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Azcárraga’s critique of mercantilism: trade as an engine of growth

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  • Emmanuel S. de Dios

    (University of the Philippines)

Abstract

Manuel Azcárraga y Palmero's La libertad de comercio en las islas Filipinas (1872) was an unequivocal and consistent tract advocating free trade as a commercial policy for the Philippines. It is remarkable for its explicit and frequent reference to free-trade theory and the example of other nations (notably Britain and its colonies) as a guide to policy. It uses a historical approach in its critique of Spanish mercantilist ideas and biases, which are held responsible for centuries of foregone development opportunities for the Philippines. This article traces Azcárraga’s arguments and links them to Smith’s [1776] theory of international trade and its later elaborations (Myint [1958, 1977] and Schumacher [2015, 2016]). The protectionist mindset and policies Azcárraga believed to have held back Philippine progress one hundred !fty years ago are a striking portent of issues hounding the country’s development in the 20th century and even later.

Suggested Citation

  • Emmanuel S. de Dios, 2022. "Azcárraga’s critique of mercantilism: trade as an engine of growth," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 59(1), pages 108-155, June.
    • Handle: RePEc:phs:prejrn:v:59:y:2022:i:1:p:108-155
    as

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    File URL: https://econ.upd.edu.ph/pre/index.php/pre/article/view/1025/935
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    References listed on IDEAS

    as
    1. Justin Lin & Ha-Joon Chang, 2009. "Should Industrial Policy in Developing Countries Conform to Comparative Advantage or Defy it? A Debate Between Justin Lin and Ha-Joon Chang," Development Policy Review, Overseas Development Institute, vol. 27(5), pages 483-502, September.
    2. Schumacher, Reinhard, 2020. "Altering The Pattern Of Trade In The Wealth Of Nations: Adam Smith And The Historiography Of International Trade Theory," Journal of the History of Economic Thought, Cambridge University Press, vol. 42(1), pages 19-42, March.
    3. Jeffrey G. Williamson, 2020. "Economist, historian, and patriot: Benito J. Legarda 1926-2020," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 57(2), pages 46-48, December.
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    More about this item

    Keywords

    mercantilism; free trade; Spanish liberalism; galleon trade; carrying trade; Adam Smith’s trade theory; Spanish commercial policy in the Philippines;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B17 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - International Trade and Finance
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • N75 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Asia including Middle East

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