Chapter 2.1 : Early forms of mercantilism Flashcards Preview

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Flashcards in Chapter 2.1 : Early forms of mercantilism Deck (8)
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1
Q

What is Mercantilism’s centre of analysis?

A

the nation state

2
Q

Who termed the coin ‘Mercantile system’?

A

Adam Smith

3
Q

When did the first distinctly mercantilist writings emerged?

A

16th century (1500s-1599s)

when modern capitalist world economy started to come into existence

4
Q

What are the core ideological tenets of Mercantilism?

A
  1. National interest (economic policy)
  2. Nation state (directing economic activity)
  3. Favourable trade balance (growth and prosperity)
5
Q

Jacob Viner (1848) argues that …?

A

mercantilists in fact viewed power and wealth as interrelated and interdependent objectives of state policy, rather than as trade-offs

6
Q

What are the 4 essential elements of all mercantilist writings?

A
  1. State’s overriding need for security within an environment of international anarchy (max wealth as means of power)
  2. Power essential means to wealth creation
  3. State’s survival cannot be compromised (security > wealth)
  4. Internation system and economy as zero sum game (accumulation of gold and silver bullion)
7
Q

What do all Mercantilist authors recognise?

A

the intimate link between the need for

  • national security
  • state building
  • economic wealth creation
8
Q

Early mercantilism’s chief contribution to international political economy lies in recognising and legitimising what?

A

domestic economic activity and promoting external economic expansion, be it through peaceful or military means