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Lecture notes, cheat sheets
История экономических учений. Меркантилизм (конспект лекций)
Directory / Lecture notes, cheat sheets Table of contents (expand) LECTURE No. 3. Mercantilism 1. Mercantilism. Economic prerequisites for mercantilism. Features of mercantilism as an economic idea For the development of mercantilism as a separate economic science, there were enough prerequisites and reasons. We can highlight some of them. 1. In a feudal society, the fate of a person depended on the feudal lord, and consciousness was under the control of the church. However, life began to change. 2. The church has become less and less in control of the state. 3. The state began to subjugate economic life and change the approach to the public interest. 4. New proposals and demands addressed to the government have appeared in the literature. Mercantilism is a transitional period of economic theory into an independent science. This direction in the development of economic thought held the primacy from the XNUMXth to the XNUMXth centuries. Mercantilism is a doctrine that is based on the idea that wealth consists in owning money and accumulating it. Previously, gold and silver were money, so mercantilists believed that the more gold "comes" into the country and the less "leaves" the country, the richer the country. The birth of mercantilism gave a certain impetus to change the ideal. According to the mercantilists, merchants are the main people in the state, and the most important industry is foreign trade. Warriors have already begun to lose the status of leaders in the eyes of society as a whole, now the rapidly getting richer, and therefore enterprising merchant has become an ideal. The mercantilists believed that it was necessary to develop their industry, but not for themselves, but for the resale of manufactured goods abroad. They proposed limiting imports (imports from abroad), prohibiting the export of precious metals, and stimulating exports. 18 Representatives who relied on this theory were called bulbonists. In their understanding, trade is a "war" for gold and silver. The bulbonists believed that trade was profitable only when their country was a seller, not a buyer. They constantly criticized the trading companies that dealt with imports. Those, in turn, tried to prove that its prosperity does not depend on the amount of money in the country. Other representatives, on the other hand, believed that one should support one's production on one's own, that is, use one's own goods, and not imported ones. Already in those days, concepts began to emerge that are used to this day and which became the impetus for separating economics into a separate science. The rapid growth of industry made the theory of mercantilism less viable. However, even today this teaching is still not forgotten. Many economists suggest following these ideas. They are called "new mercantilists". 2. French and English mercantilism It would seem that England and France were two practically equally developed European countries of that time, but mercantilism in each of them had its own characteristics. Perhaps even the development of culture as a whole influenced this. The development of mercantilism, going in different ways, in turn led to the formation of different cultural traditions. England tried to support "its" manufacturer. For example, there were days when it was forbidden to eat meat, so everyone bought fish, and a hundred years later it was allowed to bury only in a woolen dress. William Stafford (1554-1612) is one of the major representatives of early English mercantilism. He had a huge influence on the development of mercantilism as a separate economic school. Thomas Mann (Mann) (1571-1641) - the largest representative of late English mercantilism, one of the leaders of the East India campaign. He managed to prove that the trade balance should be assessed by adding all government transactions into one, and not separately. This allowed him to come to the conclusion that it is quite possible to compensate for the “outflow” of money in one transaction with the “inflow” in another. Thomas Mann is the author of the book “The Wealth of England in Foreign Trade,” which was published only in 1664. Mann also believed that money should bring money, that is, not lie in the treasury, but return again to trade or production. He criticized the English government for obliging foreign merchants to buy goods so that they could not take gold with them. Each country had its own characteristics of the development of any school and any science in general, including mercantilism. The following features of English mercantilism can be distinguished: 1) English economic thought begins to take first place in Europe; 2) there are prerequisites for the implementation of the free trade policy; 3) England's market relations with other countries are developing very harmoniously, and this harmony is achieved in all areas (trade, agriculture, industry). Antoine de Montchretien (1575-1622) - representative of late French mercantilism. He put forward ideas similar to those of Thomas Mann, without even knowing about his existence. We know him as the author of the Treatise of Political Economy. In this work, Antoine de Montchretien says that trade should be encouraged in every possible way, because it is the main incentive for production as such. The name he gave to his book has survived to this day, but as the name of an entire science. Jean Baptiste Colbert (1619-1683) - representative of French mercantilism, superintendent of financial affairs. Later, French mercantilism was renamed in his honor and began to be called Colbertism. The features of French mercantilism include the following: 1) a new specific direction in the development of economic thought appeared - physiocracy. Its representatives considered the main resource what agriculture produces; 2) Thoughts that free trade is not needed, since goods are produced only for the domestic market, which in turn hinders the development of the economy (Colbert). 