Mercantilism, economic theory and practice common in 16th–18th-century Europe that promoted governmental regulation of a nation’s economy for the purpose of augmenting state power at the expense of rival national powers; it was the economic counterpart of political absolutism. Learn more about mercantilism here.
What were the effects of mercantilism?
mercantilism, economic theory and practice common in Europe from the 16th to the 18th century that promoted governmental regulation of a nation’s economy for the purpose of augmenting state power at the expense of rival national powers. It was the economic counterpart of political absolutism.
Who used the term mercantile system?
The term "mercantile system" was used by its foremost critic, Adam Smith, but Mirabeau (1715–1789) had used "mercantilism" earlier. Mercantilism functioned as the economic counterpart of the older version of political power: divine right of kings and absolute monarchy.
