Chapter 2.2: 19th century mercantilism - Hamilton and List Flashcards Preview

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Flashcards in Chapter 2.2: 19th century mercantilism - Hamilton and List Deck (13)
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1
Q

Which 2 countries are closely linked with the re-emergence of neo-mercantilist doctrines?

A

Germany and United States

2
Q

The rise of ___________ in the 18th and 19th centuries served a severe blow to the then intellectual predominance of mercantilism

A

economic liberalism

3
Q

What is the main thrust of 19th century mercantilism?

A

central role of nation-building and state intervention for promoting economic growth in industrial ‘latecomers’

4
Q

Economic nationalists such as Friedrich List and Alexander Hamilton were politically opposed to?

A

the universal claims of free trade liberals

  • liberal economic policy worked for mature industrialised countries such as Britain
  • country at earlier stage of economic development had to rely on different policies
5
Q

What did List agree with liberalism?

A

that the end goal was the same

namely, open competition and free trade in global economy

6
Q

What belief united 19th century economic nationalists?

A

the state played a central role in directing economic activity and promoting growth

7
Q

List argued that the state had to further the productive powers of a nation. Specific policies advocated by nationalists included?

A
  • protectionism
  • promotion of ‘infant industries’
  • education
  • infrastructure
8
Q

who argues that the state had to nurture the product powers of a nation?

A

Friedrich List

9
Q

What policy is when the state has to intervene in trade and erect barriers to protect domestic producers?

A

Protectionism

10
Q

Why protectionism?

A

free trade serves interest primary to most advanced economies and that less developed nations lose out to superior industries

11
Q

Why promotion of ‘infant industries’?

A

to allow them to establish themselves and reach a state of international competitiveness,

the state has to to shield domestic industries from foreign competitors until they have accumulated sufficient capital and technology to withstand international competition

12
Q

Who stressed the importance of national education strategy to develop fully the human capital of a society?

A

Friedrich List

13
Q

What helps industries and commerce overcome ‘market failures’?

A

infrastructure provided by the state