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Economics
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28 Jul 2019

Describe the philosophy of Mercantilism. Is Mercantilism consistent with Ricardo's theory of gains from trade?

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Deanna Hettinger
Deanna HettingerLv2
29 Jul 2019
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Related questions

Mercantilism was an economic doctrine from 1500's through the 1700's that espoused strict control of international trade as a means to greater economic and political power. By decreasing imports and increasing exports, gold would flow into the country at the expense of trading partners, thus weakening economic opponents and strengthening the mother country. This doctrine is apparent in the relationship between Great Britain and the colonies of North America who were viewed as a source of raw materials and an additional market for manufactured goods. Do you think that elements of present day US foreign trade policy mimic mercantilism policy? Be sure to explain your point of view and give specific examples.

Interanational Business Question:

- Mercantilism is a bankrupt theory that has no place in the modern world. Discuss.

- Is free trade fair? Discuss!

- Unions in developed nations often oppose imports from low-wage countries and advocate trade barriers to protect jobs from what they often characterize as "unfair" import competition. Is such competition "unfair"? Do you think that this argument is in the best interests of (a) the unions, (b) the people they represent, and/or (c) the country as a whole.

- Drawing upon the new trade theory and Porter's theory of national competitive advantage, outline the case for government policies that would build national competitive advantage in biotechnology. What kinds of policies would you recommend the government adopt? Are these policies at variance with the basic free trade philosophy?

- The world's poorest countries are at a competitive disadvantage in every sector of their economies. they have little to export. they have no capital; their land is of poor quality; they often have too many people given available work opportunities; and they are poorly educated. free trade cannot possibly be in the interests of such nations. Discuss.

Understand Ricardo's Rent Theory in its simple incarnation as a model?

a) How is economic rent determined in the model?

b) Is there a natural alignment between the interests of labor and capital and in what way?

Ā 

Ā 

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