Mercantilism

mercantilism is an later lent term for a Sammelsurium of different politico-economic ideas and Politiken, which both monetary political and handels and balance of payments-theoretical, in addition, financialeconomical beginnings connect. The mercantilism was the prevailing economic Lehrmeinung of the early modern trend (of 16. Century up to 18. Century).

With the need of the absolutist governed states after increasing, safe incomes for the payment of the standing armies, increasing bureaucracy and after representative buildings and Mäzenatentum of the prince a politico-economic practice coined/shaped by the interventionism and dirigisme develops out in the different European states,some closed economictheoretical and - political conception is missing. This politico-economic practice striving for surplus is common in the foreign trade for the economic development of the own state. The capital quantity, which is represented by the national gold reserves, becomes best by an active commercial balance sheet with high exports and low imported goods increases. Governments therefore support these goals, by promoting exports actively and restraining imported goods by use of tariffs.

In the Binnenwirtschaft led this to significant national interferences and to control of the foreign trade and the economic system, during at the same time important structures of the modern capitalistic system developed. The mercantilism loaded the intergovernmental relations at that time by numerous European war, which developed for imperialism. Toward end 18. Century the mercantilism was displaced by the classical political economy of the British economist Adam Smith. Today the mercantilism (as a whole) of all respectable economists becomesrejected, although some elements receive further attention.

Table of contents

theory

[] If principles

work on

nearly all European economists, who published between 1500 and 1750, today generally as mercantilists are regarded, although these itself not when trailers of a common ideology regarded. The term „merkantiles system “was coined/shaped by the Marquis de Mirabeau 1763 and of Adam Smith 1776 generally spreads. The word comes from latin noticing air (carry on trade) mercator and/or. merx (commodity) and/or. French mercantille (commercial) off. Originally only used by critics such as Mirabeau and Smith, the term was taken over soon also by historians.

The mercantilism as a whole cannot as a uniform, closed economic theory to be regarded. There was no noticing anti-reading tables author, who submitted a comprehensive model for ideal an economic system, as Smith did later this for the classical political economy. Instead each author another partial aspect of the economy regarded noticing anti-reading tables. Individual problem-related ideas and differentBeginnings in the European states stand frequently unconnected next to each other. The phase of the mercantilism was connected with the development of domestic economic homogeneous national economies. Some specialists reject the concept of the mercantilism completely, because it a wrong community of separate events vorgaukle.

The mercantilism regarded foreign trade as Zero-sums game, with which the one wins, which the other one loses. Therefore it is impossible by definitions to maximize the overall economic use. Noticing anti-reading tables writings were provided generally also rather to justifying political proceedings to examine as which politics are most useful.

The first mercantilistsregarded the quantity of gold and silver, which a state possesses, as yardstick for the wealth of the nation. Later mercantilists developed a view somewhat more progressed.

Bullionismus

since approximately 1500 developed Jean Bodin and other one an early mercantilism, that the meaning thatnational gold and silver reserves stressed and therefore as Bullionismus one designated. In this period there was a large supply of gold and silver from the European colonies in the new world, and the main concern of the other states consisted of it, opposite habsburgisch governed Spainto remain competitive. The early monetaryists, like Thomas Gresham and John Hales and the Bullionisten around of Thomas's Milles regarded the national precious metal reserves as yardstick for the economic (and military) strength of a state, because a measured variable for the national income did not give it at that time yet. To thatYards of the monarchs the realization began itself to intersperse that a condition for a militarily strong state was its financialeconomical Kraft, a whose condition was economic activity. Gold and served silver as currencies for (mercenaries -) armies, weapons as well as for the building of fleets. International alliances requiredoften large payments between the states. Only few European states controlled gold and Silberminen. The remaining states covered their need at balance of payments means over an active foreign trade balance. If a state imports more goods exported than, then this inequality resembles itself by a supply at moneyor precious metals out. Therefore the mercantilists believed that a national economy export more goods than should import. The export of precious metals was logically strictly forbidden. High interest rates should encourage investors to invest their money inland.

