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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
    1. 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.
    2. Laurent Le Maux, 2014. "Cantillon And Hume On Money And Banking: The Foundations Of Two Theoretical Traditions," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 956-970, December.
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    4. Stephen Quinn & William Roberds, 2016. "Death of a Reserve Currency," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 63-103, December.
    5. Mark Setterfield, 1997. "Should Economists Dispense with the Notion of Equilibrium?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(1), pages 47-76, September.
    6. Laurence Ball, 1999. "Aggregate demand and Long-Run Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(2), pages 189-252.
    7. Jacques Fontanel & Jean-Paul Hebert & Ivan Samson, 2008. "The Birth Of The Political Economy Or The Economy In The Heart Of Politics: Mercantilism," Defence and Peace Economics, Taylor & Francis Journals, vol. 19(5), pages 331-338.
    8. repec:wly:soecon:v:80:4:y:2014:p:968-980 is not listed on IDEAS
    9. Gould, J. D., 1955. "The Trade Crisis of the Early 1620's and English Economic Thought," The Journal of Economic History, Cambridge University Press, vol. 15(2), pages 121-133, June.
    10. Mark Thornton, 2007. "Cantillon, Hume, and the Rise of Antimercantilism," History of Political Economy, Duke University Press, vol. 39(3), pages 453-480, Fall.
    11. Eagly, Robert V, 1970. "Adam Smith And The Specie-Flow Doctrine," Scottish Journal of Political Economy, Scottish Economic Society, vol. 17(1), pages 61-68, February.
    12. Rapp, Richard T., 1975. "The Unmaking of the Mediterranean Trade Hegemony: International Trade Rivalry and the Commercial Revolution," The Journal of Economic History, Cambridge University Press, vol. 35(3), pages 499-525, September.
    13. Carl Wennerlind, 2005. "David Hume's Monetary Theory Revisited: Was He Really a Quantity Theorist and an Inflationist?," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 223-252, February.
    14. Krugman, Paul R, 1996. "Making Sense of the Competitiveness Debate," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 12(3), pages 17-25, Autumn.
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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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