Mercantilism Flashcards
According to ___________, a.k.a “bullionism” it is the goal of the economy politics to ensure that the state is enriched by increasing the entry of gold and silver. Export bring am inflow of gold, whereas imports lead to the outflow of gold.
Mercantilism
According to ___________, a.k.a “bullionism” it is the goal of the economy politics to ensure that the state is enriched by increasing the entry of gold and silver. Export bring am inflow of gold, whereas imports lead to the outflow of gold.
Mercantilism
Countries employed a policy of _________- protecting the export industries that bring in the gold and silver through customs tariffs, quotas, and like the curtail imports.
Protectionism
Combines protectionism through tariffs and import barriers and domestic industry protection through subsidies and tax exemptions.
Neo-mercantilism
Factors of production
Labor
Natural Resources (Land)
Capital goods (capital)
Entrepreneurship
A theory that restricts government intervention in the economy. It means “leave them alone” or “let it be.”
Laissez-faire
Free trade is a system that allowed ________.
Liberalization
He was considered as a more profound influence on the development of mercantilism in France, where it was known as “Colbertism.”
Jean-Baptiste Colbert
Sir William Petty posted that surplus gain is the fundamental originator of ________________, which is conditional on the capital accumulation
Expanded reproduction
Is an 18th century group of French economists who believed that agriculture was the source of all wealth and that agricultural products should be highly priced
Physiocrats
Sir Thomas Mun wrote a pamphlet, A Discourse of Trade in England, where mercantilism was called __________?
Commercial system or mercantile system
He is considered by many to be the first economic theorist. He emphasized the need of importing rawmaterials and exporting finished products to maintain a favorable balance of trade.
Richards Cantillon
He published a book titled A Tract on Political Economy in which he laid great emphasis on development of agriculture and described it as the basis of all wealth
Antoine de Montchrétien
In his Austria Over All, If She Only Will of 1684, detailed a 9 point program of what he deemed effective national economy, which sums up the tenets of mercantilism comprehensively.
Philipp Wilhelm von Hornick
Occur when increasing output leads to lower long-run average costs. It means that as a firm increase in size , they become more efficient.
Economies of scale