mercantilism in 17. Century

trade in the mercantilism

in17. Century developed a by far more complex version of the mercantilism, which rejected the simple Bullionismus. Authors, like Thomas Mun regarded the general prosperity of a country as a priority goal and its precious metal reserves as the most important indication of the wealth, but not as only, there finished goods and raw materials likewiseare indispensable. They supported the past view of an active foreign trade balance, however in a less rigiden form. Mun, which worked for the English east India company, argued that exports from metal reserves were good to Asia for England, there the goods with large profit, imported for it, in the remainingEurope to be resold would know. This new aspect recognized the fact that the transformation from raw materials was to finished products an important money producer and rejected therefore the export of raw materials. While the Bullionisten had up to then endorsed the mass export of wool from England, the later mercantilists demanded total Export prohibitions for raw materials and the structure of a processing industry inland. A further important change was the view on the interest rates. In order to promote the domestic industry, was a high capital supply necessary; in 17. Century could be observed therefore a dramatic fall of the interest rates. Later one Mercantilists dedicated a larger attention to the service sector. From this resulted for example the navigation document, which excluded 1651 Netherlands ships from the English navigation.

Noticing anti-reading tables the measures for the promotion of the Binnenwirtschaft were less clear than their foreign trade policy. While Adam Smith represented the mercantilists in such a way, as if they became strictControls of the economic system endorse, contradicted many mercantilists. The early modern trend was the time of the patents and legally imposed monopolies. From the tradition of fürstlicher regalia, like e.g. the Münzregal or the salt shelf, thus sources of income of the fürstlichen vault the conception developed, by thoseAward of monopolies for the prince devoted entrepreneur a safe market to create and the wealth resulting from it well control and purposefully to tax away to be able. Some mercantilists endorsed the monopolies, other recognized the corruptness and Ineffizienz of such systems. Many mercantilists recognized also that the inevitableConsequence of ratios and price adjustments of black markets are. One point, in which the mercantilists were united, was the suppression of the working class. Workers and farmers had to live at the subsistence level, so that the goods could be manufactured economically. A goal was it to maximize production; thatConsumption and benefit of the workers were not considered. Only if they could secure their subsistence level by hard work, it was guaranteed that a maximum production could be achieved. Higher wages, spare time or education for the lower layers inevitably to Lastern and putridness would lead and economic damagearrange.

causes

the scholars are not itself united, why the mercantilism was the prominent economic ideology for two and a half centuries. A group, represented by Jacob Viner, argues that the mercantilism was not simply a in-usual system and humans of the time at that timethe analytic possibilities would have had, in order to state that this system was very deceitful in truth. A second group, represent by people such as Robert B. Ekelund, stated, the mercantilism was at all no error, but the optimum system for its developers. This group argues, thatMercantilism was created by profit-oriented buyers and governments. The buyers profited strongly from the forced monopolies, exclusion from foreign competitors and poverty in the worker and farmer class. The governments profited from the high tariffs and the payments of the buyers. During later economic ideas ofUniversity graduates and philosophers were developed, were nearly all noticing anti-reading tables authors of buyers or government officials.

The mercantilism developed at a time, in which the European economy was in a transitional phase. With the penetrating of the money and its exchange of goods, services and balance of payments means over bordersaway the needs changed both the prince households, and the buyers. Technical improvements in the navigation and the growth of the large cities led to a fast growth of the international trade. By the introduction of double record keeping and the modern balance could andDischarges by money to be easily reconstructed. The isolated feudalen basic rule which is based on Naturalwirtschaft was replaced by centralized national states which are based on money economy. This changed also the view of the incomes of the prince household: In the early Middle Ages the monarch from a Königspfalz had gone to the other one, around the material deliveriesto verzehren its local subjects and/or. for building projects their material work taken up and otherwise with the incomes from regalia to be content must fall back, could the state in the age of the absolutism in a money economy to taxes. With the introduction of indirect taxes was thosePenetration of their collection also not more inevitably connected with the practice of individual force.

