Define mercantilism.w
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Answer:
- Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries.
- Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).
- In mercantilism, wealth is viewed as finite and trade as a zero-sum game.
- Mercantilism was the prevalent economic system in the Western world from the 16th to the 18th century.
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Answer:
Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, tariffs and subsidies on traded goods to achieve that goal. The policy aims to reduce a possible current account deficit or reach a current account surplus, and it includes measures aimed at accumulating monetary reserves by a positive balance of trade, especially of finished goods. Historically, such policies frequently led to war and motivated colonial expansion.[1] Mercantilist theory varies in sophistication from one writer to another and has evolved over time.
Mercantilism was dominant in modernized parts of Europe, and some areas in Africa from the 16th to the 18th centuries, a period of proto-industrialization,[2] before it fell into decline, but some commentators argue that it is still practiced in the economies of industrializing countries,[3] in the form of economic interventionism.[4][5][6][7][8] It promotes government regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. High tariffs, especially on manufactured goods, were almost universally a feature of mercantilist policy.[9]
With the efforts of supranational organizations such as the World Trade Organization to reduce tariffs globally, non-tariff barriers to trade have assumed a greater importance in neomercantilism.
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