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Topic: Mercantilists

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In the News (Tue 16 Jul 19)

  Mercantilism - Wikipedia, the free encyclopedia
Early mercantilist writers embraced bullionism, the belief that quantities of gold and silver were the measure of a nation's wealth.
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.
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.
en.wikipedia.org /wiki/Mercantilism   (3582 words)

 Economic Quarterly: Mercantilists and classicals: insights from doc... @ HighBeam Research   (Site not responding. Last check: 2007-11-06)
Mercantilists, with their fears of hoarding and scarcity of money together with their prescription of cheap (low interest rate) and plentiful cash as a stimulus to real activity, tend to gain the upper hand when unemployment is the dominant problem.
Accordingly, mercantilists advocated protectionist policies in the form of export promotion and import restriction schemes to obtain a permanent trade balance surplus matched by corresponding persistent inflows of specie from abroad.
Mercantilist views, despite their devastating initial rejection, reemerged to form the Banking School position in the famous Currency School-Banking School controversy that took place in England in the mid-1800s.
highbeam.com /library/doc0.asp?DOCID=1G1:55727254&...   (10833 words)

 Merkantilizam - Wikipedia
There were no mercantilist writers who presented an overarching scheme for the ideal economy, as Adam Smith would later do for classical economics.
The Hapsburg 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 was also during the mercantilist period that most of the modern economic institutions were first established, such as stock exchanges, and the modern banking and insurance industries.
bs.wikipedia.org /wiki/Merkantilizam   (3600 words)

Thus, in order to increase national output, the early Mercantilists recommended, every effort, fair or foul, must be made by the State to ensure that, whether bullion or coins, as much gold and silver as possible enters that country and as little as possible leaves the country.
Initially, this was thought to involve direct restrictions on the export of gold, a practice highly recommended by the Bullionist strain of Mercantilists, notably Thomas Milles and Gerald de Malynes.
The Mercantilists did not mince words on this: they recommended that wages should be kept as low as possible.
campusvirtual.uma.es /econlinks/Escuelas/mercant.htm   (2467 words)

 Free Trade
However, since most mercantilists were not academics who wrote books, we also need to infer their beliefs from the policies they pursued or less intellectual writings.
The attitude is typical of mercantilists and it reveals that their conception of wealth was tied to money or precious metals since it was assumed that it was a negative thing to send cash abroad.
More sophisticated mercantilist like Thomas Mun, argued that the specie was re-exported to Europe at a higher price, thus the initial gold outlay was balanced by a higher gold inflow in the next step of the chain.
www.geocities.com /hmelberg/papers/980811.htm   (3931 words)

 What Are We to Make of the Trade Deficit
The mercantilist view of the trade deficit is the one held by protectionists of various stripes, including paleoconservatives like Pat Buchanan and Paul Craig Roberts, CNN News anchor Lou Dobbs and the left-wing Economic Policy Institute.
What the mercantilists overlook namely is that domestic demand should in the real world certainly not be taken as a given, and that a trade deficits necessarily implies a net capital inflow which helps finance a higher level of domestic demand then would otherwise be possible.
The lesson from the analysis of the failings of the mercantilist and supply-side view of the trade deficit is that trade deficits are in fact a good thing as long as it is not driven by excessive consumption and/or malinvestments.
www.gold-eagle.com /editorials_05/karlsson032205.html   (1692 words)

Mercantilists believed that a nation's wealth came primarily from the accumulation of gold and silver.
They opposed the Mercantilist policy of promoting trade at the expense of agriculture because they believed that agriculture was the sole source of wealth in an economy.
As a reaction against the Mercantilists' copious trade regulations, the Physiocrats advocated a policy of laissez-faire, which called for minimal government interference in the economy.
www.frbsf.org /publications/education/greateconomists/grtschls.html   (1415 words)

 [No title]
Mercantilist writers spoke of national advancement, but that this was a means to an end is sometimes forgotten.
The mercantilists were justified by the circumstances of the day, and most interpret them as considering that the risk of inflation was worth bearing for the sake of more economic activity, due to plenty of capital.
Mun has been called the last of the early mercantilists because he argued that it is the multinational, or general, and not the bilateral, or particular, balance of trade that is important.
www.maths.tcd.ie /pub/econrev/ser/html/tommy.html   (3023 words)