Before the mercantilism the medieval scholastics aimed at an economic system, which fit the Christian theory of justice and Frömmigkeit. They concentrated mainly on exchange procedures between individuals, the Mikroökonomie. ThatMercantilism belonged to the theories and ideas, which replaced the medieval conception of the world.Machiavellis politics model and the principle of the Staatsräson became the example of national policy. The noticing anti-reading tables idea that any trade was a zero-sums game, in which each side the other one in scruplesless competition too would amount to tried,into the work by Thomas Hobbes one integrated. This dark side of human nature fit likewise well into the puritanische world view and some sharpest noticing anti-reading tables the laws, like the navigation document, by the government of olive Cromwell was introduced.

politics

Origins

of noticing anti-reading tables opinions were in the early modern trend the prevailing economic ideology in completely Europe, and most states took over these opinions up to a certain degree. The centers of the mercantilism were England and France. In these states also the noticing anti-reading tables became politics alsomost frequently interspersed.

France

after one period 30jähriger of citizen and Religionskriege decided to go over the victorious Huguenot Henri de Navarre to the catholicism (“Paris is worth a fair “) and as a king Heinrich IV. to govern starting from 1594. It transferredthe office of the Minister of Finance its old huguenot friend and weapon comrade Sully, which found a devastated country with fallow-lying agriculture and down-lying handicraft and by gangs of robbers and destroyed traffic routes trade disappeared to a large extent apart from completely wrecked finances of the state with assumption of office. But the mercantilism had in France alreadyin early 16. Century, soon after the monarchy became most important power in the French policy and displaced the aristocracy from its regional influence possibility, assigned. The few economiceconomics discussions of that epoch in France we owe to the Controlleur Générale you Commerce and President you Conseil youCommerce Barthélemy Laffémas, Antoine de Montcrétien and François Véron de Forbonnais. The most important, early French representative of the mercantilism was Sully. 1539 were issued a regulation, according to which Wollgüter from parts could not be introduced by habsburgisch controlled areas (Spain and parts of Flanders) no more.One year later numerous restrictions were set against the export of gold into force. Over remaining 16. Century further protectionist measures were introduced. The high point of the French mercantilism is closely linked with Jean Baptiste Colbert, there in 17. Century 22 years long Ministers of Financewas. This goes so far that sometimes the French mercantilism is called Colbertismus in Italy IL Colbertismo. Under Colbert the French government controlled the economy in very high measure, in order to increase the incomes. Protectionist regulations were set into force to limit around imported goods and exportsto promote.Manufakturen were divided in Gilden and monopolies. By the state by more than thousand instructions one regulated, how different goods should be produced. In order to promote production, specialists for silks became - and Brokatstoffe as foreign workers from Flanders abgeworben. From thatItalian states were gotten to specialists for glass, from the HRRDN metal specialist in the country. Emigration for specialists was forbidden, later even under death penalty. Since the private initiative was not too large despite many incentives, national Manufakturbetriebe was furnished, like the wallpapers - and to furniture factory Hôtel Royale.Colbert seized also measures, in order to decrease internal commercial barriers, reduced internal tariffs and created a comprehensive network at roads and channels (Canal you Midi). In order to reduce the internal tariffs ( = traites), 1664 became the twelve internal provinces a tariff unit, that cinq large fermes united. The providing for the development and the maintenance of these traffic routes extracted Colbert from the high aristocrats and developed a special administration, from which „ponts chaussées et itself “developed. It did not succeed to it nevertheless to eliminate the road and bridge tolls. Thoseexisting landschaftlichen purchases disappeared before in favor of the uniform weights, set by the state , mass, the currency and the tariffs. Taut centralization of the economic and political decision authority accompanied this phase in France. To the reorganization of the finances of the state under Ludwig XIV.shifted it the direct taxation upthe indirect (excise duty). This accompanied with market - and road obligation, prohibition of Fürkauf, uncontrolled land and bartering. Thus the immense operating profits should more strongly to the taxation be subjected and the loads on the agriculture be reduced. By the lowering of the direct taxesbecame the agriculture, in which three quarters of the population its living costs obtained, and which third conditions promoted, during with which indirect taxes (giveal and dîme royale) aristocracy and Klerus were taken part despite receipt of the tax privilege in the financing of the state. With regimentation becamethe transparency of the market increased, but a part of the restaurant activities, which were connected with competition and speculation, are omitted. Colberts measures were very successful: Of France production and economic power it grew in this time so considerably that it ascended to prominent European power. Less success had Colbert thereby, outTo make France a prominent trading nation, where England and the Netherlands were prevailing.

