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International Economics 8th Edition by Dennis Appleyard, Alfred Field
النسخة 8الرقم المعياري الدولي: 9780078021671International Economics 8th Edition by Dennis Appleyard, Alfred Field
النسخة 8الرقم المعياري الدولي: 9780078021671 تمرين 2
Why was regulation of economic activity critical to this line of thinking?
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Mercantilism was an economic theory that was popular during the period between 16th and 18th centuries. Economic activity during this period was understood as a zero sum game and wealth of the nation was considered synonymous with the accumulation of precious metals ('specie'). As a result the Mercantilists were of the opinion that the right economic policy was to maintain a favorable or a positive balance of trade that encouraged and supported the constant inflow of and thereby the accumulation of 'specie'.
Economic activity being a zero sum game meant that the economic gain of one country occurred at the cost of others. Thus the only way to ensure a strong nation was to ensure economic gain by increasing the wealth of the nation. This meant ensuring a constant inflow of and thereby the accumulation of 'specie' by maintaining a positive trade balance.
As a result regulation of economic activity became extremely important because an unregulated economy could slip into a situation of an unfavorable balance of trade/negative trade balance.
Economic activity being a zero sum game meant that the economic gain of one country occurred at the cost of others. Thus the only way to ensure a strong nation was to ensure economic gain by increasing the wealth of the nation. This meant ensuring a constant inflow of and thereby the accumulation of 'specie' by maintaining a positive trade balance.
As a result regulation of economic activity became extremely important because an unregulated economy could slip into a situation of an unfavorable balance of trade/negative trade balance.
International Economics 8th Edition by Dennis Appleyard, Alfred Field
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