 Douglas A. Irwin, A Brief History of International Trade Policy: Library of Economics and Liberty
For much of this period, mercantilist writers argued that a key objective of trade should be to promote a favorable balance of trade.
Trade with a given country or region was judged profitable by the extent to which the value of exports exceeded the value of imports, thereby resulting in a balance of trade surplus and adding precious metals and treasure to the country's stock.
Mercantilists advocated that government policy be directed to arranging the flow of commerce to conform to these beliefs.
www.econlib.org /library/Columns/Irwintrade.html   (3219 words)

 Untitled Document
Building on the commonplace idea that countries trade because not all countries can grow everything, mercantilists built a theory of international trade that came close to a statement of the principle of comparative advantage for which the classical economist David Ricardo is famous.
In sum, while the main ideas of the mercantilists caused a lot of harm and are now discredited, the economists of that period came up with many ideas that lasted and created the foundation of the Classical school.
The problem was that the good ideas of the mercantilists had not yet won the debate, which is why they simply coexisted with all the other bad ideas.
www.csun.edu /~hceco015/econ412/LectureNotes2.htm   (1006 words)

 ECO 311 Study Guide 1   (Site not responding. Last check: 2007-11-06)
Mercantilists did not seem to understand the benefits of specialization and trade, or that wealth is more than just gold and silver.
Mercantilists believed in lots of government intervention, and they had a long list of regulations, taxes, and subsidies as a consequence.
The Trade and Navigation Acts, based on mercantilist principles, was a large body of legislation that was intended to create and maintain a market for British goods and thereby guarantee a favorable balance of payments.
webs.wofford.edu /terrelltd/eco311/311study1.html   (10423 words)

 Mercantilism, by Laura LaHaye: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Most of the mercantilist policies were the outgrowth of the relationship between the governments of the nation-states and their mercantile classes.
During the mercantilist era it was often suggested, if not actually believed, that the principal benefit of foreign trade was the importation of gold and silver.
While the mercantilist policies were designed to benefit the government and the commercial class, the doctrines of laissez-faire, or free markets, which originated with Smith, interpreted economic welfare in a far wider sense of encompassing the entire population.
www.econlib.org /library/Enc/Mercantilism.html   (1957 words)

 [No title]
Mercantilists also characterised goods in terms of their uses rather than value or price.
An overriding concern for the mercantilists was the uncertainty of the world environment.
More sophisticated Mercantilists understood that it was inconsistent to boost exports and impede imports, i.e realising the mutual interdependence of exports and imports in international trade, i e all nations cannot simultaneously enjoy a current account surplus.
www.econ.ku.dk /kgp/mercanti.htm   (924 words)

 IPE Week 03   (Site not responding. Last check: 2007-11-06)
According to Thomas Biersteker, it was the classical mercantilists who were the original theorists of IPE from a realist perspective.
As opposed to later Marxists, mercantilists are committed to capitalism, but believed that markets should be directed (i.e., dirigiste philosophy) not left alone (i.e., laissez-faire philosophy).
In addition, mercantilist philosophy was used to justify colonialism and imperialism, consistent with the belief that states should be self-sufficient in supply of the raw materials needed for its industries.
www.bilkent.edu.tr /~paulw/IPEWeek03.html   (1246 words)

 Eco 368 Lecture Notes II
But while Smith may have mocked the self-interested discourses of the mercantilists on trade, his own views on the need to impose work on those who might otherwise be idle were very much in harmony with those of his predecessors.
Where Smith differed from the mercantilists was his emphasis on manufacturing as the real terrain of putting people to work as opposed to trade which was a secondary means to an end.
Indeed, where he accuses the mercantilists of sophistry and self-serving argument, in the ninth [pdf file] and last chapter of Book Four of the Wealth of Nations, he repeatedly honors the physiocrats for the sophistication and general thrust of their views.
www.eco.utexas.edu /facstaff/Cleaver/368lecturenotesII.html   (8044 words)

