mercantilism etymology

Etymology:

• French: "mercantilisme"
• Italian: "mercantilismo"
• Late Latin: "mercantilis" (from Latin "mercari", to trade)
• Origin: 16th-century France

Meaning:

Mercantilism is an economic system that emphasizes the importance of national wealth and power, achieved through trade and accumulation of precious metals. It advocates for government policies and regulations designed to increase a nation's exports and limit imports, thereby fostering a favorable balance of trade.

Origin:

Mercantilism emerged as a dominant economic philosophy in Europe during the 16th and 17th centuries. It was influenced by the belief that a nation's wealth and prosperity were directly tied to its ability to accumulate gold and silver. This belief was based on the idea that precious metals were universally valuable and could be used to pay for goods and services from other countries.

Key Principles:

• Emphasis on the mercantilist fallacy, which states that a nation can only gain wealth at the expense of other nations.
• Belief in the zero-sum game theory of international trade, where one nation's gain is another's loss.
• Advocacy for government policies that protect domestic industries from foreign competition, such as tariffs and subsidies.
• Encouragement of exports and discouragement of imports through various means, such as quotas and import duties.
• Goal of achieving a favorable balance of trade, where a nation's exports exceed its imports.

Critics of Mercantilism:

Mercantilism has been criticized for its protectionist policies, which stifled competition and hindered economic growth. It also led to increased tensions and conflicts between nations as they competed for markets and resources. Additionally, the mercantilist fallacy has been debunked by modern economic theory, which recognizes that wealth can be created through trade and cooperation among nations.

mercantilism relate terms

• mercantile

  Etymology The term mercantile derives from the Latin word mercari which means to t

• market

  Etymology The word market is derived from the Late Latin word mercatus meaning trad

• commerce

  Etymology The word commerce ultimately derives from the Latin verb commūtare meani

• exchange

  Etymology The word exchange originates from the Old French term eschangier which ult

• transport

  Etymology of Transport The word transport originates from the Latin word transporta

• transaction

  Etymology The word transaction comes from the Latin word transactio which means a c

• distribution

  Etymology From Middle English distribution from Anglo Norman French distribution from

• business

  Etymology The word business is derived from the Old English word bisignis which mean

• trade

  Etymology The word trade comes from the Old English word tredan meaning to tread

• tread

  Etymology The word tread comes from the Middle English word treden which is derived

• traffic

  Etymology The word traffic comes from the Middle English word trafique which in turn

• system

  Etymology The word system comes from the Late Latin systema which is derived from t