What is a Simple Definition of Mercantilism?
In this video, we explore the economic theory of mercantilism, which dominated Europe from the 16th to the 18th centuries. With a focus on exports, gold reserves, and a favorable balance of trade, mercantilism aimed to promote the wealth and power of nations through protectionist policies like tariffs and subsidies. While it played a significant role in shaping the modern capitalist system, mercantilism was not without flaws and criticisms. We examine these criticisms and how the rise of Adam Smith and the idea of free trade led to its decline. Finally, we discuss how the legacy of mercantilism still shapes the global economy today. Join us as we delve into the history and impact of mercantilism.
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