 Deficits & Prosperity: The new mercantilists don’t have the whole story.   (Site not responding. Last check: 2007-11-06)
The new mercantilists are also concerned with our dependency on foreign financing, and worry that foreign-debt holders could someday flmail U.S. policy makers.
Looking at the data, the verdict is fairly clear: Contrary to the assertions of the mercantilists, periods of U.S. trade balance deterioration have been accompanied by a rising U.S. stock market relative to the rest of the world.
The GOP of the 19th century's second half was highly mercantilist and imposed high tariffs across the board throughout the 1860's-80's.
www.freerepublic.com /focus/fr/1130685/posts   (1411 words)

 Jacob Viner, "Power and Plenty as Objectives of Foreign Policy in the Seventheenth and Eighteenth Centuries," ...
The proposition that the mercantilists sought a favorable balance of trade, wealth, and the indefinite accumulation of the precious metals solely as means to power seems first to have been launched by Baron von Heyking, who indeed claims priority for his interpretation.
At least one mercantilist carried this doctrine to its logical conclusion that plague, war, famine, harvest failure, in a neighboring country was of economic advantage to your own country.
In contending that for the mercantilists power and plenty were regarded as coexisting ends of national policy which were fundamentally harmonious, I do not mean that they were unaware that in specific instances economic sacrifices might have to be made in order to assume national security or victory in an aggressive war.
www.mtholyoke.edu /acad/intrel/ipe/viner.htm   (8276 words)

 Mercantilism   (Site not responding. Last check: 2007-11-06)
The mercantilists were in favour of a nation state and state intervention.
The mercantilist perception of world trade was one where the government granted monopoly privilege to a business in the form of a patent (giving exclusive trading rights) for example the East India Company of the early 1700’s.
The mercantilists recognised the growing power of the national economy and were in favour of the state in economic activity to maximise wealth.
www.ecommerce-now.com /images/ecommerce-now/mercantilism.htm   (178 words)

 Great Theories of Economics
Great Economists and Their Times: Major Schools of Economic Theory ------------------------------------------------------ * Introduction * Mercantilists * Physiocrats * Classical School * Marginalist School * Marxist School * Institutionalist School * Keynesian School * Summary ---------------------------------------------------------------------------- Introduction The word "economics" is derived from oikonomikos, which means skilled in household management.
Although the word is very old, the discipline of economics as we understand it today is a relatively recent development.
Mercantilists Mercantilism was the economic philosophy adopted by merchants and statesmen during the 16th and 17th centuries.
interzone.com /~cheung/SUM.dir/econschool.html   (1742 words)

 What's So Favorable about a Favorable Balance of Trade? by Melvyn Krauss   (Site not responding. Last check: 2007-11-06)
Notwithstanding this argument, the mercantilistic fallacy--that an export surplus is inherently a good thing for the nation--is so ingrained in the public's mind that even today it is routinely referred to as a favorable balance of trade.
This accumulation of foreign assets is alleged to expand the influence and power of the surplus country and decrease that of the deficit country, just as two hundred years ago the inflow of gold was considered to expand the influence and power of the prince at the expense of his foreign rivals.
Like eighteenth-century mercantilists who wanted gold to increase their power and in-fluence in world affairs, Romania's former dictator, Nicolae Ceausescu, thought his influence on the world stage would grow in the 1980s if Romania accelerated the paydown of its substantial foreign debt.
www-hoover.stanford.edu /publications/Selections/973/krauss.html   (1541 words)

 Imports? Never! - Mises Institute
Late in 2001 and early in 2002, America's economic mercantilists (who tend to ascribe domestic economic difficulties to all things foreign) were complaining about cheap foreign steel in the U.S. economy.
On the other hand, if the mercantilists' oil scenario is correct, their wringing-of-hands about cheap foreign steel, software, and medical technology is mistaken.
Is the mercantilists' inconsistency something new on the economic horizon?  Not really.
www.mises.org /story/1807   (727 words)

 David HUME
He was one of the first to spell out the "loanable funds" theory of interest, arguing that interest rates are determined by the demand for loans and the supply of saving.
Contrary to the Mercantilists, he did not conceive of foreign trade as a zero-sum game but argued that there are mutual gains.
Its basic argument was to deny the old Mercantilist policy proposition that the inflow of gold specie into a nation could be accomplished by manipulating the external trade balance.
cepa.newschool.edu /het/profiles/hume.htm   (1072 words)

