Definition

Noun: * An economic theory and policy, dominant in Europe from the 16th to the 18th century, which held that a nation's wealth and power were best served by increasing exports and accumulating precious metals (like gold and silver). This was achieved through strict government regulation of the national economy and commercial interests, particularly foreign trade, to maintain a favorable balance of trade.

Examples of Usage

• Noun:
  • Under the mercantile system, colonies were seen primarily as sources of raw materials and markets for finished goods.
  • Historians argue that the mercantile system encouraged protectionist policies like tariffs and subsidies.
  • The shift from the mercantile system to laissez-faire economics marked a major change in European thought.

Advanced Usage

• "adhere to/practice the mercantile system": To follow or implement the principles of mercantilism.
  • The kingdom continued to adhere to the mercantile system long after its neighbors had abandoned it.
• "the doctrines of the mercantile system": Refers to the core beliefs and principles of mercantilism.
  • His book was a critique of the doctrines of the mercantile system.

Variants and Related Words

• Mercantilism (n): The more common term for the mercantile system; the economic theory and practice itself.
  • Mercantilism was characterized by state intervention in the economy.
• Mercantilist (adj): Relating to mercantilism.
  • The government's mercantilist policies restricted free trade.
• Mercantilist (n): A proponent or practitioner of mercantilism.
  • The mercantilists believed wealth was finite and nations must compete for it.

Synonyms

• Protectionism: The economic policy of restricting imports to protect domestic industries (a key aspect of the mercantile system).
• Economic nationalism: A broad term for policies that prioritize domestic industries, similar in spirit to mercantilism.

Related Concepts (Not Phrasal Verbs)

• Favorable balance of trade: A situation where the value of a nation's exports exceeds its imports, a central goal of the mercantile system.
• Bullionism: The emphasis on accumulating precious metals, a core feature of early mercantile thought.
• Colonialism: The mercantile system was a primary economic driver for European colonial expansion.

Noun

1. an economic system (Europe in 18th century) to increase a nation's wealth by government regulation of all of the nation's commercial interests