.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ David rdonway Fortinbras, I know that Mr. Boudreaux wishes all the world engaged in free trade; so do I. I am merely critiquing his argument here.
  • More of the Same Mercantilism 16 January 2010 22:022 UTC cafehayek.com [Source type: Original source]

^ The market of nontradable goods and the world market of intermediate goods are competitive, and thus the profit-maximizing demand for imported inputs is given by a standard marginal productivity rule: .
  • FRB: Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism 16 January 2010 22:022 UTC www.federalreserve.gov [Source type: Academic]

[citation needed]
.Adam Smith rejected the mercantilist focus on production, arguing that consumption was the only way to grow an economy.^ Each country is exposing it’s economy to risk if it moves before others but isn’t that the only way to play poker.
  • Free trade, first movers and carbon mercantilism: why unilateralism is good – Crikey 16 January 2010 22:022 UTC www.crikey.com.au [Source type: FILTERED WITH BAYES]

^ On such doctrine, Adam Smith’s trenchant comment is deserved, although he exaggerates its role in mercantilist thought and practice: .
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ Second, Samuelson forgets Adam Smith’s insight that “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer .” Denying American consumers the opportunity to benefit from Beijing’s foolish trade policies is to attend to the interest of the producer in a way that harms, rather than promotes, that of the consumer.
  • More of the Same Mercantilism 16 January 2010 22:022 UTC cafehayek.com [Source type: Original source]

.Keynes argued that encouraging production was just as important as consumption.^ Joliphant I was just reading off the fact that ethanol production was being reduced for the stated purpose of lowering grain consumption.
  • Inflation and Mercantilism | Redstate 16 January 2010 22:022 UTC www.redstate.com [Source type: FILTERED WITH BAYES]

^ If crude production falls at the same rate from 2007 to 2017, the first 1.1 mbpd reduction in consumption over this time period would just offset the decline in domestic production.
  • The Oil Drum | Geopolitical Peak Oil Feedback Loops Revisited 16 January 2010 22:022 UTC www.theoildrum.com [Source type: FILTERED WITH BAYES]

Keynes also noted that in the early modern period the focus on the bullion supplies was reasonable. .In an era before paper money, an increase for bullion was one of the few ways to increase the money supply.^ As the money supply increases, prices tend to rise.
  • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

^ During the period 1921-1929, the money supply increased by $28 billion, or 68 percent, at an average annual rate of 7.7 percent.
  • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

^ They increased the money supply in order to increase effective demand.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

.Keynes and other economists of the period also realized the balance of payments is an important concern.^ Those who believe that manufacturing is somehow more important than other sectors of the economy regard a decline in this as cause for concern.
  • International Economics Glossary: M 16 January 2010 22:022 UTC www-personal.umich.edu [Source type: FILTERED WITH BAYES]

^ The use of the money supply and/or the interest rate to influence the level of macroeconomic activity and other policy objectives including the balance of payments or the exchange rate .
  • International Economics Glossary: M 16 January 2010 22:022 UTC www-personal.umich.edu [Source type: FILTERED WITH BAYES]

.Since the 1930s, all nations have closely monitored the inflow and outflow of capital, and most economists agree that a favorable balance of trade is desirable.^ Economic assets, or capital, are represented by bullion (gold, silver, and trade value) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports).
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ This would ultimately lead to a balance of trade between different nations, and no net gain from having more supplies of gold.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

^ Each nation has been made to look with an invidious eye upon the prosperity of all the nations with which it trades, and to consider their gain as its own loss.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

.July 2009" style="white-space:nowrap;">[citation needed] Keynes also supported government intervention in the economy as necessity, as did mercantilism.^ Despite his references to mercantilism, the mature Keynes of the General Theory through to Bretton Woods and beyond did not favour "Keynesianism in one country".
  • Dani Rodrik's weblog: Does mercantilism work in a Keynesian world? 16 January 2010 22:022 UTC rodrik.typepad.com [Source type: General]

^ According to Milton Friedman and monetarists, market economies are inherently stable if left to themselves and depressions result only from government intervention.
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]
  • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]
  • Capitalism 16 January 2010 22:022 UTC pustakalaya.olenepal.org [Source type: FILTERED WITH BAYES]

