Merchant capitalists

Mercantilism was a type of national economic policy designed to maximize the trade of a nation and especially to maximize the accumulation of gold and silver. It was dominant in modernized parts of Europe from the 16th to the 18th centuries. It promoted governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. With the establishment of overseas colonies by European powers early in the 17th century, mercantile theory gained a new and wider significance, in which its aim and ideal became both national and imperialistic. Mercantilism functioned as the economic counterpart of the older version of political power: divine right of kings and absolute monarchy. Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance-of-trade, especially of finished goods. Historically, such policies frequently led to war and also motivated colonial expansion. Indeed, with the establishment of overseas colonies by northern European powers early in the 17th century, mercantile theory gained a new and wider significance, in which its aim and ideal became both national and imperialistic. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. High tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. Other policies have included:

Mercantilism in its simplest form is bullionism, yet mercantilist writers have emphasized the circulation of money and reject hoarding. Their emphasis on monetary metals accords with current ideas regarding the money supply, such as the stimulative effect of a growing money supply. Fiat money and floating exchange rates have since been rendered specie concerns irrelevant. In time, the heavy emphasis on money was supplanted by industrial policy, accompanied by a shift in focus from the capacity to carry on wars to promoting general prosperity. Mature neomercantilist theory recommends selective high tariffs for "infant" industries or the promotion of the mutual growth of countries through national industrial specialization.

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