Find out the ideas of leading thinkers of mercantilism
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Explanation:
Mercantilism is a national economic policy that is designed to maximize the exports, and minimize the imports, of a nation. These policies aim to reduce a possible current account deficit or reach a current account surplus. Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods. Historically, such policies frequently led to war and also 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 from the 16th to the 18th centuries, a period of proto-industrialization,[2] before falling into decline, although 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 an almost universal 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