^ Domestically, this led to some of the first instances of significant government intervention and control over the economy, and it was during this period that much of the modern capitalist system was established.
  • Cortes and Aztec Gold 16 January 2010 22:022 UTC www.american.edu [Source type: FILTERED WITH BAYES]

[30] .Today the word remains a pejorative term, often used to attack various forms of protectionism.^ Private ownership is sometimes used as a synonym for individual ownership , however the term "private" may also be used to refer to collective ownership by individuals in the form of corporate ownership .
  • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]

^ We have a form of protectionism in the US. States use right to work laws to "protect" their local labor market from the competition of unionized workforces in other states.
  • Dani Rodrik's weblog: Does mercantilism work in a Keynesian world? 16 January 2010 22:022 UTC rodrik.typepad.com [Source type: General]

^ Those members of society who own the capital stock, often used in a pejorative sense by Marxists and other socialist critics of capitalism.

[31] .The similarities between Keynesianism, and its successor ideas, with mercantilism have sometimes led critics to call them neo-mercantilism.^ After World War II she sought to develop a dynamic version of the Keynesian model and her work was the basis for what is sometimes called "neo-Keynesianism", a radical form of Keynesianism associated with a small group of economists at Cambridge.

^ A school of economic thought that developed in opposition to post-1945 KEYNESIAN policies of DEMAND management, echoing earlier debates between MERCANTILISM and CLASSICAL ECONOMICS .
  • Economics A-Z | Economist.com 16 January 2010 22:022 UTC www.economist.com [Source type: FILTERED WITH BAYES]

^ On the other side are what we may call corporatists or neo-mercantilists, who view an alliance between government and business as critical to good economic performance and social harmony.

Indeed, Paul Samuelson, writing within a Keynesian framework, defended mercantilism, writing: "With employment less than full and Net National Product suboptimal, all the debunked mercantilist arguments turn out to be valid."[32]
.Some other systems that do copy several mercantilist policies, such as Japan's economic system, are also sometimes called neo-mercantilist.^ A mixed economy is an economic system that incorporates the characteristics of several different economic systems.
  • What is Mixed Economies? 16 January 2010 22:022 UTC ipedia.net [Source type: FILTERED WITH BAYES]

^ On the other side are what we may call corporatists or neo-mercantilists, who view an alliance between government and business as critical to good economic performance and social harmony.

^ Like some other entities active in global finance such as hedge funds, sovereign wealth funds defy attempts at straightforward definition.
  • SOVEREIGN WEALTH FUNDS AND CORPORATE GOVERNANCE: A MINIMALIST RESPONSE TO THE NEW MERCANTILISM | Trade & Development > Economic Development from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

[33] .In an essay appearing in the 14 May 2007 issue of Newsweek, business columnist Robert J. Samuelson argued that China was pursuing an essentially mercantilist trade policy that threatened to undermine the post-World War II international economic structure.^ If pursued, this will change the face of international trade.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

^ 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.

^ Believing that Beijing’s mercantilist trade practices reduce the prices we Americans pay for Chinese goods, Washington Post columnist Robert Samuelson asserts that “To do nothing about China’s trade policies is to encourage more of the same .” .
  • More of the Same Mercantilism 16 January 2010 22:022 UTC cafehayek.com [Source type: Original source]

[34]
The Austrian School of economics, always an opponent of mercantilism, describes it this way:
.Mercantilism, which reached its height in the Europe of the seventeenth and eighteenth centuries, was a system of statism which employed economic fallacy to build up a structure of imperial state power, as well as special subsidy and monopolistic privilege to individuals or groups favored by the state.^ By the seventeenth century the mercantilist nation state was the characteristic economic system of Europe, but not all mercantilist nation states were alike.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ For “pure” mercantilism, the ruling principle is not economic but the promotion of the power of the state.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

^ Nor is there any obvious reason, given the economic and political conditions and views of the seventeenth and eighteenth centuries, why power and plenty should not have been the joint objectives of the patriotic citizen of the time, even if he had freed himself from the mercantilist philosophy.
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

