What is mercantilism?

Answer from top 1 papers

Mercantilism is an economic doctrine that emphasizes the role of the state in managing the economy for national power. It advocates for a positive balance of trade, where exports exceed imports, and the accumulation of wealth, primarily through gold and silver (). Mercantilism is historically significant as it is considered by some scholars to be the origin of capitalism ((Rössner, 2021)).
Interestingly, the concept of mercantilism has evolved and manifested in various forms throughout history. There have been at least three identified waves of mercantilism, with the most recent wave influencing monetary policy (). Additionally, the success of mercantilist policies has been linked to the presence of democratic institutions and market-based rules, as evidenced by the case of Aleppo in the Ottoman Empire (). Moreover, the belief in mercantilist principles has been shown to correlate with material conditions of economic and security issues ().
In summary, mercantilism is a multifaceted economic theory with a rich historical background and enduring relevance in contemporary economic strategies, such as energy mercantilism () and trade policy contingent on fiscal capacity development (). Its principles have been subject to interpretation and adaptation across different historical contexts and continue to influence economic thought and policy ((Rössner, 2021) and ).

Source Papers

1
10.25162/vswg-2021-0008

Marx, Mercantilism and the Cameralist Path to Wealth

Jan 01, 2021
Vierteljahrschrift für Sozial- und Wirtschaftsgeschichte
Philipp Robinson Rössner

Mercantilism was the origin of capitalism, as Marx argued in Das Kapital. Many misconceptions have surrounded modern historians’ interpretations of it, especially those contrasting “mercantilism” with its supposed neighbouring disciplines, variants or apparent Sonderwege, such as German Cameralism. But when seen in a European perspective, “Mercantilism” as commonly framed was more of an Anglo-Saxon Sonderweg within a broader continental system of thought (“Cameralism”) that emphasized happiness, manufacturing, scientific discovery and invention, and creativity - rather than trade wars, protectionism and restrictive systems of society and oeconomy - as the origins of wealth, power and prosperity. Many of these features have survived to the present day.