Britannien

in England reached the mercantilism its high point during king-hostile being enough of the parliament, although the noticing anti-reading tables politics also during large parts of the Tudor - and Stuart - periods applicationfound. Also Robert whale poles (1721-1742) is considered to merkantilistischer policy as late trailers.

In Great Britain was national control of the Binnenwirtschaft substantially smaller than on the continent and by the Common Law and the increasing power of the parliament was limited. Nationally controlled monopolies were particularly forwardsthe English civil war usually, but disputed. Noticing anti-reading tables the scholars in England represented no uniform opinion over the necessity for a controlled Binnenwirtschaft, so that the English mercantilism concentrated on control of the foreign trade. A multiplicity of adjustments was used to promote around exports and imported goodsto prevent. On imported goods tariffs were set, on exports gave it promotion funds. The export of raw materials was completely forbidden. The Stalhof of the German Hans buyers in the Thames Street in London was already closed 1598. The navigation document excluded foreign dealers made of England domestic trade.The country strove in aggressive way for colonies, for which production by raw materials and the exclusive trade with Great Britain was prescribed. This led to tensions with the inhabitants of the colonies, and the noticing anti-reading tables politics is considered as one of the main causes to the American movement of independence. Throughthe noticing anti-reading tables politics Great Britain grew up however to one of the world largest trading nations and to a world power.

The mercantilism coined/shaped the landscape in some regions of Great Britain both by the building of navigation channels (e.g. Bridgewater Canal, Thames & Severn Canal) and by dewatering of sumps andsimilar projects, because the maximization of agricultural production increased the economic strength of a nation by transformation of „useless country “in agrarian surface after merkantilistischer view also, since with an increase of the agricultural produce falling prices for food and therefore falling prices for Manufakturarbeit one expected.

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Spain

something similar as in England and Flanders was based in Spain a considerable part of production in 15. and 16. Century on the production of wool and Tuchen. There Kastilien despite the plentiful raw material wool - differently than Flanders - not sufficient capacities in that“Key industry” Tuchmanufaktur possessed, in order to cover the home demand, already requests the Cortes in Madrigal 1439, the prohibition of Wollexport and cloth import. The Cortes determines 1438 and 1462 in laws that a third of wool the kastilischen workshops must be reserved.