.Thus, mercantilism held exports should be encouraged by the government and imports discouraged.^ Mercantilism suggests that the ruling government should advance these goals by playing a protectionist role in the economy, by encouraging exports and discouraging imports, especially through the use of tariffs.
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ I might also add that if held to maturity, the government should stand to recoup all of its initial investment, plus a healthy profit.
  • ROI, Paulson's Plan, and the Rise of Neo-Mercantilism -- Seeking Alpha 16 January 2010 22:022 UTC seekingalpha.com [Source type: Original source]

^ All aggressively promoted investment and exports while discouraging (or remaining agnostic about) imports.
  • Project Syndicate - Mercantilism Reconsidered 16 January 2010 22:022 UTC www.project-syndicate.org [Source type: FILTERED WITH BAYES]

[35]
.One area Smith was reversed on well before Keynes was in the use of data.^ In conclusion, using a data file into their training to make sure - before you do not outsource to a 'sweat shop' or such.
  • cemca.org.mx » mercantilismo 16 January 2010 22:022 UTC cemca.org.mx [Source type: General]

.Mercantilists, who were generally merchants or government officials, gathered vast amounts of trade data and used it considerably in their research and writing.^ They would have agreed, as well, with Lord Palmerston, who said in 1841, "It is the business of Government to open and secure the roads of the merchant."
  • Free Trade, Mercantilism, and Empire - by Joseph Stromberg 16 January 2010 22:022 UTC www.antiwar.com [Source type: Original source]

^ Those who sought to participate in trade and industry needed government backing to succeed, especially in the oceanic trade.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

^ For example, the fur trade monopolies in what is now Canada were quasi-official instruments for asserting territorial claims and for exercising frontier government.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.William Petty, a strong mercantilist, is generally credited with being the first to use empirical analysis to study the economy.^ The first stage uses a canonical one-sector model of an endowment economy that faces noninsurable shocks in domestic income.
  • FRB: Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism 16 January 2010 22:022 UTC www.federalreserve.gov [Source type: Academic]

^ The mercantilists perceived the existence of the problem without being able to push their analysis to the point of solving it.

^ New England's economy was strong enough to break out of grasp of mercantilist imperialism.
  • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

Smith rejected this, arguing that deductive reasoning from base principles was the proper method to discover economic truths. .Today, many schools of economics accept that both methods are important.^ Both these ideas are important because they, in effect, lay the ground work for the arguement for economic freedom that will be enunciated by Adam Smith, the "founder" of capitalism.
  • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

.In specific instances, protectionist mercantilist policies also had an important and positive impact on the state that enacted them.^ All of the new mercantilist states were bullionist , that is, all adopted policies to maximize their intake of coins and monetary metals..
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ The bullionism of the mercantilist nation state was only one element in a set of policies designed to achieve economic and political independence.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

.Adam Smith himself, for instance, praised the Navigation Acts as they greatly expanded the British merchant fleet, and played a central role in turning Britain into the naval and economic superpower that it was for several centuries.^ Generally regarded as the founder of modern economics, Adam Smith was born in 1723 in Kirkcaldy , Scotland.

^ The Virginians, also with additional immigrants from Britain, expanded south into the Carolinas by 1663, and into Georgia by 1733.
  • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

^ On such doctrine, Adam Smith’s trenchant comment is deserved, although he exaggerates its role in mercantilist thought and practice: .
  • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

[36] .Some economists thus feel that protecting infant industries, while causing short term harm, can be beneficial in the long term.^ In the same way, the theoretical concessions which free-trade economists have been ready to make in contemporary controversies, relating, for example, to the encouragement of infant industries or to the improvement of the terms of trade, are not concerned with the real substance of the mercantilist case.
  • Notes on Mercantilism, etc. 16 January 2010 22:022 UTC homepage.newschool.edu [Source type: Original source]
  • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

^ One of two conditions needed for infant industry protection to be welfare-improving, this requires that the protected industry become, over time, able to compete internationally without protection.
  • International Economics Glossary: M 16 January 2010 22:022 UTC www-personal.umich.edu [Source type: FILTERED WITH BAYES]

^ Tobacco prices and planter incomes fluctuated due to short-term weather conditions and cyclical trends, but over the long run tobacco prices trended downward.
  • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

