what is mercantilism?
http://dictionary.reference.com/browse/mercantilism
mercantilism is trade policy of exporting more than importing.
Mercantilism is an economic theory and practice that dominated much of Western Europe between the 16th and 18th centuries. It was a system in which a country's economic strength was measured by the size of its accumulated wealth, particularly in the form of gold and silver.
To understand mercantilism, it is essential to delve into the historical context and principles underlying this economic ideology.
To explain how to acquire in-depth knowledge about mercantilism, here are a few steps to follow:
1. Start with the definition: Begin by researching the basic definition and principles of mercantilism. Understand that it was primarily a policy framework adopted by European nations during the early modern period.
2. Historical background: Investigate the historical context that gave rise to mercantilism. Explore the economic climate, political situations, and colonial expansion during this era. Understanding this background will help you grasp the motivations behind the adoption of mercantilist policies.
3. Core principles: Dive deeper into the core tenets of mercantilism. Look for concepts like import substitution, favorable balance of trade, and the accumulation of gold and silver reserves. These principles shaped the economic policies of mercantilist nations.
4. Mercantilist measures: Study the various measures implemented by mercantilist countries to achieve their economic objectives. These measures include protective tariffs, colonialism, monopolies, and restrictions on imports and exports.
5. Criticisms and downfall: Explore the criticisms of mercantilism and why it eventually lost favor. Consider the emergence of new economic theories, such as laissez-faire, and their influence in challenging mercantilist ideas.
6. Case studies: Analyze specific case studies of mercantilist practices in different countries. For example, examine the mercantilist policies of England, France, and Spain and their impacts on domestic and international trade.
7. Read scholarly works: Consult academic sources, economic literature, and historical texts to gain a comprehensive understanding of mercantilism. Look for reputable authors and research papers that provide in-depth analysis and insights into the topic.
Remember, the process of learning about any economic theory or historical concept involves thorough research, analysis of multiple perspectives, and the synthesis of information from various sources.