Global Business 3rd Edition by Mike Peng

Exercise 21

ON CULTURE: Mercantilism involved a relatively significant amount of government control over both domestic and international activity, whereas Smith's concept of absolute advantage focused on relative economic freedom and minimal government controls over domestic and international economic activity. Do you think that the values prevalent in America's culture today are more in line with those of the mercantilists or those of Smith? If there is some combination of Smith and mercantilism, which tends to be dominant? Defend your answer.