Mercantilism

mercantilistmercantilemercantilistsmercantile systemmercantilisticmercantile schoolmerchantilismearly mercantilistgovernment intervention in the economyhigh tariff barriers
Mercantilism is a national economic policy that is designed to maximize the exports, and minimize the imports, of a nation.wikipedia
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Colonialism

colonialcolonial powerscolonialist
Historically, such policies frequently led to war and also motivated colonial expansion.
At first, European colonising countries followed policies of mercantilism, in order to strengthen the home economy, so agreements usually restricted the colonies to trading only with the metropole (mother country).

Early modern period

early moderncolonial eraearly modern era
Mercantilism became the dominant school of economic thought in Europe throughout the late Renaissance and the early-modern period (from the 15th to the 18th centuries).
The early modern period also included the rise of the dominance of the economic theory of mercantilism.

Balance of trade

trade deficittrade surplustrade balance
Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods.
Many countries in early modern Europe adopted a policy of mercantilism, which theorized that a trade surplus was beneficial to a country, among other elements such as colonialism and trade barriers with other countries and their colonies.

Josiah Child

Sir Josiah ChildSir Josiah Child, 1st BaronetChild of Wanstead
Authors noted most for establishing the English mercantilist system include Gerard de Malynes ( 1585–1641) and Thomas Mun (1571-1641), who first articulated the Elizabethan system (England's Treasure by Forraign Trade or the Balance of Forraign Trade is the Rule of Our Treasure), which Josiah Child (c.
He was an economist proponent of mercantilism and governor of the East India Company.

Thomas Mun

Authors noted most for establishing the English mercantilist system include Gerard de Malynes ( 1585–1641) and Thomas Mun (1571-1641), who first articulated the Elizabethan system (England's Treasure by Forraign Trade or the Balance of Forraign Trade is the Rule of Our Treasure), which Josiah Child (c. A systematic and coherent explanation of balance of trade emerged in Thomas Mun's argument England's Treasure by Forraign Trade or the Balance of our Forraign Trade is The Rule of Our Treasure - written in the 1620s and published in 1664.
Sir Thomas Mun (17 June 1571 – 21 July 1641) was an English writer on economics and is often referred to as the last of the early mercantilists.

Bullionism

bullionistBullion question
Mercantilism in its simplest form is bullionism, yet mercantilist writers emphasize the circulation of money and reject hoarding.
Bullionism is an early or primitive form of mercantilism.

Economics

economiceconomisteconomic theory
Mature neomercantilist theory recommends selective high tariffs for "infant" industries or the promotion of the mutual growth of countries through national industrial specialization.
Mercantilism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen.

Antonio Serra

The Italian economist and mercantilist Antonio Serra is considered to have written one of the first treatises on political economy with his 1613 work, A Short Treatise on the Wealth and Poverty of Nations. Italy and France produced noted writers of mercantilist themes, including Italy's Giovanni Botero (1544–1617) and Antonio Serra (1580–?) and, in France, Jean Bodin and Colbert.
Antonio Serra was a late 16th-century Italian philosopher and economist in the Mercantilist tradition.

Corn Laws

Corn Lawrepeal of the Corn LawsImportation Act 1815
The British Parliament's repeal of the Corn Laws under Robert Peel in 1846 symbolized the emergence of free trade as an alternative system.
They were designed to keep grain prices high to favour domestic producers, and represented British mercantilism.

Louis XIV of France

Louis XIVKing Louis XIVKing Louis XIV of France
King Louis XIV (reigned 1643-1715) followed the guidance of Jean Baptiste Colbert, his Controller-General of Finances from 1665 to 1683.
Colbert's mercantilist administration established new industries and encouraged manufacturers and inventors, such as the Lyon silk manufacturers and the Gobelins manufactory, a producer of tapestries.

Edward Misselden

Misselden
However, many British writers, including Mun and Misselden, were merchants, while many of the writers from other countries were public officials.
Edward Misselden (fl. 1608–1654) was an English merchant, and leading member of the writers in the Mercantilist group of economic thought.

Foreign exchange reserves

foreign exchangeforeign-exchange reservesforeign reserves
Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods.
Usually, the explanation is based on a sophisticated variation of mercantilism, such as to protect the take-off in the tradable sector of an economy, by avoiding the real exchange rate appreciation that would naturally arise from this process.