.Nonetheless, The Wealth of Nations had a profound impact on the end of the mercantilist era and the later adoption of free market policy.^ For the developed economies, the belief that free trade and competition amongst companies increases GDP at the national level is an article of faith: the market polices the tautology.
  • SOVEREIGN WEALTH FUNDS AND CORPORATE GOVERNANCE: A MINIMALIST RESPONSE TO THE NEW MERCANTILISM | Trade & Development > Economic Development from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

^ Karl Marx offered a stage theory of history: from primitive communism to feudalism to mercantilistic capitalism to free market capitalism to socialism to final communism.
  • The Old Mercantilism and the New by Gary North 16 January 2010 22:022 UTC www.lewrockwell.com [Source type: Original source]
  • http://news.goldseek.com/LewRockwell/1185462210.php 16 January 2010 22:022 UTC news.goldseek.com [Source type: Original source]
  • The Politics Resource Center: The Old Mercantilism and the New, by Gary North, Ph.D. 16 January 2010 22:022 UTC radicalacademy.com [Source type: FILTERED WITH BAYES]

^ Plenty of us free-market types like to warn the anti-mercantilists that taking protectionist action against Chinese imports would be self-defeating.
  • Inflation and Mercantilism | Redstate 16 January 2010 22:022 UTC www.redstate.com [Source type: FILTERED WITH BAYES]

By 1860, England removed the last vestiges of the mercantile era. Industrial regulations, monopolies and tariffs were withdrawn.[citation needed]

Reverse-mercantilism

.Reverse-mercantilism[37][38] is an economic system which strives to increase corporate wealth and monopoly by subsidizing some corporate entities while regulating, taxing and controlling borders (blocking outsourcing and creating tariffs) for all competitors.^ All France, for centuries, had been divided into five so-called farms, each with its own tariff and complex tariff collection system.
  • TOPIC ONE 16 January 2010 22:022 UTC www.upei.ca [Source type: Original source]

^ In addition, in a highly anti-mercantilist manner, the British empire developed a world-wide system of trade that, contrary to mercantilism greatly increased total trade and total wealth.
  • John Negroponte: A Behind-the-Scenes OLPC Operative - OLPC News 16 January 2010 22:022 UTC www.olpcnews.com [Source type: FILTERED WITH BAYES]

^ Mercantilism is an economic theory which states that a nation's wealth is based on the amount of gold and silver bullion in its treasury.
  • SSC - TEKS and TAKS - TEKS Glossary - Grade 8 16 January 2010 22:022 UTC www.tea.state.tx.us [Source type: Original source]

Usually those within government have some investment within these corporate entities and have a huge incentive to do this which usually ends any prospects of a continuing free market (i.e. a mixed market that leans towards freedom).

Notes

  1. ^ a b "Mercantilism". The Concise Encyclopedia of Economics. http://www.econlib.org/library/Enc/Mercantilism.html. Retrieved 2010-03-14. 
  2. ^ LaHaye, Laura. "Mercantilism". Library Fund, Inc.. http://www.econlib.org/library/Enc/Mercantilism.html. Retrieved 2008-10-27. 
  3. ^ a b Magnusson (2003), p. 46.
  4. ^ Magnusson (2003), p. 47.
  5. ^ Magnusson (2003), p. 50.
  6. ^ Ekelund, Robert B., Jr. and Hébert, Robert F. (1997). A History of Economic Theory and Method (4th ed.). Waveland Press [Long Grove, Illinois]. pp. 40–41. ISBN 1-57766-381-0. 
  7. ^ Landreth & Colander (2002), p. 44.
  8. ^ Ekelund & Tollison (1981), p. 9.
  9. ^ Landreth & Colander (2002), p. 48.
  10. ^ Landes, David S. (1997). The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present. Cambridge: Cambridge University Press. pp. 31. ISBN 0521094186. 
  11. ^ Ekelund & Hébert (1975), p. 46.
  12. ^ Ekelund & Hébert (1975), p. 61.
  13. ^ a b Niehans (1990), p. 19.
  14. ^ Landreth & Colander (1981), p. 43.
  15. ^ Wilson (1963), p. 10.
  16. ^ Galbraith, John Kenneth (1987). Economics in Perspective: A Critical History. .Boston: Houghton Mifflin.^ Boston: Houghton Mifflin, 1987.
    • The Rise of Capitalism 16 January 2010 22:022 UTC www.drury.edu [Source type: Original source]

    pp. 33–34. ISBN 0395355729.
     
