August 29, 2018
Article Review on “Mercantilism”
Written by Laura LaHaye
The following article talks about Mercantilism and its history. It addresses its origins, people who contributed and how it’s developed over the years. Overall, the article does a good job in explaining Mercantilism. To begin with, Mercantilism is the belief about the profitable benefits of trading to produce wealth for a country. The article talks about how Mercantilism first got its name. It starts off with the origin of its name, which according to the author, “Adam Smith coined the term ‘mercantile system’ .” LaHaye also talks about how it was favored and the benefits it had in the beginning.
Afterwards, the article gets in the detail. First, it explains why it was so successful in the start. It states that one of the contributing factors to its success was the fact that there were colonies outside of Europe. This allowed colonist use the new land to generate wealth with its diversity in industries such as farming, fishing, and lumber. This increased trade. The article then talks about what they referred to as the “mercantilist period.” This section starts with stating how the nation-states’ conflict was increasing. Because of mercantilism, it allowed governments to have a permanent force for protection as well as being to make profit for them.
More of the mercantilist era the author talks about is its policies, the importance of shipping, the Navigation Act, and how it ended.