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Table - first paragraph - gallery style
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Mercantilism dominated Europe from the 16th to the 18th century.[1] Despite the localism of the Middle Ages, the waning of feudalism saw new national economic frameworks begin to strengthen. After the voyages of Christopher Columbus and other explorers opened up new opportunities for trade with the New World and Asia, newly-powerful monarchies wanted a more powerful military state to boost their status. Mercantilism was a political movement and an economic theory that advocated the use of the state's military power to ensure that local markets and supply sources were protected, spawning protectionism. |
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Mercantile theorists held that international trade could not benefit all countries at once. Money and precious metals were the only source of riches in their view, and limited resources must be allocateded between countries, therefore, tariffs should be used to encourage exports which bringing money into the country, and discourage imports which send it abroad. In other words, a positive balance of trade ought to be maintained through a surplus of exports, often backed by military might. Despite the prevalence of the model, the term mercantilism was not coined until 1763, by Victor de Riqueti, marquis de Mirabeau (1715–1789), and popularized by Adam Smith in 1776, who vigorously opposed it.
Table - first paragraph - thumb style
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Mercantilism dominated Europe from the 16th to the 18th century.[2] Despite the localism of the Middle Ages, the waning of feudalism saw new national economic frameworks begin to strengthen. After the voyages of Christopher Columbus and other explorers opened up new opportunities for trade with the New World and Asia, newly-powerful monarchies wanted a more powerful military state to boost their status. Mercantilism was a political movement and an economic theory that advocated the use of the state's military power to ensure that local markets and supply sources were protected, spawning protectionism. |
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Mercantile theorists held that international trade could not benefit all countries at once. Money and precious metals were the only source of riches in their view, and limited resources must be allocateded between countries, therefore, tariffs should be used to encourage exports which bringing money into the country, and discourage imports which send it abroad. In other words, a positive balance of trade ought to be maintained through a surplus of exports, often backed by military might. Despite the prevalence of the model, the term mercantilism was not coined until 1763, by Victor de Riqueti, marquis de Mirabeau (1715–1789), and popularized by Adam Smith in 1776, who vigorously opposed it.
Paragraph style
[edit]Mercantilism dominated Europe from the 16th to the 18th century.[3] Despite the localism of the Middle Ages, the waning of feudalism saw new national economic frameworks begin to strengthen. After the voyages of Christopher Columbus and other explorers opened up new opportunities for trade with the New World and Asia, newly-powerful monarchies wanted a more powerful military state to boost their status. Mercantilism was a political movement and an economic theory that advocated the use of the state's military power to ensure that local markets and supply sources were protected, spawning protectionism.
Mercantile theorists held that international trade could not benefit all countries at once. Money and precious metals were the only source of riches in their view, and limited resources must be allocateded between countries, therefore, tariffs should be used to encourage exports which bringing money into the country, and discourage imports which send it abroad. In other words, a positive balance of trade ought to be maintained through a surplus of exports, often backed by military might. Despite the prevalence of the model, the term mercantilism was not coined until 1763, by Victor de Riqueti, marquis de Mirabeau (1715–1789), and popularized by Adam Smith in 1776, who vigorously opposed it.
References
[edit]- ^ "Mercantilism," Laura LaHaye The Concise Encyclopedia of Economics (2008)
- ^ "Mercantilism," Laura LaHaye The Concise Encyclopedia of Economics (2008)
- ^ "Mercantilism," Laura LaHaye The Concise Encyclopedia of Economics (2008)