  17. ^ Landreth & Colander (2002), p. 53.
  18. ^ Hermann Kellenbenz. The Rise of the European Economy. pg. 29
  19. ^ E.N. Williams. The Ancien Regime in Europe. pg. 177-83
  20. ^ E. Damsgaard Hansen. European Economic History. pg. 65
  21. ^ Christopher Hill. The Century of Revolution. pg. 32
  22. ^ Wilson pg. 15
  23. ^ Ekelund & Hébert (1975), p. 43.
  24. ^ Magnussen (2003), p.46.
  25. ^ Referenced to Davenant, 1771 [1699], p. 171 in Magnussen (2003), p. 53.
  26. ^ Magnussen (2003), p. 54.
  27. ^ Ekelund & Tollison (1981).
  28. ^ Wilson (1963), p. 6.
  29. ^ DiLorenzo, Thomas (2008). Hamilton's Curse: How Jefferson's Arch Enemy Betrayed the American Revolution--and What It Means for Americans Today. New York, NY: Crown Forum. pp. 256. ISBN 978-0307382849. 
  30. ^ See Donald Markwell (2006), John Maynard Keynes and International Relations: Economic Paths to War and Peace, Oxford & New York: Oxford University Press.
  31. ^ Wilson (1963), p. 3.
  32. ^ Paul Samuelson, Theoretical notes on trade problems, 1964
  33. ^ Walters, Robert S.; Blake, David H. (1976). The Politics of Global Economic Relations. Englewood Cliffs, NJ: Prentice-Hall. ISBN 0136847129. 
  34. ^ Samuelson, Robert J. (17 May 2007). "China's Wrong Turn on Trade". Newsweek. http://www.newsweek.com/id/34952. Retrieved 2007-12-06. 
  35. ^ Murray Rothbard, “Mercantilism: A Lesson for Our Times?” , The Logic of Action II (Cheltenham, England: Edward Elgar, 1997), p. 43.
  36. ^ Hansen, p. 64.
  37. ^ Snyder, Joshua. (2009). Permanent Entangling Alliances With All Parts of the Foreign World; Peace, Commerce, and Honest Friendship With None!. Lew Rockwell.
  38. ^ Grant, R. George. (2009). Tackling the Poverty of Nations: Why So Many Are Poor and What We Can Do About It. Xlibris Corporation.

References

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  • Ekelund, Robert B.; Tollison, Robert D. (1981).^ Ekelund, R. B., and Tollison R. D. (1981) Mercantilism as a Rent-Seeking Society: Economic Regulation in Historical Perspective.
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    ^ More recently, economists Robert Ekelund and Robert Tollison (1981) have analyzed British mercantilism as a rent-seeking society.1 Protectionist favors were supplied by both the king and the Parliament and demanded by the domestic British merchants.
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    .Mercantilism as a Rent-Seeking Society: Economic Regulation in Historical Perspective.^ British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs .
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    ^ Governments can too easily end up in the pockets of business, resulting in cronyism and rent-seeking instead of economic growth.
    • Project Syndicate - Mercantilism Reconsidered 16 January 2010 22:022 UTC www.project-syndicate.org [Source type: FILTERED WITH BAYES]

    ^ The basic economic principle of rent seeking applies to agricultural crop controls, past, present, and future.
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    .College Station, TX: Texas A&M University Press.^ College Station: Texas A & M University Press.
    • British mercantilism and crop controls in the tobacco colonies: A study of rent-seeking costs | North America > United States from AllBusiness.com 16 January 2010 22:022 UTC www.allbusiness.com [Source type: FILTERED WITH BAYES]

    ISBN 0890961204. 
  • Ekelund, Robert B.; Hébert, Robert F. (1975). .A History of Economic Theory and Method.^ The history of economic activity in Newfoundland also provides an illustrative case with respect to the stages theory of economic development.
    • Mercantilism and Settlement:Newfoundland 16 January 2010 22:022 UTC www.upei.ca [Source type: FILTERED WITH BAYES]

