Definition Of Mercantilism

Key Term and Why You Are Interested in It

I chose the key term, mercantilism, because I wanted to expand upon my current understanding of our trading system as it relates to the economics methods in internal businesses. Throughout my research, I found that the key term, mercantilism, addresses individual and personal beliefs in the benefits of profitable trading. Mercantilism can have an effect on trade routes and how other countries participate. Learning how to effectively understand the trading system can become a major concept in the international business industry. In selecting the term mercantilism, I became aware of the core meaning and gained greater understanding of the concepts and philosophies that this term represents. Explanation of the Key Term

According to Satterlee (2014), mercantilism is the “prevailing thought in terms of international trade theory during the Pre-Industrial Revolution period”. As a concept, in practice, mercantilism is the adoption of laws and regulations that are designed to specifically promote economic growth of state power at the expense of a rival

In relation to our time of classical music and traditional classical economists systems, mer¬cantilism was properly regarded as a blend of economic fallacy and state creation of special privilege. However, in our current culture, mercantilism and its general understanding has changed drastically. Mentioned in the article, “Keynesians hail mer¬cantilists as prefiguring their own economic insights; Marxists, con¬stitutionally unable to distinguish between free enterprise and spe¬cial privilege, hail mercantilism as a "progressive" step in the his¬torical development of capitalism; socialists and interventionists sa¬lute mercantilism as anticipating modern state-building and central