Mercantilism: Difference between revisions
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'''Mercantilism''' is an [[economic theory]], thought to be a form of [[economic nationalism]],<ref name=econlib>{{cite web|accessdate=2010-03-14|url=http://www.econlib.org/library/Enc/Mercantilism.html|title=Mercantilism|publisher=The Concise Encyclopedia of Economics}}</ref> that holds that the prosperity of a nation is dependent upon its supply of [[Capital (economics)|capital]], and that the [[world economy|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 and healthy [[balance of trade]] with other nations (exports minus imports). | '''Mercantilism''' is an [[economic theory]], thought to be a form of [[economic nationalism]],<ref name=econlib>{{cite web|accessdate=2010-03-14|url=http://www.econlib.org/library/Enc/Mercantilism.html|title=Mercantilism|publisher=The Concise Encyclopedia of Economics}}</ref> that holds that the prosperity of a nation is dependent upon its supply of [[Capital (economics)|capital]], and that the [[world economy|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 and healthy [[balance of trade]] with other nations (exports minus imports). | ||
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*{{cite book|title=Mercantilism as a Rent-Seeking Society: Economic Regulation in Historical Perspective|last=Ekelund|first=Robert B.|authorlink=|coauthors=Tollison, Robert D.|year=1981| publisher=Texas A&M University Press|location=College Station, TX |isbn=0890961204|pages=}} | *{{cite book|title=Mercantilism as a Rent-Seeking Society: Economic Regulation in Historical Perspective|last=Ekelund|first=Robert B.|authorlink=|coauthors=Tollison, Robert D.|year=1981| publisher=Texas A&M University Press|location=College Station, TX |isbn=0890961204|pages=}} | ||
*{{cite book|title=A History of Economic Theory and Method|last=Ekelund|first=Robert B.|authorlink= |coauthors=Hébert, Robert F.|year=1975|publisher=McGraw–Hill|location=New York|isbn= 0070191433|pages=}} | *{{cite book|title=A History of Economic Theory and Method|last=Ekelund|first=Robert B.|authorlink= |coauthors=Hébert, Robert F.|year=1975|publisher=McGraw–Hill|location=New York|isbn= 0070191433|pages=}} | ||
[[Category:Ideologies]] | |||
Latest revision as of 20:57, 2 December 2010
- This article uses content from the Wikipedia article on Mercantilism (edition) under the terms of the CC-by-SA 3.0 license.
Mercantilism is an economic theory, thought 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 and healthy 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 subsidies and tariffs respectively. The theory dominated Western European economic policies from the 16th to the late-18th century.[1]
Notes
- ↑ 1.0 1.1 "Mercantilism". The Concise Encyclopedia of Economics. http://www.econlib.org/library/Enc/Mercantilism.html. Retrieved 2010-03-14.
References
- Mercantilism: A Lesson for Our Times? by Murray N. Rothbard, from An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith.
- Ekelund, Robert B.; Tollison, Robert D. (1981). Mercantilism as a Rent-Seeking Society: Economic Regulation in Historical Perspective. College Station, TX: Texas A&M University Press. ISBN 0890961204.
- Ekelund, Robert B.; Hébert, Robert F. (1975). A History of Economic Theory and Method. New York: McGraw–Hill. ISBN 0070191433.