the attempt to increase national wealth by building up a huge trade surplus, by exporting more than the country imports.
A once-prominent economic philosophy that equated national wealth and prowess with the accumulation of gold and other international monetary assets, and hence with running a persistent trade surplus. The mercantilist viewpoint has been discredited by modem economics, which has shown that national economic security and well-being are not necessarily related one way or another with trade surpluses or deficits (see discussion under trade balance). Nonetheless, mercantilist ideas continue to exert a powerful political hold in many countries, leading to demands for policies --such as tariff protection for domestic industries as well as export subsidies --designed to foster trade surpluses as keys to national economic strength. Since all countries cannot run .trade surpluses simultaneously, widespread pursuit of mercantilist policies tends to produce an unstable and conflict-ridden international trading system.
An economic philosophy of the 16th and 17th centuries that international commerce should primarily serve to increase a country's financial wealth, especially of gold and foreign currency. To that end, exports are viewed as desirable and imports as undesirable unless they lead to even greater exports.
European economic policies of the sixteenth to eighteenth centuries that restricted colonial trade to keep control of indigenous monetary systems.
briefly, the view that imports are bad and exports are good
an economic system (Europe in 18th C) to increase a nation's wealth by government regulation of all of the nation's commercial interests
A theory that viewed the accumulation of precious metals as the source of a nation's economic vitality; nations that followed the theory tried to promote exports and restrict imports.
A system for using the economy to enrich the state, mercantilism encouraged exports and discouraged imports to amass a surplus of gold. It flourished from the age of European discovery through the early nineteenth century and closely involved governments with their economies. Adam Smith's Wealth of Nations was an antimercantilist argument.
system of political economics that stresses a greater volume of exports than imports, and the exploitation of the colonies; in theory the French colonies would receive their imports from France or other French colonies.
A 17th century economic philosophy and practice of government regulation of a nation's economic life to increase state power and security. Policies of import restriction and export promotion flow from this goal.
Economic theory holding that the prosperity of a nation depends upon its supply of capital (money). [more
system of economic regulations aimed at increasing the power of the state. (p. 645)
prevailing economic theory of European nations in 16th and 17th centuries. It rested on the premise that a nation's power and wealth were determined by its supply of precious metal which were to be acquired by increasing exports (paid for with gold) and reducing imports to achieve domestic self-sufficiency; mercantilism remained the dominant theory until the Industrial Revelation and articulation of theory of laissez faire. (p. 540)
a system where government policies are established to accumulate wealth in the form of gold and silver by promoting exports and discouraging imports
Mercantilism was a loose system of economic organization designed, through a favorable balance of trade, to guarantee the economic self-sufficiency of the British empire and the growth of its wealth and power.Mercantilists advocated possession of colonies as places where the mother country could acquire raw materials not available at home.
Economic theory that stressed governments' promotion of limitation of imports from other nations and internal economies in order to improve tax revenues; popular during 17th and 18th centuries in Europe. (p.540)
An economic philosophy prominent in the 16th and 17th centuries that equated the accumulation and possession of gold and other international monetary assets, such as foreign currency reserves, with national wealth. Although this point of view is generally discredited among 20th century economists and trade policy experts, some contemporary politicians still favour policies designed to create trade surpluses, such as import substitution and tariff protection for domestic industries, as essential to national economic strength.
Mercantilism is an economic theory that holds the prosperity of a nation depends upon its supply of capital, and that the global volume of trade is "unchangeable." Capital, represented by bullion (gold, silver, and trade value) held by the state, is best increased through a positive balance of trade with other nations (exports minus imports). Mercantilism suggests that the ruling government should advance these goals by playing a protectionist role in the economy, by encouraging exports and discouraging imports, especially through the use of tariffs.