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What is mercantilism international trade theory
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this videos will explain mercantilism and his Origen. • Mercantilism is an economic theory and policy framework that dominated European economic thought from the 16th to the 18th century. It was characterized by a set of beliefs and practices aimed at increasing a nation's wealth and power through the accumulation of precious metals, particularly gold and silver. • Key features of mercantilism include: • 1 Bullionism: This was the belief that a nation's wealth was measured by the amount of precious metals it possessed, especially gold and silver. Mercantilists advocated policies to increase a nation's exports and reduce imports to achieve a favorable balance of trade, which would result in a net inflow of precious metals. • 2 Protectionism: Mercantilism advocated for protectionist policies, such as tariffs and quotas, to restrict imports and encourage domestic production. The idea was to protect domestic industries from foreign competition. • 3 Colonialism and Imperialism: Mercantilist nations sought to establish colonies in order to secure sources of raw materials and serve as captive markets for their finished goods. Colonies were viewed as a means to increase a nation's wealth and power. • 4 State Intervention: Mercantilism promoted strong government intervention in the economy. Governments would enact policies to promote and regulate industries, and they might even grant monopolies or subsidies to specific businesses. • 5 Navigation Acts: These were a series of laws enacted by the British Parliament in the 17th and 18th centuries that required certain goods to be transported on British ships and sold in British markets. The goal was to ensure that the benefits of colonial trade primarily benefited Britain. • 6 Mercantilist Writers: Notable mercantilist writers include Jean-Baptiste Colbert in France, Thomas Mun in England, and Antonio Serra in Italy. They provided theoretical justifications for mercantilist policies. • 7 Critiques and Decline: Over time, mercantilism faced criticism from economists like Adam Smith, who argued for the benefits of free trade and the limitations of a purely bullion-based view of wealth. As a result, mercantilism gradually gave way to more laissez-faire economic policies. • It's important to note that while mercantilism was influential in its time, many of its ideas have been challenged and revised over the years. Modern economics, for instance, largely favors free trade and open markets, rather than the protectionist policies advocated by mercantilism. • ------------------------------------------------------- • #economics #lecture #maths #soe #spe243 #statistics #video #viralvideo #classroom#class#classroom41392. • please subscribe our channel for more videos. • and for supports comment, like and share.. • • What is mercantilism | international ...
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