The monarchy was not able,to manufacture a more uniform Spanish domestic market. The tax and customs borders between the different Spanish kingdoms remain to a large extent untouched. Between Galicien and Asturien a royal 20%ige tax was raised as “diezmos de la mar “(= sea tenth). Even at the borders between the Kingdoms of Kastilien and Granada, Aragón, Navarra and Valencia were raised “diezmo del rey “(= royal tenth). In Kastilien a gold currency (1 existed dobla/castellano = 365 Maravedís; starting from 1497 1 ducado = 375 Maravedís), those of the silver coins (1 material = 34 Maravedís; andblanca = the 0.5 Maravedís) one supplemented. In Aragón the currency was based on silver coins (1 libra = 20 sueldos = 240 dinaros). The mass did not differ alone between Aragón and Kastilien; also that politically to Kastilien belonging Andalusien used own mass. The trade alsoMeat, wine, fish, salt, occasionally vegetable and firewood were regulated by local restrictions. The export of gold and silver, grain, cattle, weapons, iron and wood were forbidden and to that domestic trade were promoted. The production of the agrarian sector and the handicraft (exception: ) Remained for clothleave to the local and regional authority to a large extent.1495 received first permission to Kastilier for implementing agricultural products - primarily wheat , oil and wine - and products relating to crafts of the old persons world to west India and for importing luxury goods from there out in the Spanish kingdom. 1511 extends Fernando II. de Aragón this trade privilege also on the Aragoneser. Emperor Karl V. the free trade with the American colonies expanded 1529 since all subjects of its empire. 1549 were limited it however its Spanish subjects. Even to the flandrischen webers, the much forSpanish wool would have given, could soon no more wool be implemented, because they were considered as hostile provinces.1552 issued Karl V. an export prohibition for Spanish materials to America; 1569 were forbidden the textile industry in the Spanish colonies. Only rough, cheap cloth may alsoimported wool to be manufactured, in order to dress the indianische population. Hardly arrives to the authority at hearing that the cloth production was grown up already in the Mexican Pueblo de Los Angeles for the export competition of the Textilmanufakturen in the motherland, even the Perú supplied, gave king Felipe II.its viceroy thatInstruction, this branch of industry on regional mass back connecting piece. When it became exorbitant for Spaniards due to general depletion by the inflation also to acquire domestic Wolltuch the crown short hand forbade to the domestic Manufakturen producing goods of first-class quality “thereby the people for the luxury was not provoked “.Foreign cheap commodity was left near duty-free at the price of the destruction of the main trade in the country, in order to press the prices of the Spanish cloth, which had temporarily controlled the “world market”. On initiative of Karl V. became the technology of the windmills well-known from the Netherlands in the Manchataken over. The trade of the colonies was limited therefore at first to native products (wool, cotton, skins), those for the direct need to be processed (textiles, leathers). The Philippines supplied, through annually once to the Mexican Acapulco operating convoys Chinese silk, spices and porcelain. Therefore the settlers referred inthe American colonies in this phase nearly their entire need including wine and wheat from the motherland. The crown took over economics and trade between colonies and motherland to a large extent by monopolies ( tobacco, salt, Spielkarten, mercury, slave trade) and controlled everything by those Casa de Contratación. The crown wrote the trade routes (“la flota “, 1561 the imported system of ships, which started as escort course in the convoy regularly two times annually which are fixed, fastened ports) obligatorily forwards, forbade the foreign trade between their colonies and other European powers, forbadethe cultivation of wine and olive oil and raised from ex and imported goods the delivery (“la almojarifazgo “) of 20%. Besides, as in the motherland, a kind value added tax, “alcabalabecame the royal of each sales and quinto material “,Fifths raised. For the maintenance flota a special tax had to be paid, “avería “. This raised the price of Manufakturprodukte in the colonies, prevented competition for the Manufakturen of the motherland and tightened bribery, fraud, smuggling and all forms of the shadow economy almost magically. The bureaucracy could not at all enough to be blown up, in order to plug all the slip holes: The 1782 after French model introduced Intendanturbürokratie devoured 80% of the tax receipts! During the economic collapse in 17. Century had Spain a little coherent economic policy, but under Felipe V.became the French policy with someSuccess imported. Thus e.g. became. a royal Manufaktur for Gobelins furnished, for which specialists from the Netherlands became to abgeworben.

remaining Europe

the other nations of Europe transferred the mercantilism likewise to different extent. The Netherlands, those by their commercial supremacy become the financial center of Europewere, and took over few noticing anti-reading tables ways of acting had little interest in trade restrictions. In Central Europe and the nordischen countries the mercantilism became popular after the dreissigjährigen war, with Christina I. by Sweden and Christian IV. of Denmark as considerable proponents.

The habsburgischen Roman-German emperors were for a long timein noticing anti-reading tables the policy interests, but the wide and decentralized structure of its realm with many participants made the conversion difficult. After devastations of the dreissigjährigen war the increase of the population numbers (Peuplierung) in the center of their politics stood in the German prince states. Therefore was impressedfor the German theoreticians the term coming ralism (of the prince chamber „camera principi “). Since it was generally accepted that the total population would have direct influence on the wealth of a country was met and the possibility limited to dig its prince, troops, measures to Peuplierung. The immigration was promoted, those Emigration was forbidden. Beyond that the bibliography in Germany began itself noticing anti-reading tables over household, administration - and taxation procedures to make national credits and national record keeping thought and systematize these. Here are names such as Johann Joachim cup and Johann Heinrich God praise of Justi,in addition, Klock, Philipp William of Hörnigk, William of Schröder to call Veit Ludwig von Seckendorf and Joseph baron von Sonnenfels.