3. Features of Russian mercantilism In Russia, mercantilism was born a little later, as, indeed, all other areas in science. If in Europe it began to form in the middle of the 1649th century, then in Russia this direction of economic thought arose only in the middle of the XNUMXth - XNUMXth centuries. This was facilitated by the longer existence of subsistence farming. Subsistence farming existed in Russia for so long because only here serfdom was preserved. And serfdom is the same slavery. In the Middle Ages, slavery no longer existed in any economically developed European country. In Rus', every landowner tried to produce everything he needed for his personal consumption with the help of his serfs. The Council Code of XNUMX finally enserfed the peasants. For these purposes corvée and dues were increased. This did not allow trade to develop as rapidly as in Europe. In addition, before the transformations of Peter the Great, Russia did not have such a powerful fleet that could be used for trade purposes, nor proven sea routes for the sale of goods abroad. But despite all this, in the XVII century. nevertheless, the formation of the all-Russian market began. Many enterprising people (merchants) were able to increase their capital. The first manufactories began to appear, the range of goods that could be sold to European countries was expanding. This idea seemed beneficial to both the government and the nobles. The nobles thought that perhaps charcoal would be one of these goods, so they began to burn their forests. During the period of the development of mercantilism in Russia, such names as Afanasy Ordin-Nashchokin (1605-1680), Yuri Krizhanich (1618-1663), Ivan Shcherbakov (1686-1716) became known. 4. Late mercantilism James Stewart (1712-1780) - representative of late mercantilism. He is the author of a book entitled An Inquiry into the Principles of Political Economy (1767). Market competition reminded James Stewart of a clockwork mechanism that needed to be checked and corrected from time to time. He assigned the role of watchmaker to the state. It is believed that early mercantilism existed until the middle of the XNUMXth century. It is characterized by the following features: 1) trade relations between countries are practically not developed; 2) the highest prices are set for the exported goods; 3) it is forbidden to export precious metals (gold and silver) from the country; 4) the import of goods is permanently restricted; 5) money is perceived at face value, so many, including the government, undermine money, thereby reducing the weight, and at the same time the cost of money; 6) a little later, a fixed amount of gold and silver is established in the circulation of countries; 7) it is believed that money exists for accumulation and as a system for measuring the price of a commodity. They are also used as world money; 8) the main idea is "monetary balance". John Law (1671-1729) - Scotsman, one of the most prominent figures of late mercantilism. To saturate the country with money, John Law proposed to begin issuing paper money not backed by precious metals. If the supply of money increases, this will replenish the treasury, increase profits and reduce bank interest. He wrote a work called "Money and Trade, with a proposal for how to provide the nation with money" (1705), to substantiate these ideas. At first, no European country agreed to this proposal, but in 1716 Philippe d'Orleans accepted it. First, Law received the right to organize a bank, which later became practically state-owned. Then a joint-stock company was organized, which was supposed to develop the French colonies in North America. Law persuaded his creditors to invest securities in this company, whose shares were constantly growing in price, since the bank was responsible for the return of money on shares. Everything was going great until investors realized that his company's success was too modest to continue to invest. Therefore, there were more people willing to sell shares than buyers, thereby the outflow of silver from the country began to increase. Everyone came to the conclusion that Lo's scheme was a pyramid scheme. Also late mercantilists include Thomas Mann and Antoine de Montchrentien. Late mercantilism is the period from the second half of the XNUMXth century. to the second half of the XNUMXth century, although many principles were preserved until the XNUMXth century. The signs that characterize the late period are the following: 1) trade is very well developed and fairly constant; 2) export prices are significantly reduced; 3) import of goods (other than luxury) is allowed if the country's balance is positive; 4) the export of gold is allowed if this contributes to the strengthening of trade relations under favorable conditions and a positive balance of the country; 5) money is recognized only as a means of circulation for commercial transactions; 6) the most important thing is the "trade balance". Authors: Eliseeva E.L., Ronshina N.I. << Back: Economic thought in the Middle Ages (Medieval teachings of Western Europe. "Salic truth". Socio-economic views of Ibn Khaldun. Teachings of Thomas Aquinas. Social utopia of Thomas More. "Russian Truth") >> Forward: Physiocracy (General characteristics of the physiocrats. The teachings of François Quesnay. The activities of Jacques Turgot)
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