    ^ Modern economic theory does not provide effective methods to estimate these consequences.
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    ^ Eugen von Böhm-Bawerk , ''Capital and Interest: A Critical History of Economical Theory'' , London: Macmillan and Co.
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    .New York: McGraw–Hill.^ (New York: McGraw-Hill, 1960, p.93).
    • Cycnos |The economics of conservatism or the case for mercantilism reassessed 16 January 2010 22:022 UTC revel.unice.fr [Source type: Original source]

    ^ New York: McGraw-Hill, 2004.
    • Cortes and Aztec Gold 16 January 2010 22:022 UTC www.american.edu [Source type: FILTERED WITH BAYES]

    ^ New York: McGraw-Hill, 1975.
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    ISBN 0070191433.
     
  • Heckscher, Eli F. (1935). Mercantilism. .London: Allen & Unwin. 
  • Keynes, John Maynard (1936).^ London: George Allen & Unwin, 1927.
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    ^ John Maynard Keynes In his 1936 The General Theory of Employment, Interest, and Money , the British economist John Maynard Keynes argued that capitalism suffered a basic problem in its ability to recover from periods of slowdowns in investment.
    • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

    ^ (John Maynard Keynes.
    • Project Syndicate - Mercantilism Reconsidered 16 January 2010 22:022 UTC www.project-syndicate.org [Source type: FILTERED WITH BAYES]

    ."Notes on Mercantilism, the Usury Laws, Stamped Money and the Theories of Under-Consumption".^ According to the Austrian theory, the money in circulation is either spent on consumption items or saved and invested.
    • A Strong Dose of DiLorenzo | Strike-The-Root: A Journal Of Liberty 16 January 2010 22:022 UTC www.strike-the-root.com [Source type: FILTERED WITH BAYES]

    ^ Since the war there has been a spate of heretical theories of under-consumption, of which those of Major Douglas are the most famous.
    • Notes on Mercantilism, etc. 16 January 2010 22:022 UTC homepage.newschool.edu [Source type: Original source]
    • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

    ^ NOTES ON MERCANTILISM, THE USURY LAWS, STAMPED MONEY AND THEORIES OF UNDER-CONSUMPTION .
    • Notes on Mercantilism, etc. 16 January 2010 22:022 UTC homepage.newschool.edu [Source type: Original source]
    • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

    .The General Theory of Employment, Interest, and Money.^ The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) .
    • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

    ^ John Maynard Keynes In his 1936 The General Theory of Employment, Interest, and Money , the British economist John Maynard Keynes argued that capitalism suffered a basic problem in its ability to recover from periods of slowdowns in investment.
    • WikiSlice 16 January 2010 22:022 UTC dev.laptop.org [Source type: FILTERED WITH BAYES]

    ^ In his 1936 The General Theory of Employment, Interest, and Money , the British economist John Maynard Keynes argued that capitalism suffered a basic problem in its ability to recover from periods of slowdowns in investment.
    • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]

    London: Palgrave Macmillan. .http://etext.library.adelaide.edu.au/k/keynes/john_maynard/k44g/chapter23.html. 
  • Landreth, Harry; Colander, David C. (2002).^ Rendered into HTML on Sun Apr 20 09:55:24 2003, by Steve Thomas for The University of Adelaide Library Electronic Texts Collection .
    • The General Theory of Employment, Interest, and Money, by John Maynard Keynes (chapter23) 16 January 2010 22:022 UTC ebooks.adelaide.edu.au [Source type: Original source]

    .History of Economic Thought (4th edition ed.^ Social thoughts on Man in Swedish economic discourse during the 18th century, in Arne Jarrick (ed.
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    ^ History of economic thought in Sweden and Europe, mainly 18th and 19th century .
    • Department of Economic History 16 January 2010 22:022 UTC www.ekhist.uu.se [Source type: Academic]

    ^ Innis, H.A., 1934, `An Introduction to the Economic History of the Maritimes (including Newfoundland and New England)', in R.F. Grant (ed.
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    ). .Boston: Houghton Mifflin.^ Boston: Houghton Mifflin, 1987.
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    ISBN 0618133941. 
  • Letwin, William (2003) [1963]. .The Origins of Scientific Economics: English Economic Thought 1660–1776.^ Today, most academic research on capitalism in the English-speaking world draws on neoclassical economic thought .
    • Capitalism.eu 16 January 2010 22:022 UTC www.capitalism.eu [Source type: FILTERED WITH BAYES]

    ^ Milton Friedman Today, most academic research on capitalism in the English-speaking world draws on neoclassical economic thought.
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    London: Routledge. ISBN 0415313295.
     
