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Mercantilism as a World Economic Order

In: Economic Development in the Twenty-first Century

Author

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  • Matthew Kofi Ocran

    (University of the Western Cape)

Abstract

Ocran locates the Western European pursuance of trades in African slaves as chattel and colonisation within the framework of European mercantilist. He discusses the important aspects of mercantilism as a system of: statism, power, protection, monetarism and as a unique conception of society. While mercantilism did not necessarily represent a systematic body of economic thought, it encompassed a collection of policy prescriptions informed by a set of ideologies that were expected to direct economic life for the attainment of socio-economic progress. The eclectic nature of the ideals espoused by mercantilism often created contradictions within the body of mercantilist thought. Ocran suggests that, as part of the mercantilism ideology, Western European countries pursued very crude forms of protectionism, which was naturally carried over to their foreign trade practices and the colonies.

Suggested Citation

  • Matthew Kofi Ocran, 2019. "Mercantilism as a World Economic Order," Palgrave Studies in Economic History, in: Economic Development in the Twenty-first Century, chapter 0, pages 159-196, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-10770-3_5
    DOI: 10.1007/978-3-030-10770-3_5
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