Mercantilism is the economic doctrine in which government control of foreign trade is of paramount importance for ensuring the prosperity and military security of the state. In particular, it demands a positive balance of trade. Mercantilism dominated Western European economic policy and discourse from the 16th to late-18th centuries. Mercantilism was a cause of frequent European wars in that time and motivated colonial expansion. Mercantilist theory varied in sophistication from one writer to another and evolved over time. Favors for powerful interests were often defended with mercantilist reasoning.

Mercantilist policies have included:

• Building a network of overseas colonies
• Forbidding colonies to trade with other nations
• Monopolizing markets with staple ports;
• Promote accumulation of gold and silver
• Forbidding trade to be carried in foreign ships;
• Export subsidies;
• Maximizing the use of domestic resources;
• Restricting domestic consumption with non-tariff barriers to trade.

Jean-Baptiste Colbert's work in seventeenth century France exemplified classical mercantilism. In the English-speaking world its ideas were criticized by Adam Smith with the publication of The Wealth of Nations in 1776 and later David Ricardo with his explanation of comparative advantage. Mercantilism was rejected by Britain and France by the mid-19th century. The British Empire embraced free-trade and used its power as the financial center of the world to promote the same.

Neomercantilism is a 20th century economic policy that uses the ideas and methods of neoclassical economics. The new mercantilism has different goals and focuses on more rapid economic growth based on advanced technology. It promotes such policies as substitution state taxing, subsidizing, spending, and general regulatory powers for tariffs and quotas, and protection through the formation of supranational trading blocs.

Mercantilism in its simplest form was naive bullionism, but mercantilist writers emphasized the circulation of money and rejected hoarding. Their emphasis on monetary metals accords with current ideas regarding the money supply, such as the stimulative effect of a growing money supply. Specie concerns have since been rendered moot by fiat money and floating exchange rates. In time, the heavy emphasis on money was supplanted by industrial policy, accompanied by a shift in focus from the capacity to carry on wars to promoting general prosperity. Mature neomercantilist theory recommends selective high tariffs for "infant" industries or to promote the mutual growth of countries through national industrial specialization. Currently, advocacy of mercantilist methods for maintaining high wages in advanced economies are popular among workers in those economies, but such ideas are rejected by most policymakers and economists.

Matching Results for Mercantilism:

L. Neil Smith
Corporations are properly associated with mercantilism, rather than capitalism. ... "Corporations, Mercantilism, and Capitalism,"[43] 27 June 2010 ...

Noam Chomsky
The most effective way to restrict democracy is to transfer decision-making from the ... of state corporate mercantilism disguised with various mantras like globalization and ...

Jean-Baptiste Say
To have never done any thing but make the eighteenth part of a pin, ... Introduction, p. xlix (See also: Fuedalism, Mercantilism, Imperialism, Fascism,Communism, Capitalism. ...

Nazi Information (Hitler, Socialism, Nazis, Nazi Germany ...
In Mein Kampf, Hitler effectively supported mercantilism, in the belief that ... "Antique Dolls US" [
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Science: Social Sciences: Economics: Schools of ...
Mercantilism - Article in the Concise Encyclopedia of Economics by Laura LaHaye. Works by Charles D'Avenant - "An Essay on the East ...