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Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy. In other words, ...
Neomercantilism (also spelled neo-mercantilism) is a policy regime that encourages exports, discourages imports, controls capital movement, ...
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 is a nationalist form of early capitalism that came into existence approximately in the late 16th century. It is characterized by the intertwining of national business interests with state-interest and imperialism. Consequently, the state apparatus is used to advance national business interests abroad.
Mercantilism was the dominant model in Western Europe from the 16th to 18th century. This encouraged imperialism and colonialism until economic and political changes resulted in global decolonization .
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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 ...
Modern capitalism resembles some elements of mercantilism in the early modern period between the 16th and 18th centuries. [20] [21] Early evidence for mercantilist practices appears in early modern Venice, Genoa, and Pisa over the Mediterranean trade in bullion. The region of mercantilism's real birth, however, was the Atlantic Ocean. [22]