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IR Theories: Liberalism in International Relations in Urdu/Hindi for CS...

on July 22, 2020

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What is Mercantilism?

Mercantilism Mercantilism, sometimes called ‘economic nationalism, was a prevalent economic doctrine in the Europe more specifically in the Western Europe around 1500 to 1800. This view postulates that economics should be subordinated to politics as market emerges within a social context shaped by the state power. The strategy of mercantilism emphasized the state regulation of the economy and international trade by increasing exports and keeping imports low. They believed that state’s power, wealth and prestige could be achieved through favorable trade surplus. It was a time of Gold Standard so countries were paid with the gold. More Gold was a sign of prestige so, states with more precious metals were considered more powerful and wealthy. Economic wealth, according to mercantilism, could be transformed into military might later on. Mercantilists imposed tariffs, duties and subsidies on imports to support their nascent domestic industries. They demanded governments to make protection...

Theories of International Relations: Realism, Liberalism and Marxism for...

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IR Theories: Liberalism in International Relations in Urdu/Hindi for CS...

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