Mercantilist

Yasmin Bani
Mind Map by , created about 3 years ago

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Yasmin Bani
Created by Yasmin Bani about 3 years ago
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Mercantilist
1 Brief History
1.1 signifies merchant or trade
1.1.1 dominant school of economics
1.1.1.1 encouraged European wars,fueled European imperialisme
1.1.1.1.1 did not believe there were mutual gains from trade
1.1.1.1.1.1 Accumulated wealth only from gold and silver
2 Major Tenets
2.1 Bullionism
2.1.1 Nationalism
2.1.1.1 Restrict import, focus export
2.1.1.1.1 colonization
2.1.1.1.1.1 oppose restriction on movement of goods
2.1.1.1.1.1.1 Strong government
2.1.1.1.1.1.1.1 Large population
3 Famous Scholars
3.1 Thomas Mun
3.1.1 Gerard Malynes
3.1.1.1 Charles Davennant
3.1.1.1.1 Jean Colbert
3.1.1.1.1.1 Sir William Petty
3.1.1.1.1.1.1 Developed efficient methods to survey the land that was to be confiscated and given to Cromwell's soldiers.
3.1.1.1.1.1.1.1 favored freer foreign trade
3.1.1.1.1.2 create a favorable balance of trade and increase France's colonial holdings
3.1.1.1.1.2.1 believed that the strength of a state depends on its finances
3.1.1.1.2 kingdom can reap the benefit of the entire value of an exported product if it is made from domestic
3.1.1.2 advanced the Idea that regulation of goods by government was necessary to ensure high-quality exports
3.1.2 A Discourse of Trade from England unto the East Indies
4 Criticism
4.1 Failed to understand the notions of comparative advantage and the benefits of trade.
4.1.1 Impossibility of the constant positive balance of trade.
4.1.1.1 a form of rent seeking
4.1.1.1.1 bullion was just the same as any other commodity,