Classical economics

classical economistsclassicalclassical economist
In Europe, academic belief in mercantilism began to fade in the late-18th century after the British seize and control of the Mughal Bengal, a major trading nation, and the establishment of the British India through the activities of the East India Company, in light of the arguments of Adam Smith (1723-1790) and of the classical economists.
In terms of international trade, the classical economists were advocates of free trade, which distinguishes them from their mercantilist predecessors, who advocated protectionism.

Adam Smith

SmithA SmithAdam Smith’s
In Europe, academic belief in mercantilism began to fade in the late-18th century after the British seize and control of the Mughal Bengal, a major trading nation, and the establishment of the British India through the activities of the East India Company, in light of the arguments of Adam Smith (1723-1790) and of the classical economists.
For example, Smith lectured that the cause of increase in national wealth is labour, rather than the nation's quantity of gold or silver, which is the basis for mercantilism, the economic theory that dominated Western European economic policies at the time.

Navigation Acts

Navigation ActActs of Trade and Navigationsecond Navigation Act
Queen Elizabeth promoted the Trade and Navigation Acts in Parliament and issued orders to her navy for the protection and promotion of English shipping.
The laws reflected the European economic theory of mercantilism which sought to keep all the benefits of trade inside their respective Empires, and to minimize the loss of gold and silver, or profits, to foreigners through purchases and trade.

Physiocracy

Physiocratsphysiocratphysiocratic
Opposite to mercantilism was the doctrine of physiocracy, which predicted that mankind would outgrow its resources.
This is in contrast to earlier schools, in particular mercantilism, which often focused on the ruler's wealth, accumulation of gold, or the balance of trade.

Cameralism

cameralistCameralcameralistic
There are some similarities between cameralism as an oeconomic theory and the French mercantilist school of Jean-Baptiste Colbert, which has sometimes caused cameralism to be viewed as a German version of mercantilism, as they both emphasised import substitution and a strong state-directed oeconomic life.

Economic policy

economic policieseconomiceconomic issues
Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods.
There was considerable debate about mercantilism and other restrictive trade practices like the Navigation Acts, as trade policy became associated with both national wealth and with foreign and colonial policy.

Tariff

tariffscustoms dutyimport duties
High tariffs, especially on manufactured goods, were an almost universal feature of mercantilist policy.
The poor countries that have succeeded in achieving strong and sustainable growth are those that have become mercantilists, not free traders: China, South Korea, Japan, Taiwan.

Philipp von Hörnigk

Philipp Wilhelm von Hornickvon Hörnigk, Philip
Philipp Wilhelm von Hörnigk (sometimes spelt Hornick or Horneck; 23 January 1640 – 23 October 1714) was a German civil servant, who was one of the founders of Cameralism and a supporter of the economic theory of mercantilism.

Colbertism

French mercantilismtariff systemthe French mercantilist school
Jean-Baptiste Colbert (Intendant général, 1661-1665; Contrôleur général des finances, 1661–1683) best articulated this French mercantilism.
Colbertism is a variant of mercantilism that is sometimes seen as its synonym.

Jean Bodin

BodinJean Boudin[Jean] Bodin
Italy and France produced noted writers of mercantilist themes, including Italy's Giovanni Botero (1544–1617) and Antonio Serra (1580–?) and, in France, Jean Bodin and Colbert.
Bodin's attitude has been called a populationist strategy typical of mercantilism.

Spanish Empire

SpanishSpainSpanish colonies
Elizabeth's efforts organized national resources sufficiently in the defense of England against the far larger and more powerful Spanish Empire, and in turn, paved the foundation for establishing a global empire in the 19th century.
Given that, the crown attempted to create and maintain a classic, closed mercantile system, warding off competitors and keeping wealth within the empire.

American Revolution

RevolutionRevolutionary WarRevolutionary
This led to friction with the inhabitants of these colonies, and mercantilist policies (such as forbidding trade with other empires and controls over smuggling) were a major irritant leading to the American Revolution.
On October 9, 1651, they passed the Navigation Acts to pursue a mercantilist policy intended to ensure that trade enriched Great Britain but prohibited trade with any other nations.

Christian IV of Denmark

Christian IVKing Christian IVChristian IV of Denmark and Norway
Mercantilism became prominent in Central Europe and Scandinavia after the Thirty Years' War (1618–48), with Christina of Sweden, Jacob Kettler of Courland, and Christian IV of Denmark being notable proponents.
This inspired Christian to initiate a policy of expanding Denmark's overseas trade as part of the mercantilist wave fashionable in Europe.