Mercantilism

Mercantilism: A Historical Survey

The Origins of Mercantilism

Mercantilism is an economic theory that dominated European thought from the 16th to the 18th centuries. It was based on the belief that the wealth of a nation was determined by its stock of gold and silver. Mercantilists argued that the best way to increase a nation's wealth was to promote exports and discourage imports. This would lead to a favorable balance of trade, which would in turn increase the nation's stock of gold and silver.

The Principles of Mercantilism

The main principles of mercantilism were:

• Protectionism: Mercantilists believed that domestic industries should be protected from foreign competition. This could be done through tariffs, quotas, or other trade barriers.
• Bullionism: Mercantilists believed that the wealth of a nation was determined by its stock of gold and silver. They argued that the best way to increase a nation's wealth was to promote exports and discourage imports. This would lead to a favorable balance of trade, which would in turn increase the nation's stock of gold and silver.
• Populationism: Mercantilists believed that a large population was essential for economic growth. They encouraged population growth through policies such as tax breaks for large families and immigration.

The Decline of Mercantilism

Mercantilism began to decline in the late 18th century as a result of the rise of classical economics. Classical economists argued that free trade was more beneficial to economic growth than protectionism. They also argued that the wealth of a nation was determined by its productive capacity, not by its stock of gold and silver.

The Legacy of Mercantilism

Mercantilism had a profound impact on the development of the modern world. It helped to create the nation-state system and it shaped the way that we think about trade and economic development. Even today, many of the policies that are used to promote economic growth are based on mercantilist principles.

Why Learn About Mercantilism?

There are many reasons why you might want to learn about mercantilism. Here are a few:

• To understand the history of economic thought: Mercantilism was one of the most important economic theories of the pre-industrial world. Studying mercantilism can help you to understand the evolution of economic thought and how it has shaped the way that we think about the economy today.
• To understand the origins of the modern world: Mercantilism played a major role in the development of the nation-state system and the global economy. Studying mercantilism can help you to understand the roots of the modern world and how it came to be.
• To gain a new perspective on contemporary economic issues: Mercantilist ideas continue to influence economic policy today. Studying mercantilism can help you to understand the different ways that we can think about economic growth and development.

How Online Courses Can Help You Learn About Mercantilism

There are many ways to learn about mercantilism, but online courses can be a great option. Online courses offer a flexible and affordable way to learn about mercantilism at your own pace. They also offer a variety of resources, such as video lectures, readings, and discussion forums, that can help you to learn more about the topic.

If you are interested in learning more about mercantilism, here are a few online courses that you might consider:

• Storia Economica (Coursera)
• История экономики и экономических учений (edX)

These courses will provide you with a comprehensive overview of mercantilism and its impact on the development of the modern world.

Conclusion

Mercantilism is a complex and fascinating economic theory that has had a profound impact on the development of the modern world. Studying mercantilism can help you to understand the history of economic thought, the origins of the modern world, and the different ways that we can think about economic growth and development.

Online courses can be a great way to learn about mercantilism. They offer a flexible and affordable way to learn about the topic at your own pace. They also offer a variety of resources, such as video lectures, readings, and discussion forums, that can help you to learn more about the topic.