Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Mercantilism as an Economic System and a School of Economic Thought - Essay Example

Comments (0) Cite this document
This paper elucidates the main provisions of mercantilism and assesses its relevance as of today. All underlying ideas of mercantilism are summarized in the paper. The place of mercantilism among the other economic schools of thought is evaluated…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.4% of users find it useful
Mercantilism as an Economic System and a School of Economic Thought
Read TextPreview

Extract of sample "Mercantilism as an Economic System and a School of Economic Thought"

Download file to see previous pages While Thomas Mun is considered by the first mercantilist, James Steuart is called as the last major mercantilist. The last important work which was in pace with the mercantilists’ ideology was “Inquiry into the Principles of Political Economy” published in 1767. Both the first and last mercantilists were merchants of England, while many other writers were included in the category of public officials. Beyond understanding mercantilism as an advocacy of the power and wealth of nations, Mun was appreciated for his view points on a wide array of economic thoughts. Mun presented the earlier mercantile policies in his manuscript written in 1630 and published in 1664 by his son. To Mun, England’s treasure (national wealth) could be increased by the way of engaging trade with other countries With this aim of national wealth, many policies were advocated by Mun which include limited consumption for increasing the amount of available goods for export, increased utilization of land and other internal resources to decrease the imports, cutting off the export duties of domestic goods for exports and promotion of goods with inelastic demand so that more benefits would be availed. The skilled industrial population and shipping industry were effectively created by mercantilists in England. (Mangusson, 2003). It was argued for the historical promotion of mercantilism in Europe by the authors like Athens and Delian League during 15th century by contributing special points of trade policies. They had also made special mention of the control of value of trade in bullion as necessary fro the advancement of Greek. They had also noted the competition of ‘Medieval Monarchs’ for the supremacy of the ‘market towns’ and of the trade of the...
This paper offers a comprehensive analysis of mercantilism, as an economic system, that was dominant in Europe during the period from 15th to 18th centuries. Mercantilism is also assessed as an important school of economic thought. It is a common knowledge, that all the theories of classical economics and later schools have got the theoretical roots of mercantilism.
The mercantilists limited themselves to analyzing the process of circulation and thus failed to disclose the inner laws of the capitalist mode of production. Mercantilists identified capital with its money form in which it operates in the sphere of circulation and did not regard capital in the form it assumed in the production process. Mercantilism was progressive for its time, since it facilitated the development of the first big capitalist enterprises-manufactories- and encouraged the development of the productive forces and the victory of capitalism over feudalism.
Classical economists criticized mercantilists by pointing out that even the successful implementation of mercantilist policies would ultimately lead to the oversupply of money and inflation, hence the imbalance of the economy.
Though prominent criticism was that under mercantilism, government focused attention on the development of trade and the accumulation of money instead on the creation of an abundance of the ‘fruits of the earth’, which the physiocrats called , the real wealth of the nation lay, mercantilism was of immense importance as it was the beginning of an political economy.
...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Mercantilism as an Economic System and a School of Economic Thought Essay”, n.d.)
Retrieved from
(Mercantilism As an Economic System and a School of Economic Thought Essay)
“Mercantilism As an Economic System and a School of Economic Thought Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Mercantilism as an Economic System and a School of Economic Thought

Element of the Columbine High School Shooting

The morning of Tuesday, April 20, 1999, was a beautiful spring day and it seemed to be a regular day for Columbine High School as far as anyone knew. Students were coming to school as usual and no one suspected that it would be the longest day in the history of this high school. The parking lot was filled with the usual BMWs and Hummers of the football players and those students who were on the outside of the popular kids were being teased just like any other day. No one noticed anything different in the beginnings of that morning and no one really worried about anything. It is assumed that students had breakfast before they came to school and many were standing around waiting for classes to start and maybe smoking cigarettes as t...
12 Pages(3000 words)Case Study

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

School Social Worker in Special Education

Social workers are required to understand the diversity of families and help individuals and families cope with the implications and impacts of learning disabilities, physical or cognitive problems. Individual treatment may be required in a safe environment and relationship in which to deal with issues. The work of the school social worker in special education is related to a diverse number of areas, in which he/ she is required to fulfill various roles and responsibilities (Turner, 2005).

