Mercantilism

Definition

Mercantilism is an economic theory that advocates for a positive balance of trade, where exports exceed imports. It was popular during the 16th to 18th centuries and emphasized the accumulation of wealth (especially gold and silver) by the state.

Related terms

Protectionism: This is an economic policy that restricts imports from other countries through methods such as tariffs and quotas. It's like building hotels on your Monopoly properties - it makes it harder for others to 'play' on your turf.

Colonialism: This refers to the practice by which a powerful country directly controls less powerful ones and exploits them economically. In our Monopoly analogy, this would be like taking over another player's properties without their consent.

Bullionism: This is a belief in the importance of accumulating precious metals, particularly gold and silver, for national wealth. It's akin to hoarding all the cash in a game of Monopoly.