the.com/mercantilism
the economics of hoarding gold like a dragon and calling it patriotism.
means an economic theory holding that a nation grows rich by exporting more than it imports and stockpiling precious metals.
from emerged in 16th to 18th century europe as monarchs financed wars and empires; the term itself was popularized later, notably by adam smith in 1776, who coined it to attack the very system it named.
zero sum viewtrade seen as one nation's gain, another's loss
colonies existedpurely to supply raw goods, buy finished ones
smith's targetthe wealth of nations was written to demolish it
tariffs everywherehigh import taxes were the main weapon
for instance
british navigation acts — 1651 laws forcing colonial trade through english ships only
french colbertism — louis xiv's minister colbert built state industries to cut imports, 1660s
spanish treasure fleets — convoys hauled new world silver home from the 1560s onward
east india company — chartered 1600, monopolized trade to fatten england's coffers