Mercantilism - International Relations - Oxford Bibliographies

The notion of “mercantilism” or the “mercantile system” as a formal idea was identified by Adam Smith in his The Wealth of Nations. Smith had in mind a set of writers (the mercantilists) who were active in the 16th and 17th centuries, primarily but not exclusively in England. As commonly stated, mercantilist thought supported a policy position that countries should attempt to achieve trade surpluses that result in an inflow of “precious metals” or gold. In some renderings, this inflow of gold was seen as supporting royal treasuries. Mercantilism was often expressed as a system of economic nationalism. As such, it also had elements of a “zero sum” approach to international economics relations, although whether this “zero sum” thinking extended into the domestic realm is a matter of some debate. In recent decades, interpretations of what exactly mercantilism stood for have diverged significantly. This is perhaps a positive development as it provides layers of nuance to what had become a

The notion of “mercantilism” or the “mercantile system” as a formal idea was identified by Adam Smith in his The Wealth of Nations. Smith had in mind a set of writers (the mercantilists) who were active in the 16th and 17th centuries, primarily but not exclusively in England. As commonly stated, mercantilist thought supported a policy position that countries should attempt to achieve trade surpluses that result in an inflow of “precious metals” or gold. In some renderings, this inflow of gold was seen as supporting royal treasuries. Mercantilism was often expressed as a system of economic nati