How to pronounce“mercantilism”in English
Because while Adam Smith and David Ricardo were talking up free trade and economic liberalism, by 1750 no one was really listening.
Mercantilism was basically the idea that the government should regulate the economy in order to increase national power.
This meant encouraging local production through tariffs and monopolies and also trying to ensure a favorable balance of trade.
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Definitions of “mercantilism”
The theory that a nation must always have a positive balance of trade, in the manner that a merchant would operate a shop. Typically this model presupposes protectionism.
The theory that holds that the prosperity of a nation depends upon its supply of capital, and that the global volume of trade is unchangeable.
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