Mercantilism in the United States

Mercantilism in the International Business Landscape

Definition of Mercantilism in the context of U.S. international business and public trade policy: An economic philosophy advocating that countries should simultaneously encourage exports and discourage imports.

Mercantilism in the International Business Landscape

Definition of Mercantilism in the context of U.S. international business and public trade policy: Economic philosophy based on the belief that a nation’s wealth is measured by its holdings of gold and silver.

Mercantilism in the International Business Landscape

Definition of Mercantilism in the context of U.S. international business and public trade policy: Historically, an economic philosophy that equates national wealth with the accumulation of gold or other international monetary assets, and hence with running a trade surplus. In today’s world, mercantilism refers to a belief that running a consistently positive trade balance contributes to a nation’s economic strength and moral virtue, and also to policies aimed at this goal.

Mercantilism in the International Business Landscape

Definition of Mercantilism in the context of U.S. international business and public trade policy: The economic philosophy of merchants and kings during the 16th and 17th centuries to regulate trade, to promote an excess of exports over imports.

Mercantilism in the U.S. Legal History

Summary

An economic system built on the assumption that the world’s supply of wealth is fixed and that nations must export more goods than they import to assure a steady supply of gold and silver into national coffers. Mercantile thinkers saw the inflow of such wealth as the key to maintaining and enhancing national power and self-sufficiency. Within this context, the accumulation and development of colonies was of great importance, since colonies could supply scarce raw materials to parent nations and serve as markets for finished goods.