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mercantilism
[ mur-kuhn-ti-liz-uhm, -tee-, -tahy- ]
mercantilism
/ ˈmɜːkəntɪˌlɪzəm /
noun
- Also calledmercantile system economics a theory prevalent in Europe during the 17th and 18th centuries asserting that the wealth of a nation depends on its possession of precious metals and therefore that the government of a nation must maximize the foreign trade surplus, and foster national commercial interests, a merchant marine, the establishment of colonies, etc
- See commercialisma rare word for commercialism
mercantilism
- An economic doctrine that flourished in Europe from the sixteenth to the eighteenth centuries. Mercantilists held that a nation's wealth consisted primarily in the amount of gold and silver in its treasury. Accordingly, mercantilist governments imposed extensive restrictions on their economies to ensure a surplus of exports over imports. In the eighteenth century, mercantilism was challenged by the doctrine of laissez-faire . ( See also Adam Smith .)
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Notes
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Derived Forms
- ˈmercanˌtilist, nounadjective
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Other Words From
- mercan·til·ist noun adjective
- mercan·til·istic adjective
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Word History and Origins
Origin of mercantilism1
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Compare Meanings
How does mercantilism compare to similar and commonly confused words? Explore the most common comparisons:
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Example Sentences
Adam Smith wrote “The Wealth of Nations” to denounce mercantilism, the crony capitalism of his day.
Morici blames the return of stagflation on "Chinese mercantilism" as its government fixes oil prices at home at low levels.
"If you want to know why there are riots in Egypt, it's because of Chinese mercantilism," he says.
In spite of mercantilism, economic questions never became in England the pre-occupation of specialists.
Indeed it has been fairly observed that Hume retains an attitude of refined mercantilism.
The Spanish trade regulations; mercantilism; the staple cities.
Hence, Russian mercantilism was predominantly a state mercantilism.
Mercantilism was still in the ascendant when Adam Smith came to write.
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