  • Magnusson, Lars G. (2003). ."Mercantilism". in Biddle, Jeff E.; Davis, Jon B.; Samuels, Warren J..^ Mercantilism, in Warren J. Samuels, Jeff E. Biddle and John B. Davis (eds.
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    .A Companion to the History of Economic Thought.^ History of economic thought in Sweden and Europe, mainly 18th and 19th century .
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    ^ A Companion to the History of Economic Thought .
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    .Malden, MA: Blackwell Publishing.^ Cambridge, MA: Blackwell Publishers, 1990.
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    ISBN 0631225730.
     
  • Niehans, Jürg (1990). .A History of Economic Theory: Classic Contributions, 1720–1980.^ The history of economic activity in Newfoundland also provides an illustrative case with respect to the stages theory of economic development.
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    ^ Regarded as the theory of the individual firm and of the distribution of the product resulting from the employment of a given quantity of resources, the classical theory has made a contribution to economic thinking which cannot be impugned.
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    ^ Eugen von Böhm-Bawerk , ''Capital and Interest: A Critical History of Economical Theory'' , London: Macmillan and Co.
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    .Baltimore, MD: Johns Hopkins University Press.^ Natural and Political Observations made upon the Bills of Mortality [London, 1662], Johns Hopkins University Reprint, Baltimore, 1939, p.
    • Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," World Politics, Vol. 1, no. 1 (October 1948) 16 January 2010 22:022 UTC www.mtholyoke.edu [Source type: Original source]

    ^ The Johns Hopkins University Press.
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    ^ Baltimore: The Johns Hopkins Press.
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    ISBN 0801838347.
     
  • Vaggi, Gianni; Groenewegen, Peter (2003). .A Concise History of Economic Thought: From Mercantilism to Monetarism.^ MERCANTILISM ( 1500's-1700's) In the document labeled " Transition ", we see how some developments in history may have been important to the development of a new form of economics, namely, mercantilism.
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    .New York: Palgrave Macmillan.^ Macmillan: London & New York 1986.
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    ^ New York: Macmillan.
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    ^ New York: MacMillan.
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    ISBN 0333999363.
     
  • Wilson, Charles (1963) [1958]. Mercantilism. London: Routledge and Kegan Paul. 

External links


Simple English

from 1638, at the height of mercantilism]]

Mercantilism is the name given to a number of economic systems that were present in most parts of Europe between the 16th and the 18th century. The term was first used by Marquis de Mirabeau in 1763. Adam Smith made it known to a wider audience in 1766. At that time, absolutism was the main form of government in Europe. These regimes needed money to finance a large military, as well as many people that worked in the government. The monarchs and princes also needed money in order to finance their lifestyle. These governments were also very nationalistic. For this reason, mercantilism is seen as a form of economic nationalism,[1] that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is "unchangeable". Economic assets (or capital) are represented by bullion (gold, silver, and trade value) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports).

The theory assumes that wealth and monetary assets are identical. Mercantilism suggests that the ruling government should advance these goals by playing a protectionist role in the economy by encouraging exports and discouraging imports, notably through the use of tariffs and subsidies.[2] The theory dominated Western European economic policies from the 16th to the late-18th century.[1]

References

  1. 1.0 1.1 "Mercantilism". The Concise Encyclopedia of Economics. http://www.econlib.org/library/Enc/Mercantilism.html. Retrieved 2010-03-14. 
  2. LaHaye, Laura. "Mercantilism". Library Fund, Inc.. http://www.econlib.org/library/Enc/Mercantilism.html. Retrieved 2008-10-27. 


Citable sentences

Up to date as of December 26, 2010

Here are sentences from other pages on Mercantilism, which are similar to those in the above article.








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