43) JOURNAL ENTRY, “Mercantilism” (Information found on page 574-575)
Enrichment Opportunity - Article summary and review. Worth 10 Test pts.
· Type a 1-page summary and a 1/2 pg. response (your thoughts) to the article, “China Pursues 'Manifest Destiny' Through Mercantilism and Imperialism”
Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports.
MERCANTILISM is one of the great whipping boys in the history of economics. The school, which dominated European thought between the 16th and 18th centuries, is now considered no more than a historical artefact—and no self-respecting economist would describe themselves as mercantilist.