 1   (Site not responding. Last check: 2007-11-06)
Answer in terms of: (a) the effects on the price of the goods produced, and (b) the supply of labor.
Make a list of ways in which Petty, North, and de Mandeville were more mercantilist in their thinking, and in which ways they were more liberal.
Explain: The mercantilists had a low opinion of labor and wanted low wages because they believed that the income effect dominates the substitution effect.
www-rohan.sdsu.edu /~frantz/E311.StudyQus.htm   (1740 words)

 Townhall.com :: Columns :: Pushing tariffs on Chinese goods is bad policy by Bruce Bartlett   (Site not responding. Last check: 2007-11-06)
The mercantilists preached that countries should always strive to have a trade surplus and avoid trade deficits at all cost.
But in order to try and salvage some profit from their asset, they were forced to invest in the New World, creating new industries like tobacco.
But, being mercantilists, the British insisted that all trade from the American colonies had to go through London, thereby increasing the cost of American goods and creating ill will that culminated in the American Revolution.
www.townhall.com /columnists/brucebartlett/bb20031104.shtml   (890 words)

 [No title]   (Site not responding. Last check: 2007-11-06)
For the mercantilists economic allocation is a "zero sum game." The French essayist Michel de Montaigne who wrote in 1580;     "The profit of one man is the damage of another....
However, mercantilists did not oppose monopoly grants and exclusive trading privileges.
He was a mercantilist, but, in some writings, foreshadowed latter developments in economic thinking.
www.biu.ac.il /soc/ec/students/teach/814/data/t6.doc   (799 words)

 Economic Quarterly : Mercantilists and classicals: insights from doctrinal history. @ HighBeam Research   (Site not responding. Last check: 2007-11-06)
Economic Quarterly : Mercantilists and classicals: insights from doctrinal history.
Start / E / Economic Quarterly / March 22, 1999 / Mercantilists and classicals: insights from doctrinal history.
Read 'Economic Quarterly: Mercantilists and classicals: insights from doctrinal history.' with a FREE Trial for instant access »
static.elibrary.com /e/economicquarterly/march221999/mercantilistsandclassicalsinsightsfromdoctrinalhis/index.html   (235 words)

 The Neo-Unionists’ Rope of Sand
The "states rights" position did not surface suddenly post-1865 in Confederate memoirs, nor was it grounded in a one-man reinvention of the Constitution by John C. Calhoun in the 1830s, as Jaffa holds.
-century America: There were local mercantilists; but the national mercantilists, with their "modernizing" ideas about the blessings of public debt and their firm belief that commerce needs constant subsidy, regulation, and pushes in the right direction (that of the mercantilists and their friends), were a bigger problem than local mercantilists.
Early nationalists, who were strongly mercantilist, made certain claims about the history and outcome of the revolutionary and early constitutional period.
www.lewrockwell.com /stromberg/stromberg34.html   (4477 words)

 Course Notes   (Site not responding. Last check: 2007-11-06)
A body of doctrine emerged which superseded feudal concepts, promoted nationalism, gave new dignity and importance to the merchant, and justified a policy of economic and military expansion.
Duty free importation of raw materials that could not be produced at home, protection for manufactured goods and raw materials that could be produced domestically, and export restrictions on raw materials.
Petty supported many mercantilist ideas, but is also considered a forerunner of classical economics.
www.ku.edu /~jsic/csnotes.html   (3395 words)

 The Gold Standard   (Site not responding. Last check: 2007-11-06)
In the 18th century some people, now called mercantilists, believed that the road to riches for a nation was to accumulate gold.
They thought that just as an individual who had more gold was richer than one who had less, so a nation which had more gold in its vaults would be richer than a nation which had less.
It followed that mercantilists sought to curb imports and spur exports.
tinf2.vub.ac.be /%7Edvermeir/mirrors/ingrimayne.saintjoe.edu/econ/Money/GoldStan.html   (770 words)

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