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Was war falsch am Merkantilismus?

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  • Spahn, Peter

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.

Suggested Citation

  • Spahn, Peter, 2018. "Was war falsch am Merkantilismus?," Hohenheim Discussion Papers in Business, Economics and Social Sciences 26-2018, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    • Handle: RePEc:zbw:hohdps:262018
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    References listed on IDEAS

    as
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    4. Mark Thornton, 2007. "Cantillon, Hume, and the Rise of Antimercantilism," History of Political Economy, Duke University Press, vol. 39(3), pages 453-480, Fall.
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    8. Bruce Elmslie, 2015. "Early English Mercantilists and the Support of Liberal Institutions," History of Political Economy, Duke University Press, vol. 47(3), pages 419-448, September.
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    More about this item

    Keywords

    trade war; trade surplus; specie flow mechanism; bank reserves; development;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

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