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Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. In other words, ...
The policy can be associated with mercantilism and neomercantilism and the resultant barriers to pan-national single markets. According to economist Joan Robinson beggar-thy-neighbour policies were widely adopted by major economies during the Great Depression of the 1930s. [2]
Many countries in early modern Europe adopted a policy of mercantilism, which theorized that a trade surplus was beneficial to a country. Mercantilist ideas also influenced how European nations regulated trade policies with their colonies, promoting the idea that natural resources and cash crops should be exported to Europe, with processed ...
Some economic historians use the term merchant capitalism, a term coined by the German sociologist and economist Werner Sombart in his "The Genesis of Modern Capitalism" in 1902, to refer to the earliest phase in the development of capitalism as an economic and social system.
Mercantilism inflamed the growing hostilities between the increasingly centralized European powers as the accumulation of precious metals by governments was seen as important to the prestige and power of a modern nation. This involvement in accumulating gold and silver (among other things) became important in the development of the nation-state.
The Navigation Acts were passed under the economic theory of mercantilism, under which wealth was to be increased by restricting colonial trade to the mother country rather than through free trade. By 1849 "a central part of British import strategy was to reduce the cost of food through cheap foreign imports and in this way to reduce the cost ...
The series of events leading up to the Eden Agreement of 1786 began two centuries earlier when mercantilism (a term later coined by Adam Smith) became the leading economic policy in Western Europe. Above all other nations, the two leading mercantilist countries in early modern Europe were Britain and France, who followed the guidance of Jean ...
The international economic policy of Meiji Japan was a combination of Hideyoshi's mercantilism and Friedrich List's Nationale System der Politischen Ökonomie. [59] It has also been argued that Deng Xiaoping's post-Mao policies were inspired by List, as well as recent policies in India. [60] [61]