Mercantilism Flashcards
It is a form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices.
Mercantilism
A nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy.
Mercantilism
The term mercantilism or “mercantile system” was coined by _________ in _____ (year)?
Marquis de Mirabeau
1793
Who popularized the term mercantilism or “mercantile system” to describe the system of political economy?
Adam Smith
Mercantilism arose in what country?
France
Mercantilism became the dominant school of economic thought in Europe throughout the ________________?
late Renaissance and the early-modern period (from the 15th to the 18th centuries).
To get or to keep gold and silver, the country had to _______________?
limit foreign imports and preserve a favorable balance of trade.
In Mercantilism there are _____ Export and _______ Imports
More, Less
What are the major tenets of Mercantilism?
> The Belief in the Static Nature of Wealth
The Need to Increase the Supply of Gold
The Need to Maintain a Trade Surplus
The Importance of a Large Population
The Use of Colonies to Support Wealth
The Use of Protectionism
Who did benefits the most in Mercantilism?
mother nations of colonies
In 1588 Giovanni Botero published a ___________ that was essentially the same as the theory of population for which the Classical economist Thomas Malthus is gained fame.
theory of population
Also in 1588, _____________ stated that people work in order to be happy and not for some other motive, a form of the principle of utility maximization
Bernardo Davanzati
He discussed the now widely used concept of the price elasticity of demand and even used data on prices and sales of wheat to calculate an estimate of the price elasticity of wheat in 1696?
Gregory King
known as the father of economics or father of capitalism.
Adam Smith
Author of The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776) refer to its shortened title The Wealth of Nation.
Adam Smith
