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Essay / Research Paper Abstract
This 3 page paper outlines the economic and political model of mercantilism, explaining what it is, how it emerged and the general principles of the model as well as the way in which it is contributed to modern economic thought. The bibliography cites 5 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEmercant.rtf
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Unformatted sample text from the term paper:
The concept of mercantilism was based on the requirement for a country to have a positive trade balance; effectually a paradigm which required the nation
state to export more than it was importing. Governments would utilize a number of trade barriers in order to implement protectionist policies to support the potential of this trade surplus.
An extension of this policy was the desirability of a nation to exploit and utilize the natural resources of its colonies; an attitude that was reflected in the way colonisation
took place during this time and the trade that it supported (Nellis and Parker, 2000; Ekelund and Tollison, 1997). A major underlying assumption of this policy was a belief that
the world only contained a limited amount of wealth. Inherent in this model was the opinion that growth in the economy of one nation could only take place at the
cost of another nations wealth; either through trade and a positive trading balance for the home nations, or alternatively as a result of conquest, as seen in the practice
of colonisation. It is notable that during the mercantilist phase there were numerous military conflicts taking place between various nation states, with a significant shift in the way that the
supporting military forces were utilized. Prior to the mercantilist period the dominant military model had been the use of temporary force which was raised for specific reasons and to achieve
specific objectives (Ekelund and Tollison, 1997). During the mercantilist period the military structure changed; becoming a full-time force supported by the nation states playing an important role to support territorial
claims, and in many instances territorial expansion. The changing role of the military may was a direct consequence of the mercantilist developments and the rise of the mercantile classes, who
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