Mercantilism is an economic policy that aims to increase an economy's exports while decreasing its imports.
What was mercantilism?
- Mercantilism is an economic policy that seeks to maximize an economy's exports while minimizing its imports.
- To achieve this goal, it promotes imperialism, colonialism, tariffs, and trade subsidies.
- The policy aims to reduce a potential current account deficit or achieve a current account surplus, and it includes measures to accumulate monetary reserves through a positive balance of trade, particularly of finished goods.
- Historically, such policies have frequently resulted in war and fueled colonial expansion.
- The sophistication of mercantile theory varies from writer to writer and has evolved over time.
Therefore, mercantilism is an economic policy that aims to increase an economy's exports while decreasing its imports.
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