The German variant of the mercantilism set steps from the town economy opposite France temporally retarded within different ranges to the political economy by centralPromotion of trade and from early Manufakturen to silks -, glass - and porcelain production (Meissen). Manufakturen for uniforms, horse saddles, uniform parts (buttons, braids), weapons (measurer, sword, sword, firearms, ammunition) were settled. While to England the foreign trade was promoted, was located in France and in particularin Germany that domestic trade in the foreground of the attention. Under the German countries Prussia, that was most successful under Friedrich II.probably the most strongly controlled economy in Europe had and its first passive into an active commercial balance sheet to change could. Here the coming ralism became asTaught, for the one chair in and Frankfurt resounds to police sciences, late political sciences/or was furnished and kept into the present influence on the financial science. The practical politico-economic measures corresponded to a large extent to those in France. With tradesmen's settlements privileges (release of the Manufakturbetriebe from the guild adjustment became andGuild liberty), advances and Exemtionen (= tax exemptions) grants. The Prussian cure prince enlisted Netherlands dealers, who received their own quarter in potsdam, French Huguenots in Prussia was settled, around the production of Luxuswaren, like e.g. the Seidenweberei in Krefeld to set in motion.

criticism

thatMercantilism promoted also the immense force propagation to 17. and 18. Century in Europe. Since the Welthandelsvolumen was regarded as constant, one believed, to be able to increase the own Handelsvolumen only thereby by taking others away their trade. Several wars, z. B. the English-Netherlands naval warfares as well as that French-Netherlands war can directly to noticing anti-reading tables theories be attributed. The frequent wars during this period strengthened again the mercantilism, which was seen as necessary component of successful war guidance. Likewise it strengthened the imperialism of this time, since each state tried, new colonies as raw material supplier and an exclusive trade partnerto win. During this period spread the European constituted approximately around the globe. As in the domestic economy this often happened under the guidance of enterprises with nationally guaranteed monopolies: Nationally monopolized commercial companies supplied and administered certain parts of the world, like thosedifferent east India companies or the British Hudson's Bay company.

A majority of Adam Smiths prosperity of the nations is an attack on the mercantilism

scholar such as Dudley North, John curl and David Hume criticized the mercantilism for a long time before Adam Smith its classical theory formulated. ThoseMercantilists could not reconstruct the term of the komparativen advantage ( the 1817 by David Ricardo one taught) and the use of the free trade. Ricardo refers to it, Portugal wine and cork more economically than England to produce can, while England could manufacture textiles comparatively favorably. If thus Portugal itselfin the production of wine and cork and England in those of textiles would specialize and both trade would carry on, then both countries at the end would have an advantage. Trade is not a ruinous zero-sums game, but can for both sides be favourable. By import restrictions and tariffs becameboth nations this advantage escape.

David Hume showed the impossibility of a constantly positive foreign trade balance, which was aimed at by the mercantilists. If money flows into a country, then the value of the money in this country will sink steadily, since the overall economic demand rises. Thus those becameGoods become ever more expensive. Were turned around in the country, which exports money, which fall prices slowly. At any point it would be then no longer cost effective to export goods of a high price country into a low price country and the foreign trade balance would turn around. The mercantilists underestimated this procedure,because the early monetaryists was convinced and assumed still of the value of the precious metal, the expansion of the circulating money supply became the country enriches makes.

The importance, which was attached to the cash reserves, was likewise a central goal of the critics, even if many mercantilists had automatically begun,To see gold and silver as less important. For Adam Smith was gold a property as each other, nothing else than a yellow mineral, which was so in demand only due to its rarity.

The Physiokraten in France formed the first school, those the mercantilism completelyrejected. In addition, the physiokratische theory was disputed, and only Adam Smith could do 1776 with its book prosperity of the nations a convincing alternative published. This book describes the principles its that admits today as the classical political economy is. Smith uses a considerable portion of the bookfor disproving arguments of the mercantilists although it often simplified or covered versions the same endeavors.

The scholars argue also about the reasons, why the mercantilism went to end. Those, which regard it as an erring way, believe that its replacement by the more precise model of the AdamSmith was inevitable. Other theoreticians regarded the mercantilism than a mechanism of mercenary buyers and governments, to which by larger shifts of power ended. In Great Britain the mercantilism faded, when the parliament received the right to the assignment from monopolies. The temporal and financial expenditure for reaching a parliamentaryMajority became so large that hardly still new monopolies were assigned, although rich owners of capital controlled the parliament.

