This paper presents a valuable and interesting study on economic philosophy of economic nationalism. Economic Nationalism (formally known as Mercantilism) was the dominant school of thought in Europe from the 16th to 18th Century. Here it is assumed that wealth and monetary assets are identical. Mercantilism suggests that the ruling government should advance economic goals by playing a role in the economy mainly by encouraging exports and discouraging imports. The theory dominated economic policies of Europe and is believed to have encouraged the many intra-European wars of the period and played a role in expansion of European Imperialism both in Europe and throughout the rest of the world.
Many economists around the globe have written about the economic philosophy of Mercantilism, however, there is need to understand the true context of philosophy based on socio-economic environment which was prevailing at that time. This research paper is about the rise and fall of economic nationalism as a philosophy bringing out facts about roots of philosophy, the role it played in the economics of 18th Century and the causes of its demise. The paper also describes the relevance of economic nationalism in the 21st century. It concludes that the philosophy of economic nationalism is still being partially practiced in the 21st century, in one form or the other, under the carpet of economic liberalism. Strangely, many of our fiscal, monetary and general economic reforms in 21st century are in line with the philosophy of economic nationalism.
Table of Contents
1. Introduction
2. Conceptual Contours of Philosophy of Economic Nationalism
3. The Rise of Philosophy
4. Role of Economic Nationalism in Inter State Economic Relations of 18th Century
5. The Demise of Economic Nationalism
6. Re-Birth of Economic Nationalism in 21st Century
Research Objective and Topics
This paper aims to provide a comprehensive critical appraisal of economic nationalism, tracing its historical evolution from the mercantilist era through its decline, and exploring its surprising persistence and relevance in the 21st-century global economic landscape.
- Historical context and evolution of Mercantilism (Economic Nationalism).
- The conceptual framework and core philosophy of state-regulated economies.
- Mechanisms of 18th-century trade, including bullionism and state intervention.
- The transition from mercantilist doctrine to classical economic liberalism.
- The contemporary re-emergence of nationalist economic policies under the guise of liberalism.
Excerpt from the Book
3. The Rise of Philosophy
After the great explorations of 1492 like Christopher Columbus voyages, new opportunities for trade with the New World and Asia were opening. New powerful monarchies wanted a powerful state to boost their status. Mercantilism was a political movement and an economic theory of 15th to 18th Century that advocated the use of the state's military power to ensure local markets and supply sources were protected. According to mercantile theorists, gold and silver (and related money) were the only source of richness, therefore, these should be stockpiled as much as possible by countries and only limited quantity of resources should be shared with other countries. Therefore, as a national economic policy, countries should encourage exports (meaning more money comes into the country) and discourage imports (sending wealth abroad). In other words a positive balance of trade ought to be maintained, with a surplus of exports. The term mercantilism was not in fact coined until the late 1763 by Victor de Riqueti, Mirabeau and popularized by Adam Smith who vigorously opposed its ideas and propositions.
Summary of Chapters
1. Introduction: Outlines the origins of economic nationalism (Mercantilism) as a doctrine focused on precious metals and trade surpluses, setting the stage for its historical examination.
2. Conceptual Contours of Philosophy of Economic Nationalism: Summarizes the five core propositions of mercantilist policy, highlighting the state's role in prioritizing national advantage above all else.
3. The Rise of Philosophy: Explores how new monarchies and colonial explorations fostered a political and economic environment that prioritized state-controlled markets and the accumulation of gold and silver.
4. Role of Economic Nationalism in Inter State Economic Relations of 18th Century: Examines specific practices like bullionism and the protection of domestic industries, illustrating how mercantilist ideology governed international relations.
5. The Demise of Economic Nationalism: Discusses the emergence of intellectual criticism, led by figures like Adam Smith, and the eventual rise of classical economics advocating for free trade.
6. Re-Birth of Economic Nationalism in 21st Century: Analyzes the contemporary persistence of mercantilist practices in a globalized world, arguing that state intervention and nationalist economic policies remain prevalent.
Keywords
Economic, nationalism, mercantilism, philosophy, relevance, 18th Century, 21st Century, liberalism, trade, protectionism, bullionism, state-intervention, market, economy, global-order.
Frequently Asked Questions
What is the central focus of this research paper?
The paper examines the rise, fall, and modern resurgence of economic nationalism, historically known as mercantilism, and its influence on international trade policies.
What are the primary themes discussed in the work?
The work covers the history of state-regulated economies, the transition to free-market liberalism, the mechanics of 18th-century trade, and the lingering influence of nationalist ideology in current economic reforms.
What is the core objective of the research?
The primary goal is to demonstrate that despite the dominance of economic liberalism, mercantilist philosophies continue to influence 21st-century fiscal and monetary policies.
Which scientific method is utilized in this paper?
The author employs a historical-analytical approach, reviewing economic thought and literature to contrast mercantilist doctrines with contemporary economic practices.
What content is covered in the main body of the work?
The main body investigates the conceptual roots of mercantilism, its practical implementation in the 18th century, its subsequent challenge by classical economists, and its modern-day survival.
Which keywords characterize this study?
The study is characterized by terms such as economic nationalism, mercantilism, liberalism, 18th-century economics, and state interventionism.
How did Adam Smith influence the perception of mercantilism?
Adam Smith, alongside other classical economists, challenged mercantilism by arguing that free trade and comparative advantage create mutual benefits, effectively shifting the intellectual paradigm toward liberalism.
In what way does the author argue that mercantilism exists in the 21st century?
The author argues that modern economic reforms, such as trade protectionism and government-subsidized credits, act as a "new mercantilism" disguised under the umbrella of contemporary economic liberalism.
- Citar trabajo
- Ejaz Gul (Autor), 2005, Rise, Demise and Rebirth of Economic Nationalism. Reflections on Historical Economic Philosophy, Múnich, GRIN Verlag, https://www.grin.com/document/376080
