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14. MERCANTILISM AND ITS FEATURES
В XV century. the first school in the history of economic thought arose - mercantilism (from English merchent - "merchant", "merchant").
Supporters This theory believed that a nation would be richer the more gold and silver it had. The accumulation occurs in the process of foreign trade or in the course of the extraction of precious metals. Hence, only labor in the mining of precious metals is productive. In matters of economic policy, supporters of this theory make recommendations for increasing the flow of gold and silver into the country. There are early and late mercantilism.
Representatives of early mercantilism relied on administrative measures to retain precious metals in the country (export ban). Foreign merchants had to spend the proceeds on the territory of the country. This hindered the development of foreign trade relations.
Supporters of late mercantilism believed that it was necessary to ensure an increase in precious metals in the country not by administrative, but by economic means. These means include all means that lead to achieving a trade surplus (exports are greater than imports). These tools are described in detail
T. Mann (1571-1641) , an influential English merchant and famous representative of late mercantilism. He wrote that there was no other way to get money except trade, and when the value of exported goods exceeded the value of annual imports of goods, the country's monetary fund would increase.
Economic policyproposed T. Mann, called politics protectionism, or national market protection policies. It comes down to limiting imports and encouraging exports.
T. Mann proposed the following: the introduction of protectionist tariffs on imported goods, quotas, export subsidies and tax incentives for exporters (this is still applied at the present time), etc. Since these measures are implemented with the help of the state, representatives of both early and late mercantilism took for granted active state intervention in economic processes.
Distinctive features of mercantilism:
1) exclusive attention to the sphere of circulation;
2) consideration of money as an absolute form of wealth;
3) classifying as productive only labor for the extraction of gold and silver;
4) substantiation of the economic role of the state;
5) convinceеthat the excess of exports over imports is an indicator of the economic well-being of the country.
The policy of mercantilism was carried out all over Europe in the XV-XVIII centuries. and consisted of the following directionsKeywords: accumulation of money, protectionism and state regulation of the economy. This policy could not have been different in the period of the formation of absolutist states, the creation of national economies. Accelerated capitalist development was possible only within the national framework and largely depended on state power, which promoted the accumulation of capital and thus economic growth. With their views, the mercantilists expressed the true patterns and needs of economic development.
Author: Tatarnikov E.A.
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