Merchantile Theory
What Is Mercantilism, Define Mercantilism
Mercantilism is the name given to the economic literature and practice of the period between 1500 and 1750. Although mercantilist literature was produced in all the developing economies of Western Europe, the most significant contributions were made by the English and the French.
Whereas the economic literature of scholasticism was written by medieval churchmen, the economic theory of mercantilism was the work of merchant businessmen. The literature they produced focused on questions of economic policy and was usually related to a particular interest the merchant-writer was trying to promote. For this reason, there was often considerable skepticism regarding the analytical merits of particular arguments and the validity of their conclusions. Few authors could claim to be sufficiently detached from the issues to render objective analysis. However, throughout the mercantilistic period, both the quantity and the quality of economic literature grew. The mercantilistic literature from 1650 to 1750 was of distinctly higher quality; scattered throughout it are nearly all the analytical concepts on which Adam Smith based his Wealth of Nations, which was published in 1776.
Every Person His Own Economist
The age of mercantilism has been characterized as one in which every person was his own economist. Since the various writers between 1500 and 1750 held diverse views, it is difficult to generalize about the resulting literature. Furthermore, each writer tended to concentrate on one topic, and no single writer was able to synthesize these contributions impressively enough to influence the subsequent development of economic theory. Perhaps this was because economics as an intellectual discipline had not yet found a home in the university; rather, it was largely studied by men of affairs who wrote pamphlets about the particular economic problems that concerned them.
Power and Wealth
Mercantilism can best be understood as
Mercantilism is the name given to the economic literature and practice of the period between 1500 and 1750. Although mercantilist literature was produced in all the developing economies of Western Europe, the most significant contributions were made by the English and the French.
Whereas the economic literature of scholasticism was written by medieval churchmen, the economic theory of mercantilism was the work of merchant businessmen. The literature they produced focused on questions of economic policy and was usually related to a particular interest the merchant-writer was trying to promote. For this reason, there was often considerable skepticism regarding the analytical merits of particular arguments and the validity of their conclusions. Few authors could claim to be sufficiently detached from the issues to render objective analysis. However, throughout the mercantilistic period, both the quantity and the quality of economic literature grew. The mercantilistic literature from 1650 to 1750 was of distinctly higher quality; scattered throughout it are nearly all the analytical concepts on which Adam Smith based his Wealth of Nations, which was published in 1776.
Every Person His Own Economist
The age of mercantilism has been characterized as one in which every person was his own economist. Since the various writers between 1500 and 1750 held diverse views, it is difficult to generalize about the resulting literature. Furthermore, each writer tended to concentrate on one topic, and no single writer was able to synthesize these contributions impressively enough to influence the subsequent development of economic theory. Perhaps this was because economics as an intellectual discipline had not yet found a home in the university; rather, it was largely studied by men of affairs who wrote pamphlets about the particular economic problems that concerned them.
Power and Wealth
Mercantilism can best be understood as