Was war falsch am Merkantilismus?

Peter Spahn

No 26-2018, Hohenheim Discussion Papers in Business, Economics and Social Sciences from University of Hohenheim, Faculty of Business, Economics and Social Sciences

Abstract: Mercantilist theories and policies in early capitalism have been criticized for confusing microeconomic and macroeconomic sources of wealth, for misunderstanding the benefits of free trade, and for overrating the role of money. This paper aims to reconstruct the rationality of mercantilism as an efficient strategy of economic development. It presents a critical assessment of David Hume's specie flow mechanism that counts as a major rebuttal of mercantilism and collects insights of early writers into the working of a monetary economy.

Keywords: trade war; trade surplus; specie flow mechanism; bank reserves; development (search for similar items in EconPapers)
JEL-codes: B1 F4 N1 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-his and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:hohdps:262018

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