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Mercantilism and Modern Growth

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  • McDermott, John

Abstract

Nations close themselves voluntarily to varying degrees. Restrictions on the flow of ideas are difficult to understand, since open countries have higher relative incomes. This article provides an explanation based on the existence of two channels of public finance--traditional and mercantilistic. The latter refers to monopoly creation to provide a stream of government revenue. Strong, profitable monopolies require that the nation be closed to new ideas about technology and organization. The government sets the degree of restriction to balance current mercantilistic revenue with future revenue from traditional sources. The model is supported with numerical simulations and historical illustrations. Copyright 1999 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Economic Growth.

Volume (Year): 4 (1999)
Issue (Month): 1 (March)
Pages: 55-80

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Handle: RePEc:kap:jecgro:v:4:y:1999:i:1:p:55-80

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Web page: http://www.springerlink.com/link.asp?id=102931

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Cited by:
  1. Parente, Stephen L. & Prescott, Edward C., 2005. "A Unified Theory of the Evolution of International Income Levels," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 21, pages 1371-1416 Elsevier.
  2. Gaowang Wang & Heng-fu Zou, 2012. "Economic Globalization, Mercantilism and Economic Growth," CEMA Working Papers, China Economics and Management Academy, Central University of Finance and Economics 548, China Economics and Management Academy, Central University of Finance and Economics.
  3. Sugimoto, Yoshiaki & Nakagawa, Masao, 2011. "Endogenous trade policy: Political struggle in the growth process," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 22(1), pages 12-29, February.
  4. Osipian, Ararat, 2007. "Экономический Рост: Образование Как Фактор Производства
    [Economic Growth: Education as a Factor of Production]
    ," MPRA Paper 7593, University Library of Munich, Germany.
  5. Yoshiaki Sugimoto, 2005. "Endogenous Globalization and Income Divergence," Development and Comp Systems 0503003, EconWPA.
  6. Yoshiaki Sugimoto, 2006. "Endogenous Trade Policy: Political Struggle in the Growth Process," ISER Discussion Paper 0678, Institute of Social and Economic Research, Osaka University.
  7. Kunting Chen, 2012. "Analysis of the Great Divergence under a Unified Endogenous Growth Model," Annals of Economics and Finance, Society for AEF, vol. 13(2), pages 317-353, November.
  8. Florian Immanuel Schumacher & Joilson Dias, 2011. "The Human Capital Function: Sectoralexternalities," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of 215, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  9. Dias, Joilson & McDermott, John, 2006. "Institutions, education, and development: The role of entrepreneurs," Journal of Development Economics, Elsevier, vol. 80(2), pages 299-328, August.
  10. McDermott, John, 2002. " Development Dynamics: Economic Integration and the Demographic Transition," Journal of Economic Growth, Springer, Springer, vol. 7(4), pages 371-409, December.
  11. Osipian, Ararat, 2008. "Economic Growth—Human Capital Nexus in Post-Soviet Ukraine, 1989-2009," MPRA Paper 7731, University Library of Munich, Germany.

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