"Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy."
Mercantilism was an economic theory that held that a country's wealth was determined by its ability to accumulate gold and silver, and to maintain a favorable trade balance. It was an underlying motivation for many imperialist ventures during the Age of Imperialism.
Definition and Origins of Mercantilism: An introduction to the economic theory that emerged during the Age of Imperialism, whereby nations sought to accumulate wealth through trade and commerce.
Exploration and Colonization: The role of European nations in exploring and colonizing the Americas and other parts of the world, which provided a source of raw materials and new markets for trade.
Trade and Balance of Payments: The importance of trade in mercantilism and the emphasis on maintaining a favorable balance of payments to ensure the accumulation of wealth.
Navigation Acts: A series of laws passed by England in the 17th and 18th centuries that restricted colonial trade to English vessels and ensured a monopoly on certain products.
Economic Warfare: The use of economic means, such as trade embargoes, restrictions, and tariffs, to weaken or defeat rival nations.
Triangular Trade: A system of trade routes between Europe, Africa, and the Americas during the Age of Imperialism, whereby raw materials, slaves, and finished products were exchanged.
Mercantilist Policies: An analysis of specific policies adopted by European powers to promote trade, such as subsidies, monopolies, and protectionist measures.
Industrial Revolution: The impact of the Industrial Revolution on mercantilism, including increased production of goods and the development of new markets.
Mercantilism and Colonialism: The relationship between mercantilism and imperialism, including the exploitation of colonized territories for raw materials.
Criticisms of Mercantilism: An overview of critiques of mercantilism, including economic inefficiency and the negative effects on colonial economies.
Protectionism: This type of mercantilism sought to protect domestic industries from foreign competition through tariffs, quotas, and subsidies.
Export-oriented mercantilism: Also known as bullionism, this type of mercantilism focused on exporting more goods than importing to increase the nation's wealth in precious metals.
Colonial mercantilism: This type of mercantilism was practiced by colonizing nations, using their colonies to provide raw materials and markets for the mother country's manufactured goods.
Industrial mercantilism: This type of mercantilism aimed to promote domestic manufacturing industries, often through government intervention, to reduce dependence on foreign goods and increase exports.
Commercial mercantilism: This type of mercantilism focused on maximizing profits through trade, often by creating trading monopolies or controlling strategic resources, such as spices or tea.
Military mercantilism: This type of mercantilism aimed to establish naval and military power through trade, often by building overseas colonies to secure trade routes and establish dominance.
Mercantilist imperialism: This type of mercantilism promoted the acquisition of new territories and colonies to expand markets, secure resources, and increase political power.
"The policy aims to reduce a possible current account deficit or reach a current account surplus."
"It includes measures aimed at accumulating monetary reserves by a positive balance of trade, especially of finished goods."
"Historically, such policies might have contributed to war and motivated colonial expansion."
"Mercantilism promotes government regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers."
"High tariffs, especially on manufactured goods, were almost universally a feature of mercantilist policy."
"Before it fell into decline, mercantilism was dominant in modernized parts of Europe and some areas in Africa from the 16th to the 19th centuries, a period of proto-industrialization."
"Some commentators argue that it is still practiced in the economies of industrializing countries, in the form of economic interventionism."
"With the efforts of supranational organizations such as the World Trade Organization to reduce tariffs globally, non-tariff barriers to trade have assumed a greater importance in neomercantilism."
"Mercantilism is a nationalist economic policy that promotes imperialism, colonialism, protectionism, currency manipulation, and tariffs and subsidies on traded goods."
"It seeks to maximize the accumulation of resources within the country and use those resources for one-sided trade."
"The policy aims to reduce a possible current account deficit or reach a current account surplus."
"Historically, such policies might have contributed to war and motivated colonial expansion."
"Mercantilism promotes government regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers."
"High tariffs, especially on manufactured goods, were almost universally a feature of mercantilist policy."
"Before it fell into decline, mercantilism was dominant in modernized parts of Europe and some areas in Africa from the 16th to the 19th centuries."
"Some commentators argue that it is still practiced in the economies of industrializing countries, in the form of economic interventionism."
"Non-tariff barriers to trade have assumed a greater importance in neomercantilism."
"Mercantilism is a nationalist economic policy."
"Maximize the exports and minimize the imports for an economy."