Mercantilism
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Description: Article in the Concise Encyclopedia of Economics by Laura LaHaye.
Mercantilism: The Concise Encyclopedia of Economics | Library of Economics and Liberty ercantilism is economic nationalism for the purpose of building a wealthy and powerful state. coined the term “mercantile system†to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. This system dominated Western European economic thought and policies from the sixteenth to the late eighteenth centuries. The goal of these policies was, supposedly, to achieve a “favorable†balance of trade that would bring gold and silver into the country and also to maintain domestic employment. In contrast to the agricultural system of the physiocrats or the laissez-faire of the nineteenth and early twentieth centuries, the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state.
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| Date | Creation Date: 1999-10-25T21:04:06Z Expiry Date: 2014-10-25T21:04:06Z |