Noticing anti-reading tables the adjustments 18 became in Britannien in the course. Century continuously diminished, and during 19. Century took over it completely the free trade and Smiths laissez-faire - attitude. Upthe European mainland ran the economic liberalisation somewhat more slowly. In France control of the economy in the hands of the royal family and the mercantilism remained continued up to the French revolution . In Germany the mercantilism remained of late 19. Century in the early20. Century, when the historical school had its high point, an important ideology.

aftereffects

in the English-language world Adam Smiths refusal of the mercantilism without contradiction was accepted, however today most economists agree that the mercantilism was correct in some ranges.In most prominent place the Britisher supported John May pool of broadcasting corporations Keynes explicitly some the theories of the mercantilism. Adam Smith rejected it to be concerned with the money supply because goods, humans and institutions the bases of the prosperity were. Keynes held against the fact that the money supply, the foreign trade balance andthe interest rates of of great importance for a national economy are. These opinions became later the basis of the modern monetarism.

Adam Smith rejected the noticing anti-reading tables concentration on production. He believed, consumption was the only way to economic growth. Keynes argued however, the promotion of productionis just as important as the promotion of the consumption. Keynes recognized also that in the early modern trend striving for larger precious metal reserves had been reasonable. Before the introduction of the paper money the increase of the gold quantity was the only way, in order to increase the money supply. As due to that World economic crisis end of the 1920er and at the beginning of the 1930er years the USA their capital from the foreign country took off and/or. the debtor nations their burden of debts only laboriously and retarded to serve knew, recognized Keynes the meaning of the balance of payments. It recognized that if all states promote their exports and theirImported goods to limit wanted to carry out in order to support the domestic job market, which could not gain German Reich the balance of payments surplus any longer, in order the reparations demanded after the war. Differently than the laissez-faire ideology of Smith Keynes before the background of the world economic crisis took over the noticing anti-reading tables idea more actively nationallyInterferences into the economy. Keynes' theories were taken up by many political parties, Franklin D. Roosevelts new Deal - program in the USA was the most extensive national occupation program. This politics were resumed from all parties to center of the 1970er years with large success. During Keynes' economic theorieslarge effects had, remained its efforts to rehabilitate the term „mercantilism “without success.

Until today the term often devaluing used, because it is equated on one side with protectionist measures. The similarities between the Keynesianismus (and following ideas) and the mercantilism, led to the fact that trailers of theseTheories often „Neomerkantilisten “to be called. Other systems, which exhibit some noticing anti-reading tables of characteristics, like the economic system of Japan, are likewise called Neomerkantilisten. Modern regional and sparkling wine-oral promotion of economy development would be only with difficulty conceivable without the thoughts and experiences of the mercantilists.

In noticing anti-reading tables the period were establishedmany modern economic institutions, like the stock exchange, the modern bank system and the insurance economy.

In some cases the protectionism had important positive effects on the national economies. Smith praised for example the navigation document, since her the English merchant fleet increased and a central role plays, to Great Britainto transform into an economic world power, which remained it over several centuries. Some economists like the German Friedrich cunning considered it meaningful to protect young industries because the long-term use exceeds short term additional expenditure.

Mercantilists, who were generally buyers or government officials, collectedenormous quantities of commercial data and used these for their research and their publications.William Petty, a strong trailer of the mercantilism, is seen to the empirical data analysis in the economic research usually as the first, used. Smith rejected this method and argued that only deductive reasoningto the discovery of economic laws lead. Today one knows that both methods are important.

literature

  • Fritz Behrens: Sketch of the history of the political Ökonmie, Berlin 1962
  • Fritz Blaich: The epoch of the mercantilism. Steiner, Wiesbaden 1973
  • Ingomar bent: The mercantilism in Germany,Yearbooks for political economy and statistics, Stuttgart 1973
  • Rainer Gömmel: The development of the economy in the age of the mercantilism 1620-1800. Oldenbourg, Munich 1998. ISBN 3-486-55757-2
  • Eli F. Heck: The mercantilism. 2 volumes. Fischer, Jena 1932
  • Hermann Kellenbenz: The mercantilism and the social mobility inEurope, Wiesbaden 1965
  • Joseph A. Schumpeter: History of the economic analysis, Goettingen 1965
  • Gerhard Stapelfeldt: The mercantilism, Freiburg 2001
  • Gerhard Stavenhagen: History of the economic theory, Goettingen 1969
  • Immanuel Wallerstein: The modern world system, Bd. 2: The mercantilism: Europe between 1600 and1750, Vienna 1998 (English-language expenditure for original New York 1980)
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