Mercantilism as a World Economic Order

Matthew Ocran

Chapter Chapter 5 in Economic Development in the Twenty-first Century, 2019, pp 159-196 from Palgrave Macmillan

Abstract: Abstract Ocran locates the Western European pursuance of trades in African slaves as chattel and colonisation within the framework of European mercantilist. He discusses the important aspects of mercantilism as a system of: statism, power, protection, monetarism and as a unique conception of society. While mercantilism did not necessarily represent a systematic body of economic thought, it encompassed a collection of policy prescriptions informed by a set of ideologies that were expected to direct economic life for the attainment of socio-economic progress. The eclectic nature of the ideals espoused by mercantilism often created contradictions within the body of mercantilist thought. Ocran suggests that, as part of the mercantilism ideology, Western European countries pursued very crude forms of protectionism, which was naturally carried over to their foreign trade practices and the colonies.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-030-10770-3_5

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DOI: 10.1007/978-3-030-10770-3_5

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