Approximately one-half of school social workers are found to be practicing with elementary school children. School social workers support and help to prevent future problems by intervening with at-risk children during elementary schoo...
11 Pages(2750 words)Case Study

Microprocessor System and Application

In a computer, a processor commonly involves one or more microprocessors (also acknowledged as chips), which are silvers of silicon or other substance stamped with many little electronic circuits. To perform operations on data, the computer passes electricity all the way through circuits to execute an instruction (Norton 2001.p. 5). The innovation in technology has brought a lot of facilities for us. We have better ways of life and all the facilities regarding better production and domestic tasks. Such as in the industrial production we have automatic robots that are welding, packing, moving and carrying out several other development-related tasks. These robots are pre-programmed and microprocessors based chips are controlling all...
6 Pages(1500 words)Assignment

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

Structure of the Educational System in Morocco and Its Capacity for Addressing the Needs of the Hospitality Industry

.... However, data from reputed sources which are authoritative and reviewed publications enhance the reliability and validity of the data and facts presented in this report. 11 V. Data Presentation 11 V.I. The Education System in Morocco 12 The basis education system in Morocco consists of six years of primary school, followed by three years of lower-middle / secondary school, three years of upper secondary school and a tertiary education (Marlow-Ferguson, 2002, Pp. 909 -910) and (Wikipedia, 2009, “Education in Morocco”). Pre-school education is for students aged from 4 years to 6 years, while those aged from 6 years to 12 years attend primary schools. Although pre-primary education in Morocco is compulsory, many students attend the Islamic...
15 Pages(3750 words)Research Proposal

The Interprofessional Practice and the Health Care System

This is also the position Stone (2007) takes in the quote under discussion.
Furthermore, Stone goes on to declare that Australia has been very slow to implement this practice as compared with other countries and government agencies. One of the primary reasons is that the public policy system in Australia is quite complex and the decision-makers have not come into agreement on where to place it in the policy matrix. This leaves Interprofessional Practice and Education in the dark (or the cold) as far as strategic planning for implementation as well as placing itself within the funding cycles of the government disbursements. (Stone, 2007)
Policies are created in order to put in place how politicians and government official...
6 Pages(1500 words)Assignment

Identification of problems in the Criminal Justice System of the US

They are on trial and will be dealt with fairly. These laws ensure that no one, even if he or she has committed a crime is abused or punished cruelly.
Following the history of civilization like in china, we see the traces of systems for Criminal justice in order to provide safety for the citizens. Evolving through the years laws have been modified and changed to form the system that we know today.
 From its start, the “U.S. criminal justice system” has advocated the idea of “checks and balances”. To avoid dictatorial rule, the people who founded this system in such a way that one person was not given control or authority completely to punish the criminals. The idea of assigning a ‘jury...
6 Pages(1500 words)Assignment

International Business: World Economic Forum and Davos 2010

...Introduction Globalization, one of the most hotly debated issues means global capitalism to some while others consider it to be the continuation of modernism with the forces of wealth, progress, democracy and happiness at play (Kellner, 2002). Globalization is considered to be beneficial which promotes economic prosperity, cultural diversity and technological advancement. According to the critical social theory, technology and capital work together to create a new globalized and interconnected world. While each force of globalization is important, technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment, and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and academia. Some markets are highly globalized, while some are not. The scale of market globalization is determined by the extent of globalization of customers, customer needs, distribution channels and marketing strategies of the players in the industry (Stonehouse et al, 2004).

The phenomenon of globalization of markets has resulted in both advantages and disadvantages. It has resulted in the convergence in the requirement of features in a product and augmentation of the intensity of B2B and B2C communica...
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Mercantilism as an Economic System and a School of Economic Thought for FREE!

Contact Us