17th century english mercantilism essay

Mercantilism England Essay – 246442

Cambridge University Press,p. The number of years of apprenticeship, before the apprentice could rise to become a master, was universally extended by the statute to seven years, and maximum wage rates for apprenticeships were imposed throughout England. An MP3 audio file of this article, read by Jeff Riggenbach, is available for download.

Adam Smith noted that at the core of the mercantile system was the "popular folly of confusing wealth with money", that bullion was just the same as any other commodity, and that there was no reason to give it special treatment. Then, inthe English cotton industry won an exemption for the domestic printing and use of "fustians," a mixed cotton and linen cloth, which were the most popular form of calico in England in any case.

Penguin Books,p. In the City of London created the Fellowship of the Merchant Adventurers of London, which claimed exclusive rights to the export of woolens to its members. The Merchants of the Staple soon proceeded to use their privileged monopoly in the time-honored manner of all monopolists: Eventually it would no longer be cost-effective to export goods from the high-price country to the low-price country, and the balance of trade would reverse.

The number of years of apprenticeship, before the apprentice could rise to become a master, was universally extended by the statute to seven years, and maximum wage rates for apprenticeships were imposed throughout England. The powerful woolen industry managed to get the importation of calicoes banned from England ina decade or so after France, but in this case domestic manufacture was still permitted.

This was the "new draperies," or worsteds, cheaper and lighter-weight cloth that could be exported to warmer climates and was far more suitable for dyeing and decoration, since each individual strand of yarn was now visible in the cloth.

The ideology was embodied in New France through the establishment under Royal Charter of a number of corporate trading monopolies including La Compagnie des Marchands, which operated from toand the Compagnie de Montmorency, from that date until It is instructive to note what happened to printed calico in England as compared to the suppression of the industry in France.

Penguin Books,p. The minions of the playing-card monopoly invaded shops in search of cards lacking its seal and browbeat their owners, under threat of summons to a distant court, into compounding for their offences. Those who feel that mercantilism amounted to rent seeking hold that it ended only when major power shifts occurred.

Mises Daily Articles

For provincial merchants outside of London to join required a stiff fee. If the Statute of Artificers had been strictly enforced, industrial growth might have been permanently arrested in England.

The colonies were captive markets for British industry, and the goal was to enrich the mother country. This monopoly grant served to put out of business Italian and other foreign merchants who had predominated in the wool export trade.

Mercantilism fueled the imperialism of this era, as many nations expended significant effort to conquer new colonies that would be sources of gold as in Mexico or sugar as in the West Indiesas well as becoming exclusive markets.

During the economic collapse of the 17th century, Spain had little coherent economic policy, but French mercantilist policies were imported by Philip V with some success.

If a nation did not possess mines or have access to them, precious metals should be obtained by trade. As a result, the domestic cotton-textile industry was able to grow and flourish in England throughout the 18th century.

Once again, the market managed to get a leg up in its unending, zigzag struggle with power. European power spread around the globe, often under the aegis of companies with government-guaranteed monopolies in certain defined geographical regions, such as the Dutch East India Company or the British Hudson's Bay Company operating in present-day Canada.

Mercantilist policies were also embraced throughout much of the Tudor and Stuart periods, with Robert Walpole being another major proponent. Thus if Portugal specialized in wine and England in cloth, both states would end up better off if they traded.

Eleven years later the king and parliament decreed that any merchant exporting to the Netherlands had to pay a fee to the Merchant Adventurers and obey its restrictionist regulations. With the establishment of overseas colonies by European powers early in the 17th century, mercantile theory gained a new and wider significance, in which its aim and ideal became both national and imperialistic.

Mercantilism functioned as the economic counterpart of the older version of political power: London was the largest market for the cloths, so transportation costs were now cheaper, and furthermore, the southeast was a centre for sheep bearing the coarse, long-stapled wool particularly suitable for worsted production.

British mercantilism thus mainly took the form of efforts to control trade. Mercantilism was closely aligned with the other theories and ideas that began to replace the medieval worldview.

In Britain, mercantilism faded as the Parliament gained the monarch's power to grant monopolies. Mercantilism Essay Examples. 29 total results.


The Effect of Mercantilism in 17th and 18th Century France. words. 1 page. The Introduction of Mercantilism in America. 1, words. 4 pages. The Rise of Mercantilism in the English Colonies in America.


Mises Daily Articles

1 page. English Mercantilism was an economic and political subordination of the colony to the Mother country. England exports furnished goods to the colonies, and in turn imported raw materials from her colonies to feed their industries.

Even though many restrictions were placed on the colonist they were 4/4(3). The word "mercantilism" was introduced into English from German in the early 19th century. The bulk of what is commonly called "mercantilist literature" appeared in the s in Great Britain.[6] The bulk of what is commonly called "mercantilist literature" appeared in the s in Great Britain.[6].

Free Essay: Mercantilism Essay England in the 17th century adopted the policy of mercantilism, exercising control over the trade of the colonies, thus. Mercantilism is an economic policy and theory where the government has complete control of trade, both foreign and inside boundaries. This policy was dominant during the 16th, 17th, and late 18th centuries, it demanded a positive balance of trade between the countries it was involved with.

The English war with Spain and the Spanish Netherlands lost the Adventurers the city of Antwerp, and at the turn of the 17th century they were formally expelled from Germany. The English monopoly of woolen exports to the Netherlands and the German coast was finally abolished after the revolution of

17th century english mercantilism essay
Rated 5/5 based on 66 review
Mercantilism in England | Mises Institute