Mercantilism
Export-heavy colonial economics
Mercantilism is an economic theory dominant in Europe from the 16th to 18th centuries, holding that national wealth depends on accumulating gold and silver through trade surpluses.
Governments should promote exports, restrict imports, and protect domestic industries.
The term now often describes any protectionist economic policy: The new tariffs reflect a return to mercantilism.
Shielding local producers
- tariffsTaxes on imports
- colonialismDomination through foreign settlement
- monopolyOne seller, no substitutes
- specieMoney in metal form
treasury · nationalism · self-sufficiency · hoarding · currency · gold-standard
Selfish use of others
- empireDomain under unified control
- plantationsLarge-scale farming operations
- coloniesTerritories under foreign control
- extractionAct of removing
sugar · tobacco · commodity · settlement · imperial · territory · resources · dependency
- seventeenth-centuryRelating to the 1600s
- absolutismUnrestricted governmental authority
- TudorSixteenth-century English ruling family
- StuartScottish-origin English dynasty
pre-industrial · Netherlands · Spain · Portugal · Britain · France · Habsburg · guild
Noninterference in commerce
- zero-sumBalanced gains and losses
- fallacyError in reasoning
- obsoleteNo longer in use
- restrictiveImposing narrow boundaries
inefficient · rent-seeking · corruption · privilege · interference · outdated · discredited · anti-competitive
Favors limiting foreign trade
- ChinaEast Asian superpower
- reshoringRelocating production domestically
- dumpingDisposing carelessly or abruptly
- retaliationPunitive response to injury
protectionism
Shielding local producers
- tariffsTaxes on imports
- colonialismDomination through foreign settlement
- monopolyOne seller, no substitutes
specie · treasury · nationalism · self-sufficiency · hoarding · currency · gold-standard
exploitation
Selfish use of others
- empireDomain under unified control
- plantationsLarge-scale farming operations
- coloniesTerritories under foreign control
extraction · sugar · tobacco · commodity · settlement · imperial · territory · resources · dependency · metropole
Colbert
- seventeenth-centuryRelating to the 1600s
- absolutismUnrestricted governmental authority
- TudorSixteenth-century English ruling family
Stuart · pre-industrial · Netherlands · Spain · Portugal · Britain · France · Habsburg · guild · craft
laissez-faire
Noninterference in commerce
restrictive · inefficient · rent-seeking · corruption · privilege · interference · outdated · discredited · anti-competitive · beggar-thy-neighbor
protectionist
Favors limiting foreign trade
Mercantilismfree trade
Unrestricted international exchange
laissez-faire · classical liberalism · neoliberalism · Austrian economics · free enterprise
Mercantilismfree trade
Unrestricted international exchange
open markets · globalization · comparative advantage · globalism · economic globalization
mercantile, merchant, merchants, merchantable, merchandise, merchandising, merchandiser, mercury, mercurial