Definition

1. Noun:
   • An economic theory and practice: A historical economic system that dominated Western European economic thought and policy from the 16th to the 18th century. Its core principle was that a nation's wealth and power were best served by increasing exports and accumulating precious metals, especially gold and silver.
   • Commercialism: A focus on or preoccupation with the financial aspects of an activity, often implying a prioritization of profit over other considerations.

Usage Examples

• Noun (Economic System):
  • Mercantilism encouraged colonial expansion to secure raw materials and captive markets.
  • The policies of mercantilism often involved high tariffs on imported goods to protect domestic industries.
• Noun (Commercial Focus):
  • The mercantilism of the modern entertainment industry sometimes overshadows artistic value.
  • He criticized the growing mercantilism in amateur sports.

Advanced Usage

• "Neomercantilism": A modern policy or practice where a country uses protectionist measures like currency manipulation and subsidies to run a high trade surplus, reminiscent of historical mercantilist policies.
  • Some analysts accuse the country of practicing neomercantilism to boost its manufacturing sector.

Variants and Related Words

• Mercantile (adj): Relating to trade or commerce; or, characteristic of a merchant.
  • The city was a major mercantile center.
• Mercantilist (n): An advocate of mercantilism.
  • The minister was a staunch mercantilist.
• Mercantilist (adj): Relating to or characteristic of mercantilism.
  • The country pursued mercantilist policies.

Synonyms

• Protectionism (specifically regarding trade policies).
• Commercialism (regarding the focus on profit).
• Economic nationalism.

Related Phrases

• Mercantile system: Another term for the economic doctrine of mercantilism.
  • Under the mercantile system, colonies existed for the benefit of the mother country.

Noun

1. transactions (sales and purchases) having the objective of supplying commodities (goods and services)
2. an economic system (Europe in 18th century) to increase a nation's wealth by government regulation of all of the nation's commercial interests