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Mercantilism

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Handbook of the History of Economic Thought

Part of the book series: The European Heritage in Economics and the Social Sciences ((EHES,volume 11))

Abstract

In a narrow sense mercantilism describes the pattern of economic policy of the European states in the times of absolutism. In a broader sense it means (a) an epoch of economic history, (b) an economic doctrine, and (c) a general pattern of economic policy (Schefold 1997, p. 163). It stretches over the seventeenth and eighteenth century, especially in England, but also in France (Colbert [1661–1683]) where it was defi nitely superseded by the physiocratic movement in the middle of the eighteenth century and declined already after the death of Louis XIV in 1715.

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Notes

  1. 1.

    Blaich (1988, p. 35); see the earlier contributions by Cannan (1929), Johnson (1937), Eckert (1949), Minchinton (1969), and the more recent collection of articles in Blaug (1991a, b).

  2. 2.

    See the interpretation of the American Export Enhancement Program as a mercantilist approach to the US farm trade policy in Libby (1992), and for the mercantilist character of EU industrial policy Feldmann (1994); for the international context Pfaller (1986) and Strange (1985), for the developmental debate Lange (1995), on early mercantilist policy Schaefer (1993); see also Phillips (1992), Schweizer (1996), and Wolf (1995).

  3. 3.

    For the early debate see Coleman (1969), and the overview in Blaich (1973, pp. 1–10, and the literature on pp. 30–31).

  4. 4.

    See also Salin (1944, pp. 55–74); on functional finance ideas in mercantilism see Schulz (1987, Chap. 5).

  5. 5.

    For us, it is an open question in how far the link between a growth perspective and the independence view is typical for most mercantilists.

  6. 6.

    For example by the most important German mercantilists J.J. Becher [1635–1682] and J.H.G. Justi [1717–1771].

  7. 7.

    A summary of the practical realization of these and the following principles in different European countries is given in Blaich (1973, pp. 112–199).

  8. 8.

    [1608–1654]. He was a deputy-governor of the Merchant Adventurers’ Company.

  9. 9.

    It is not surprising that Heckscher saw a certain contradiction in the mercantilist’s writings in this respect (1932, II, p. 291).

  10. 10.

    Compare this with Blaug’s statement that “(m)oney was falsely equated with capital … almost all mercantilist writers entertained the illusion that money is somehow nervus rerum” (1997, p. 11).

  11. 11.

    For the broad historical background see Koehn (1994), a theoretical model is offered by Irwin (1991).

  12. 12.

    See the balanced view by Harper (1942).

  13. 13.

    (1947, pp. 177–220), see also Fusfeld (1975, pp. 24–31).

  14. 14.

    Regimentation of economic activities, elements of planning in economic policy, superiority of the political sphere, etc.

  15. 15.

    See also the studies by Skopp (1990), Rothermund (1978), Hosfeld-Guber (1985), and Henning (1991, pp. 758–783).

  16. 16.

    See also the respective but not at all convincing interpretation of communism by Anderson and Boettke (1997).

  17. 17.

    (1932), first published in Sweden in 1931, see also Heckscher’s reply to his critiques in Heckscher (1991).

  18. 18.

    For example regarding greediness, see Moss (1987) on the mercantilist Mandeville.

  19. 19.

    On the further development of the discussion on mercantilism as a doctrine in the history of economic thought see Coats (1996), Rashid (1991), and Magnusson (1994, Chap. 2).

  20. 20.

    See also his Principles of money applied to the present state of the coin of Bengal (1772).

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  1. Faculty of the Sciences of the State/Economics, Law and Social Science, Nordhäuser Str. 63, 99089, Erfurt, Germany

    Helge Peukert

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  1. Fak. Staatswissenschaften, Lehrst. Finanzwissenschaft/, Universität Erfurt, Nordhäuser Str. 63, Erfurt, 99089, Thüringen, Germany

    Jürgen Georg Backhaus

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Peukert, H. (2012). Mercantilism. In: Backhaus, J. (eds) Handbook of the History of Economic Thought. The European Heritage in Economics and the Social Sciences, vol 11. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-8336-7_3

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